US flooring giant Mohawk Industries has reported a strong second quarter, with net sales reaching $3.0bn (£2.20bn), an increase of 6.8% on a reported basis and 5.0% when adjusted for constant days and exchange rates.
Mohawk said performance benefited from volume growth, pricing and product mix, as well as the introduction of new collections and expanded product placements. The company also purchased more than 600,000 shares for approximately $60m (£44m) during the quarter.
Chairman and CEO Jeff Lorberbaum said the results “significantly exceeded” expectations, with the company outperforming its markets and gaining share across most regions.
Despite continued weakness in residential channels, Mohawk said commercial demand remained stronger and that its performance had benefited from new product placements and initial customer stocking. The company also received approximately $0.63 (£0.46) per share in tariff refunds during the quarter, which was not included in its original guidance.
Management expects market conditions to remain challenging in the third quarter, but believes pricing, product mix and productivity improvements will help offset underlying inflation.
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