Q2 2024 Mohawk Industries Inc Earnings Call Transcript
Key Points
- Mohawk Industries Inc (MHK) reported adjusted earnings per share of $3, up 9% year over year.
- The company generated free cash flow of approximately $142 million during the quarter, totaling $239 million year to date.
- Mohawk Industries Inc (MHK) purchased 755,000 shares or 1.2% of its stock for approximately $90 million.
- The company is implementing restructuring actions expected to generate annualized savings of approximately $100 million.
- Mohawk Industries Inc (MHK) has been recognized as one of America's climate leaders by US Today for its reduction in greenhouse gas emissions over the past four years.
- Net sales for the quarter were $2.8 billion, down 5.1% compared to last year.
- Residential purchases across geographies remained weak, impacting overall sales.
- The company is facing market pressures on pricing and mix, as well as foreign exchange headwinds.
- Flooring remodeling is significantly influenced by suppressed housing turnover rates due to elevated mortgage rates and high home prices.
- The commercial sector, although outperforming residential, is experiencing some softness with fewer projects being initiated.
Good morning, everyone, and welcome to the Mohawk Industries second quarter 2024 earnings conference call. (Operator Instructions) Please also note today's event is being recorded.
At this time, I'd like to turn the floor over to James Brunk. Please go ahead.
Thank you, Jamie. Good morning, everyone. Welcome to Mohawk Industries' quarterly investor call. Joining me on today's call are Jeff Lorberbaum, Chairman and Chief Executive Officer; and Chris Wellborn, President and Chief Operating Officer. Today, we'll update you on the company's second-quarter performance and provide guidance for the third quarter of 2024.
I'd like to remind everyone that our press release and statements that we make during this call may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties including, but not limited to, those set forth in our press release and our periodic filings with the Securities and
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