Fri, Jul 26, 4:14 PM (43 days ago)
Mohawk Industries, Inc.'s Q2 2024 financial performance showed a decline in net sales to $2,801.3 million from $2,950.5 million in Q2 2023, primarily due to unfavorable price/product mix and foreign exchange rates. Gross profit slightly decreased to $723.8 million from $732.0 million. However, operating income rose to $214.0 million from $153.1 million, driven by lower input costs, productivity gains, and reduced legal expenses. Net earnings attributable to Mohawk increased to $157.4 million from $101.2 million, with a higher effective tax rate of 21.2%. Cash from operations was $417.3 million for the first six months of 2024, with cash and equivalents at $497.4 million. The company plans further restructuring actions to achieve additional cost savings.