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8-K filed October 26, 2023, 7:59 PM ET ticker MHK CIK 0000851968

earnings confidence high sentiment negative materiality 0.85

Mohawk posts Q3 net loss of $760M, impairment charge of $876M; adjusted EPS $2.72 vs $3.34 prior year

MOHAWK INDUSTRIES INC

2023-Q3 EPS reported -$9.10 revenue$8,522,837,000

Net loss $760M ($11.94 diluted loss per share) including $876M non-cash impairment of goodwill and intangibles; adjusted EPS $2.72.
Net sales $2.8B, down 5.2% as reported (8.1% on legacy/constant currency) vs Q3 2022 sales of $2.9B.
Global Ceramic margin -32.5% (adj. 8.0%), Flooring ROW -22.4% (adj. 10.9%), Flooring NA -17.4% (adj. 8.1%).
Restructuring to shut Italian ceramic, convert U.S. LVT to direct extrusion; expects $30M annual savings, ~$55M charge.
Q4 2023 adjusted EPS guidance $1.80-$1.90; full-year adjusted EPS expected above $9.00; free cash flow $385M in Q3.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MOHAWK INDUSTRIES INC reported nine-month period ending October 1, 2022 adjusted results: net income adjusted net earnings were $739 million, EPS adjusted EPS was $11.56.

Period: nine-month period ending October 1, 2022 adjusted
Net income: adjusted net earnings were $739 million
EPS: adjusted EPS was $11.56
Result: reported results

Exact text from the filing

adjusted net earnings were $739 million, and adjusted EPS was $11.56, excluding impairment and other non-recurring charges.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MOHAWK INDUSTRIES INC reported nine-month period ending September 30, 2023 results: revenue net sales were $8.5 billion, net income reported a net loss and loss per share of $579 million, EPS loss per share of $9.10.

Period: nine-month period ending September 30, 2023
Revenue: net sales were $8.5 billion
Net income: reported a net loss and loss per share of $579 million
EPS: loss per share of $9.10
Result: reported results

Exact text from the filing

Adjusted net earnings were $462 million, and adjusted EPS was $7.23, excluding impairment and other non-recurring charges. For the first nine months of 2023, net sales were $8.5 billion, a decrease of 6.2% as reported and 8.7% on a legacy and constant currency and days basis versus the prior year. For the nine-month period ending October 1, 2022, the Company

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MOHAWK INDUSTRIES INC reported nine-month period ending October 1, 2022 results: revenue net sales of $9.1 billion, net income net loss of $8 million, EPS loss per share of $0.13.

Period: nine-month period ending October 1, 2022
Revenue: net sales of $9.1 billion
Net income: net loss of $8 million
EPS: loss per share of $0.13
Result: reported results

Exact text from the filing

For the nine-month period ending October 1, 2022, the Company reported net sales of $9.1 billion, a net loss of $8 million and a loss per share of $0.13; adjusted net earnings were $739 million, and adjusted EPS was $11.56, excluding impairment and other non-recurring charges.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MOHAWK INDUSTRIES INC reported third quarter 2022 results: revenue net sales of $2.9 billion, net income net loss of $534 million, EPS loss per share of $8.40.

Period: third quarter 2022
Revenue: net sales of $2.9 billion
Net income: net loss of $534 million
EPS: loss per share of $8.40
Result: reported results

Exact text from the filing

During the third quarter of 2022, the Company reported net sales of $2.9 billion, a net loss of $534 million and a loss per share of $8.40.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MOHAWK INDUSTRIES INC reported third quarter 2023 adjusted results: net income Adjusted net earnings were $174 million, EPS adjusted earnings per share (“EPS”) were $2.72.

Period: third quarter 2023 adjusted
Net income: Adjusted net earnings were $174 million
EPS: adjusted earnings per share (“EPS”) were $2.72
Result: reported results

Exact text from the filing

Adjusted net earnings were $174 million, and adjusted earnings per share (“EPS”) were $2.72, excluding impairment and other non-recurring charges.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MOHAWK INDUSTRIES INC reported third quarter 2022 adjusted results: net income Adjusted net earnings were $212 million, EPS adjusted EPS was $3.34.

Period: third quarter 2022 adjusted
Net income: Adjusted net earnings were $212 million
EPS: adjusted EPS was $3.34
Result: reported results

Exact text from the filing

Adjusted net earnings were $212 million, and adjusted EPS was $3.34, excluding impairment and other non-recurring charges.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MOHAWK INDUSTRIES INC reported third quarter 2023 results: revenue Net sales for the third quarter of 2023 were $2.8 billion, net income net loss of $760 million, EPS loss per share of $11.94.

Period: third quarter 2023
Revenue: Net sales for the third quarter of 2023 were $2.8 billion
Net income: net loss of $760 million
EPS: loss per share of $11.94
Result: reported results

Exact text from the filing

Mohawk Industries, Inc. (NYSE: MHK) today announced a third quarter 2023 net loss of $760 million and a loss per share of $11.94 with the impact of non-cash impairment charges of $876 million.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MOHAWK INDUSTRIES INC reported nine-month period ending September 30, 2023 adjusted results: net income Adjusted net earnings were $462 million, EPS adjusted EPS was $7.23.

Period: nine-month period ending September 30, 2023 adjusted
Net income: Adjusted net earnings were $462 million
EPS: adjusted EPS was $7.23
Result: reported results

Exact text from the filing

Adjusted net earnings were $462 million, and adjusted EPS was $7.23, excluding impairment and other non-recurring charges.

View on SEC.gov

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Source: SEC EDGAR

accession 0000851968-23-000094

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