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We are closing less efficient operations and investing in more productive equipment. We are reducing SG&A, headcount and lower performing products and SKUs. We are restructuring our business to enhance our results and our future performance. Given these factors, our business plans must remain flexible to quickly adjust our production levels. Alternately, potential changes in government policies, consumer and business spending and higher Covid infection rates could reduce demand around the world, particularly if governments increase restrictions. Some near-term factors represent a potential upside, including historically low interest rates, rising remodeling activity, consumer discretionary funds being shifted to home improvements and increasing home purchases. Our manufacturing levels were impacted by government restrictions, Covid disruptions and employee absenteeism across the enterprise.Īt this time, our visibility into the future continues to be uncertain due to the persistent Covid spread and the unknown strength of the economic recovery. After the company’s sales bottomed in April, our markets improved more than we expected, and shipments exceeded our production rates, reducing our inventories. During the quarter, all of our businesses were dramatically impacted, with most of our customers and facilities operating either in a limited capacity or completely shut down for some time. Lorberbaum, Chairman and CEO, stated, “Though sales trends have improved significantly since government restrictions were lifted, the current environment is the most unpredictable in the history of our business. For the six-month period ending June 29, 2019, net sales were $5.0 billion, net earnings were $324 million and EPS was $4.48 excluding restructuring, acquisition and other charges, net earnings and EPS were $364 million and $5.04.Ĭommenting on Mohawk Industries’ second quarter performance, Jeffrey S. For the 2020 six-month period, net sales were $4.3 billion, a decrease of 14% versus prior year as reported or 11.5% on a constant currency and days basis. Net earnings excluding restructuring, acquisition and other charges were $146 million and EPS was $2.04. For the second quarter of 2019, net sales were $2.6 billion, net earnings were $202 million and EPS was $2.79, adjusted net earnings were $210 million, and EPS was $2.89, excluding restructuring, acquisition and other charges.įor the six months ending June 27, 2020, net earnings and EPS were $62 million and $0.87, respectively. Net sales for the second quarter of 2020 were $2.0 billion, down 21% as reported and 19% on a constant currency basis. Adjusted net earnings were $26 million, and earnings per share (EPS) was $0.37, excluding restructuring, acquisition and other charges. (NYSE: MHK) today announced a 2020 second quarter net loss of $48 million and diluted loss per share of $0.68. 06, 2020 (GLOBE NEWSWIRE) - Mohawk Industries, Inc. One rooted event with many tendrils, a wildfire bonds us.Īs we endure the countless challenges of this era, let the wildfires be one reminder that while social distancing from each other for the moment in theory, we are most tangibly connected to each other for the long run in reality.CALHOUN, Ga., Aug. Citizens of nearby towns breathe the smoke, ingesting the forest and the river itself. A biologist rushes to save fish from a hatchery. An angler is denied access with roadway and launch closures.
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A shuttle driver is prohibited from the debris-scattered highway. A local guide struggles for work without tourism. A homeowner loses his decades’ old retreat.
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A fire team takes swift action with arduous work. A wildfire rages through forest and river. The season’s wildfires that have raged across the western United States make it clear that, like the trees in a forest and the rivers in a watershed are interconnected, a single event connects us all. Things like this can happen.” -David Jensen “If we choose to live in beautiful areas, we need to be sober about the risks.