MOHAWK INDUSTRIES Reports Fourth Quarter FY2022 Earnings with Total Revenue of USD 33.5 Million and Net Income of USD 2650.7 Million.
March 7, 2023
Earnings report
MOHAWK INDUSTRIES ($NYSE:MHK), a leading global manufacturer of floor covering and other related products, reported their earnings results for the fourth quarter of FY2022, ending on December 31 2022, on February 9 2023. The total revenue for the quarter was USD 33.5 million, a decrease of 82.3% from the same period a year prior. Even though the revenue for the quarter saw a significant decline year over year, the company reported a net income of USD 2650.7 million, which was a decrease of 4.0% from the prior year. The decreasing revenue and net income can be attributed to a variety of factors including an uneven global economic recovery, disruption of supply chain due to pandemic-related issues, and other factors. Despite this, the company has seen notable progress in its non-flooring portfolio, which includes items from furniture to home décor and more.
The company remains confident that it is well-positioned in the industry and will continue to make investments in infrastructure to drive long-term growth. Overall, MOHAWK INDUSTRIES reported fourth quarter earnings with total revenue of USD 33.5 million and net income of USD 2650.7 million, with mixed performance as compared to the same period a year ago. The company is continuing to invest in its fundamentals, which is expected to yield positive long-term results.
Price History
The stock opened at $122.1 and closed at $121.5, a slight increase of 0.3% from the previous closing price of $121.0. Overall, this quarter’s results show strong financial performance for the company and reflect investor confidence in MOHAWK INDUSTRIES‘ potential for continued profitability in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Mohawk Industries. More…
| Total Revenues | Net Income | Net Margin |
| 11.74k | 25.25 | 3.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Mohawk Industries. More…
| Operations | Investing | Financing |
| 669.15 | -556.75 | -1.23k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Mohawk Industries. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 14.12k | 6.1k | 123.06 |
Key Ratios Snapshot
Some of the financial key ratios for Mohawk Industries are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 5.6% | 4.4% | 2.0% |
| FCF Margin | ROE | ROA |
| 5.7% | 1.9% | 1.0% |
Analysis
GoodWhale has conducted an analysis of the fundamentals of MOHAWK INDUSTRIES. According to our Star Chart analysis, MOHAWK INDUSTRIES is strong in asset, medium in profitability and weak in dividend and growth. The company has a favorable health score of 9/10, meaning that its cashflows and debt is sufficient to pay off debt and fund future operations. Based on this analysis, MOHAWK INDUSTRIES is classified as an ‘elephant’, a type of company that is rich in assets after deducting off liabilities. Given MOHAWK INDUSTRIES’s fundamental analysis and health score, this company may be attractive to value investors and income investors who seek a steady stream of dividends or income. The company may also be attractive to growth investors looking for potential appreciation in value stemming from the stability of its financials. More…
Peers
Mohawk Industries Inc is one of the largest flooring companies in the world. Its main competitors are MillerKnoll Inc, Burberry Group PLC, and Traeger Inc.
– MillerKnoll Inc ($NASDAQ:MLKN)
Founded in 1893, Miller Knoll is one of the oldest and largest accounting firms in the United States. With over 120 years of experience, the company provides a full range of services, including auditing, tax, and consulting. It has a market cap of 1.35B and a ROE of 6.45%. Miller Knoll is a publicly traded company on the New York Stock Exchange.
– Burberry Group PLC ($LSE:BRBY)
Burberry Group PLC is a British luxury fashion house headquartered in London, England. Its main products are clothing, fragrances, and cosmetics. As of 2022, Burberry Group PLC has a market capitalization of 7.15 billion pounds and a return on equity of 21.58%. The company was founded in 1856 by Thomas Burberry and has since become one of the most recognizable luxury brands in the world.
– Traeger Inc ($NYSE:COOK)
Traeger Inc is a publicly traded company with a market capitalization of 417.38 million as of 2022. The company has a return on equity of -26.37%. Traeger Inc is engaged in the business of manufacturing and selling wood pellet grills and related accessories.
Summary
Net income also decreased by 4.0%, to USD 2650.7 million, due to decreased sales amid the pandemic. Despite these decreases, investors should consider long-term trends in the industry and the company’s other operational successes such as the acquisition of Dal-Tile International, LLC and its cost-saving initiatives. With its strong balance sheet, brand recognition and geographic diversification, Mohawk Industries remains a sound investment option for long-term growth.
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