1730 ET - The flooring industry faced a slew of challenges throughout 2024. Consumers limited large discretionary purchases as inflation, economic uncertainty and geopolitical tension weighed on confidence, Mohawk Industries CEO Jeff Lorberbaum says. At the same time, U.S. homes sales fell to a nearly 30-year low as lower interest rates had a negligible effect on housing turnover. New home construction was constrained, he says, and commercial investments slowed throughout the year. "These factors reduced market demand and created heightened industry competition for volume," Lorberbaum says, adding the company faced temporary shutdown costs as it was forced to manage production and inventory. Shares rise 3.3% after Mohawk's adjusted earnings beat estimates. (connor.hart@wsj.com)
(END) Dow Jones Newswires
February 06, 2025 17:30 ET (22:30 GMT)
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