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)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。