2024-07-26 15:57:07 ET
Mohawk Industries, Inc. (MHK)
Q2 2024 Earnings Conference Call
July 26, 2024, 11:00 ET
Company Participants
James Brunk - CFO
Jeffrey Lorberbaum - Chairman & CEO
Chris Wellborn - President, COO & Director
Conference Call Participants
Eric Bosshard - Cleveland Research
David MacGregor - Longbow Research
Susan Maklari - Goldman Sachs
Mike Dahl - RBC Capital Markets
Keith Hughes - Truist Securities
Michael Rehaut - JPMorgan
Phil Ng - Jefferies
Matthew Bouley - Barclays
Adam Baumgarten - Zelman & Associates
Kathryn Thompson - Thompson Research Group
Rafe Jadrosich - Bank of America Merrill Lynch
Laura Champine - Loop Capital
Presentation
Operator
Good morning, everyone, and welcome to the Mohawk Industries Second Quarter 2024 Earnings Conference Call. [Operator Instructions].
At this time, I'd like to turn the floor over to James Brunk. Please go ahead.
James Brunk
Thank you, Jamie. Good morning, everyone. Welcome to Mohawk Industries' quarterly investor call. Joining me on today's call are Jeff Lorberbaum, Chairman and Chief Executive Officer; and Chris Wellborn, President and Chief Operating Officer. Today, we'll update you on the company's second-quarter performance and provide guidance for the third quarter of 2024.
I'd like to remind everyone that our press release and statements that we make during this call may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties including, but not limited to, those set forth in our press release and our periodic filings with the Securities and Exchange Commission.
This call may include discussion of non-GAAP numbers. For a reconciliation of any non-GAAP to GAAP amounts, please refer to our Form 8-K and press release in the Investors section of our website.
With that, I'll turn the call over to Jeff.
Jeffrey Lorberbaum
Thanks, Jim. Our second-quarter performance reflected our focus on the controllable factors of our business, including sales initiatives, cost containment, and restructuring actions.
Our net sales for the quarter were $2.8 billion, down 5.1% compared to last year. Our adjusted earnings per share were $3, up 9% year over year as a result of productivity initiatives and restructuring, as well as lower energy and material costs, partially offset by market pressures on pricing and mix and foreign exchange headwinds.
We generated free cash flow of approximately $142 million during the quarter for a total of $239 million year to date. In the quarter, we purchased 755,000 shares or 1.2% of our stock for approximately $90 million. We remain optimistic about the future of our business and confident that in time, our worldwide markets will recover.
Our second-quarter results exceeded our expectations despite soft market conditions around the globe. The commercial channel continues to outperform residential, although some softness in the category is occurring. While the long-term demand for our products is strong, residential purchases across our geographies remained weak....
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Mohawk Industries, Inc. (MHK) Q2 2024 Earnings Call Transcript