CALHOUN — Mohawk Industries Inc. (NYSE: MHK) on Monday reported a $1.39 billion third-quarter loss as net sales fell 9 percent to $1.763 billion.
The loss equaled $20.37 per share, due to dropping sales and impairment charges for the flooring maker’s falling share price and "deteriorating business conditions." Mohawk has struggled all year due to the weak housing market and high energy and material costs.
Jeffrey S. Lorberbaum, chairman and CEO said, "We generated strong cash flow from operations of $185 million during the period while our earnings were under pressure from falling demand and higher costs. All of our businesses are focused on reducing overhead costs, managing working capital and enhancing sales and margins.”