Mohawk Industries, Inc. (NYSE:MHK) Q3 2023 Earnings Conference Call October 27, 2023 11:00 AM ET

Company Participants

James Brunk - Chief Financial Officer

Jeff Lorberbaum - Chairman and CEO

Chris Wellborn - President and COO

Conference Call Participants

Matthew Bouley - Barclays

John Lovallo - UBS

Joe Ahlersmeyer - Deutsche Bank

Susan Maklari - Goldman Sachs

Stephen Kim - Evercore

Keith Hughes - Truist

Phil Ng - Jefferies

Andrew Harvey - JPMorgan

Adam Baumgarten - Zelman

Kathryn Thompson - Thompson Research Group

Truman Patterson - Wolfe Research

Laura Champine - Loop Capital

Eric Bouchard - Cleveland Research

Rafe Jadrosich - Bank of America

Operator

Good morning, everyone. My name is Jamie, and I will be your conference operator today. At this time, I would like to welcome everyone to Mohawk Industries Third Quarter 2023 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer period. [Operator Instructions]

As a reminder, ladies and gentlemen, this conference is being recorded today, Friday, October 27, 2023. Thank you. I would now like to introduce Mr. James Brunk. Mr. Brunk, you may begin your conference.

James Brunk

Thank you, Jamie. Good morning, everyone. Welcome to Mohawk Industries quarterly investor conference 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 will update you on the company’s third quarter performance and provide guidance for the fourth quarter of 2023.

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.

I will now turn the call over to Jeff for his opening remarks.

Jeff Lorberbaum

Thank you, Jim. In the third quarter, our net sales were $2.8 billion, down approximately 5.2% as reported or 8.1% on a constant and legacy basis, in line with our expectations as our industry faced continued pressures across all regions primarily due to constrained residential investments and tightening of consumer discretionary spending.