Mohawk floor generator
Since the end of the second quarter, we bought approximately $250 million of our stock at an average price of $193 per share. Given this in our current valuations, our Board increased our stock purchase program by an additional $500 million. Our results have improved significantly during 2021 and we generated over $1.9 billion of EBITDA for the trailing 12 months. Completion of those projects is being extended due to longer lead times on building materials and equipment. We have initiated additional investments to increase our production of those and increase our sales and service. Currently, some of our fastest-growing products are being limited by material and capacity constraints. Most of our businesses are carrying significant order backlogs, and we plan to run our operations at high levels during the fourth quarter to improve our service and efficiencies. Though our inventories increased during the period, mostly due to higher material costs and transportation delays on customer orders, our service levels remained below historical norms. This has a temporary challenge to our European businesses as higher costs are reflected in gas, electricity and other materials. Due to supply shortages, government regulations and political issues, natural gas costs in Europe are presently about 4 times as high than they were earlier in the year. While we are presently seeing COVID cases declining in most of the regions, many of our operations experienced increased absenteeism during the period, affecting our efficiencies in production.įor the near term, we do not see any significant changes in these external pressures. Tight chemical supplies, in particular, reduced the output of our LVT, carpet, laminate and board panels. Rather than improving as we expected, the availability of labor, materials and transportation became more challenging, resulting in higher costs in the period.
We're managing our investments in SG&A to support new products that will expand our future revenues and margins.Įven with greater external constraints, we ran most of our operations at high levels and we successfully managed many interruptions across the enterprise. We continue to implement lean processes and reduce complexity in manufacturing and logistics. Our strategy is to enhance organizational flexibility, reduce product and operational complexity and align pricing with cost improved our results in the period. Year-over-year, the commercial sector showed improvement though at a slower rate as COVID concerns delayed the timing of some projects. Home sales were robust across most geographies and consumers continued remodeling investments at a strong pace. Despite these and other headwinds, our third quarter sales trends continued in most regions, with Europe's results reflecting more normal summer seasonality. All of our businesses performed well, managing through a changing environment in a period COVID directly and indirectly impacted many economies, creating supply chain difficulties that disrupted production as well as leading the government lockdowns in Australia, New Zealand and Malaysia that halted manufacturing and retail.
Our third quarter results exceeded our expectations as net sales rose 9% over the prior year to approximately $2.8 billion. Lorberbaum - Chairman And Chief Executive Officer Now I'll turn the call over to Jeff for his opening remarks. For 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. This call may include discussion of non-GAAP numbers. 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 and including, but not limited to, those set forth in our press release and our periodic filings with the Securities and Exchange Commission.
#MOHAWK FLOOR GENERATOR UPDATE#
Today, we'll update you on the company's third quarter results.
Joining me on today's call are Jeff Lorberbaum, Chairman and Chief Executive Officer and Chris Wellborn, President and Chief Operating Officer. Good morning, everyone, and welcome to Mohawk Industries quarterly investor call.