And so we are not really getting into forecasting anything for the second quarter, including productivity and volumes through the end of the quarter.Listen, we have multiple scenarios, high, medium and low, and we don't know which one is going to work.I get it. When they banned the travel, the engineers didn't, but we're still making progress. And maybe just as a note, if you compare our bad debt expense in the '08, '09 recession, it was running about 0.4%, and that compares to 0.2% in the first quarter of this year. We're already reducing marketing expenses, administrative costs, and we'll adjust to the total cost structure once we get on a more permanent basis, once we get a view of where the business is going to be going forward. The LVT has improved during the period. But what's the outlook for commercial a couple of months out?The same thing. Obviously, a lot has changed. Our entire global team is taking extraordinary steps to support our customers and protect our business. Or when you complete these projects, is there a kind of an air pocket on the other side of that? CALHOUN, Ga., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) today announced a 2020 second quarter net loss of $48 million and diluted loss per share of $0.68.
Higher volume of $4 million was offset by $16 million of lower price/mix. Now offsetting that, you have the residential retail business, which has basically been close to stopped in many places. I just wanted to see what you guys are hearing.Same thing. During the second quarter, we generated free cash flow of almost $500 million and issued over $1 billion of new bonds. So wondering if maybe it's reasonable to think that, that overall shutdown number is going to be more than double what it was in 1Q as we look into 2Q.Well, first, just to maybe put some fencing around the discussion about decremental margins. The distribution of the segment’s business is much greater in residential remodeling, which is performing better than the commercial category. First question, is there a volume or a revenue decline threshold where you think you'd potentially breakeven in the second quarter? Do-it-yourself products are performing best as some people started projects while staying at home. The virus started earlier and the lockdown was more restrictive, construction and commercial impacted more than in the U.S. Our DSOs were 57 days in the first quarter, and that compares to 56 days last year. Even as health situation improves and most stores reopen, we anticipate significantly lower sales and production in the second quarter.
(MFTranscribers)
We are reducing SG&A, marketing and IT investments. Are you seeing any evidence of more severe price erosion in LVT? Jeff?Thank you, Frank.
We are increasing our higher-value quartz countertops as our productivity and costs continue to improve. To give you a better view of our business, sales across the enterprise in April were off about 35% compared to last year due to the virus, which shut down many of our customers and our operations. As of June 30th, there was short interest totalling 4,350,000 shares, an increase of 13.9% from the June 15th total of 3,820,000 shares. In Brazil, sales are improving as retail stores re-open in major cities. Is that largely complete at this point?What we did was we sold a solid wood plant in the United States, and we closed an engineered plant in Czechoslovakia. Our products you can live with almost forever. In each region, we are lowering our production with demand, reducing our cost structure and adapting to different government programs in each country. Receivables ended the quarter at $1.645 billion. We are lowering production in the second quarter to reduce inventory with decline in demand.Our European ceramic business was performing well until the Coronavirus stopped travel in Italy, and the government shut down our manufacturing. Sometimes the energy is in a dormant cycle, and at other times, it’s in an active cycle.
This was followed by mandatory shutdowns in Spain and a lockdown of the French market as well as other closures in Europe. Until the outbreak, our results for the quarter were in line with our plan as we benefited from the initiatives we implemented in 2019. New Zealand’s economy is now open, the virus has been contained and our sales are improving.Since April, we have seen substantial improvement in all of our businesses and markets. And then on Flooring North America, sales decline seem to be pretty much in line with last quarter on a year-over-year basis in a pretty healthy housing market. I guess given where we are today, could you provide an update on the global supply chain today from Asia? Operating income, excluding charges, was $163 million or 7.2% of sales compared to 8.5% last year. After a 45% rise since the March lows of this year, at the current price of around $85 per share (as of July 29th), we believe Mohawk Industries stock has reached its near term potential.
Thank you for taking my questions, just back on the North America productivity, the $29 million, how much of that was related to those LVT rebates that you disclosed last quarter? And then just as a point, our recycled materials are declining less than the virgin alternative.Our next question comes from Stephen Kim from Evercore ISI.Please go ahead.Thanks very much guys and thanks for the color.Frank, welcome back. And I guess, second question, more, again, basically back to the U.S. You talked about LVT, still growing and gaining market shares. My name is Carol, and I will be your conference operator today. I know it's very difficult. We've identified some mechanical improvements. We have no idea.Right. We had a $30 million decrease in price and mix in the first quarter. All regions were affected by the virus in the first quarter, but Russia performed better as they were not impacted until later in March. ... (MHK) — energy from tides, waves and river currents — barely registers.
Our organization is flexible and adapting to fluid conditions, but we're applying the lessons we learned from 9/11 and the last recession to guide us through these times. In residential carpet, the new home construction channel performed best with housing sales and starts improving through the period.
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