Cleaning & Restoration Breaking News

Mohawk 2Q Profits Up, Misses Expectations

July 22, 2004
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CALHOUN, Ga. (AP) -- Mohawk Industries Inc., a carpet and tile maker, on Wednesday said earnings increased 16 percent during the second quarter but it still missed Wall Street expectations.

The company reported income of $87.2 million, or $1.29 per share, which was up from the $74.9, or $1.12 per share, reported in the year-ago period. However, analysts' polled by Thomson First Call expected the firm to report earnings per share of $1.30 on average.

The company said rising costs for natural gas and oil reduced margins during the quarter, and the cost of commodity chemicals used in making some of its products also increased.

Going forward, Mohawk expects to report third-quarter earnings per share of $1.45 to $1.52. The outlook was in-line with the range of analysts' forecasts of between $1.40 and $1.60. Analysts' mean estimate for the third quarter calls for earnings of $1.50 per share.

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