Mohawk Industries Profit Up, Tops Views
In the quarter ended Oct. 2, Mohawk earned $112.7 million, or $1.67 a share, on revenue of $1.53 billion. In the same period last year, it earned $91.4 million, or $1.36 a share, on revenue of $1.3 billion.
Analysts were expecting earnings of $1.50 a share, according to Thomson First Call.
The Calhoun-based flooring company said raw material and energy costs continued to put pressure on margins. Mohawk has had to raise prices to pass along the higher costs.
Mohawk expects fourth-quarter earnings of $1.46 to $1.55 a share, compared with Wall Street's expectations $1.55.
The company said the fourth quarter has four fewer days, lowering sales by 7 percent. In addition, consumer confidence, job trends and continually high oil prices will make comparisons from last year difficult. It earned $1.51 a share in the last fourth quarter.
In the nine months ended Oct. 2, the company earned $1.17 billion on revenue of $4.4 billion. In the same period last year, it earned $980 million on revenue of $3.6 billion