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Mohawk beats estimates on flooring, countertop demand from commercial clients
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Mohawk beats estimates on flooring, countertop demand from commercial clients
Apr 25, 2024 3:06 PM

April 25 (Reuters) - Mohawk Industries ( MHK ) beat

analysts' estimates for first-quarter revenue and profit on

Thursday, as demand for new flooring and countertops in

commercial projects more than offset the hit from its

residential segment.

The company reported $2.68 billion in net sales for the

quarter March 30, above analysts' estimates of $2.65 billion,

according to LSEG data.

"Given inflationary pressures in labor, benefits and other

items, we continue to take additional actions to reduce our cost

structure and improve productivity," Mohawk said.

The company said in February it would restructure operations

to adapt to market conditions.

Calhoun, Georgia-based Mohawk reported first-quarter

adjusted profit of $1.86 per share, topping LSEG estimates of

$1.68.

The company expects second-quarter adjusted EPS to be

between $2.68 and $2.78. Analysts on an average were expecting

an adjusted profit of $2.64 per share.

(Reporting by Rupali Chaudhary and Abhinav Parmar in Bengaluru;

Editing by Sriraj Kalluvila)

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