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)