Home flooring manufacturer Mohawk Industries ( MHK ) reported a

lower third-quarter revenue on Thursday, hurt by pressured

pricing and weak demand for its flooring and ceramic products.

Shares of the Calhoun, Georgia-based company fell nearly 10%

after the bell.

"In all our regions, market conditions were slower than

anticipated given high interest rates, lingering inflation and

lower consumer confidence," CEO Jeff Lorberbaum said.

Mohawk, which operates in North America, Europe, Latin

America and Australasia, has reported $2.72 billion in revenue

for the quarter ended September 28, down 1.7% from last year.

Analysts had, on average, expected a revenue of $2.7

billion, according to data compiled by LSEG.

Home remodeling demand in the United States has decreased

due to higher borrowing costs and shrinking savings and are

squeezing wallets. The overall housing supply remains limited,

with residential construction activity subdued this year.

Sales at Mohawk's North America flooring segment, however,

rose 1.2% over a year, in contrast to the decline in its global

flooring and ceramic segments.

As the Federal Reserve starts to lower rates, the flooring

industry is projected to benefit next year due to an increase in

pent-up consumer demand for flooring purchases.

"We expect that recent interest rate cuts in the U.S.,

Europe and Latin America will strengthen housing markets and

increase flooring sales next year," Lorberbaum added.

Mohawk reported quarterly adjusted profit of $2.90 per

share, slightly above analysts' expectations of $2.89 per share.