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Mohawk's stock tumbles to lead NYSE losers after sales miss, downbeat outlook
Shares of Mohawk Industries Inc. tumbled 17% in active afternoon trading Friday, enough to make them the biggest decliner listed on the NYSE, after the flooring maker reported a second-quarter profit that beat expectations but revenue that missed, and provided a downbeat third-quarter outlook. Trading volume increased to 3.3 million shares, above the full-day average of about 605,000 shares. The company reported late Thursday net income that rose to $202.4 million, or $2.79 a share, from $196.6 million, or $2.62 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS was $2.89, above the FactSet consensus of $2.87. Sales increased 0.3% to $2.58 billion, below the FactSet consensus of $2.65 billion, as global ceramic and flooring North America sales missed expectations while flooring rest-of-the-world sales topped expectations. Within ceramic, the company said lower demand and pre-tariff purchases have created excess inventory in the market, which is hurting sales and margins. For the third quarter, the company said it expects adjusted EPS of $2.58 to $2.68, compared with the current FactSet consensus of $3.01. Mohawk's stock has gained 10.8% year to date, while the S&P 500 has advanced 20.7%.
https://finance.yahoo.com/m/926de85.../mohawk's-stock-tumbles-to.html?.tsrc=rss
Shares of Mohawk Industries Inc. tumbled 17% in active afternoon trading Friday, enough to make them the biggest decliner listed on the NYSE, after the flooring maker reported a second-quarter profit that beat expectations but revenue that missed, and provided a downbeat third-quarter outlook. Trading volume increased to 3.3 million shares, above the full-day average of about 605,000 shares. The company reported late Thursday net income that rose to $202.4 million, or $2.79 a share, from $196.6 million, or $2.62 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS was $2.89, above the FactSet consensus of $2.87. Sales increased 0.3% to $2.58 billion, below the FactSet consensus of $2.65 billion, as global ceramic and flooring North America sales missed expectations while flooring rest-of-the-world sales topped expectations. Within ceramic, the company said lower demand and pre-tariff purchases have created excess inventory in the market, which is hurting sales and margins. For the third quarter, the company said it expects adjusted EPS of $2.58 to $2.68, compared with the current FactSet consensus of $3.01. Mohawk's stock has gained 10.8% year to date, while the S&P 500 has advanced 20.7%.
https://finance.yahoo.com/m/926de85.../mohawk's-stock-tumbles-to.html?.tsrc=rss
