Mohawk Industries Inc. (NYSE:MHK) fell 3.8% during the pre-market session to $124 on Friday following its third-quarter earnings announcement.
Check out the current price of MHK stock here.
MHK closed Thursday's regular session at $128.90, up 0.47%, according to Benzinga Pro data.
Third Quarter Results
The Georgia-based flooring maker reported third-quarter net sales of $2.8 billion, up 1.4% as reported and roughly flat on an adjusted basis from last year, with adjusted earnings-per-share (EPS) of $2.67, down from $2.90 a year earlier.
Segment Performance
Performance across the company’s three operating segments showed mixed results:
| Segment | Net Sales Change | Adjusted Operating Margin |
|---|---|---|
| Global Ceramic Segment | +4.4% | 8.1% |
| Flooring Rest of World Segment | +4.3% | 8.3% |
| Flooring North America Segment | -3.8% | 7.2% |
The company pointed to higher input costs and competitive pricing in the industry, partially offset by productivity improvements.
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Jeff Lorberbaum, chairman and CEO of Mohawk Industries, said the results "reflected benefits from ongoing productivity and restructuring initiatives as well as the impact of favorable currency exchange and lower interest expense, offset by higher input costs and temporary plant shutdowns."
Restructuring And Outlook
Mohawk identified additional restructuring measures expected to generate about $32 million in annualized savings. Along with previously announced actions, the company expects total savings of $110 million for the year.
The consumer discretionary company projects fourth-quarter adjusted EPS of $1.90 to $2.00, excluding restructuring and one-time charges.
Stock Performance
Mohawk Industries has a 52-week range of $96.24 to $152.89 and a market capitalization of $8.01 billion.
Its shares have fallen 15.12% over the past year but gained 8.20% year-to-date.
Benzinga’s Edge Stock Rankings indicate that MHK is experiencing short-term consolidation along with medium and long-term upward movement. Know how its momentum lines up with other well-known names.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
