Flooring firm Mohawk beats sales estimates on commercial demand
Flooring firm Mohawk beats sales estimates on commercial demand July 30 (Reuters) - Flooring manufacturer Mohawk Industries MHK.N posted second-quarter revenue above analysts' estimates on Thursday, driven by robust demand from commercial projects.
Higher pricing and resilient demand for flooring and countertops in the commercial segment outweighed persistent weakness in the residential market, where elevated mortgage rates have curbed home sales and renovation spending.
Here are some details:
Shares of the Calhoun, Georgia-based company rose 3.5% in extended trading.
The company reported quarterly revenue of $2.99 billion, compared with analysts' average expectations of $2.79 billion, according to data compiled by LSEG.
It posted quarterly adjusted earnings per share of $3.67, up from $2.77 a year earlier. This includes a benefit of 63 cents for tariff refunds.
"We expect commercial to keep outperforming residential in the third quarter," Chief Operating Officer Paul De Cock said in a statement.
Mohawk forecast third-quarter adjusted EPS to be between $2.50 and $2.60, above the estimate of $2.37.
(Reporting by Megavarshini G. Somasundaram and Aishwarya Jain in Bengaluru; Editing by Shilpi Majumdar)
((Megavarshini.SomasundaramGnanasundari@thomsonreuters.com))