Mohawk Industries rises after Q2 profit beats estimates

Mohawk Industries

26/07/2024 11:36

** Home flooring manufacturer Mohawk Industries  MHK.N 
shares rise 13.1% to $152.06 premarket
    ** Co on Thursday reported Q2 profit of 3/shr, above Wall
Street estimates of $2.75/shr - LSEG 
    ** Net sales for the quarter stood at $2.8 billion, narrowly
missing expectations of $2.83 billion
     ** CEO Jeff Lorberbaum said the rise in profit was a result
of restructuring, higher productivity, and lower energy,
material costs
    ** 4 of 18 brokerages rate the stock "buy" or higher, 12
"hold" and 2 "sell" or lower; their median PT is $132.13 - LSEG
data
    ** YTD, stock has risen 29.9% vs 14.73% rise in S&P
Composite 1500 Household Durables index  .SPCOMHHD 

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.parmar@thomsonreuters.com))