Mohawk Industries Down 2.75% To $76.36 After Earnings Beat

Mohawk Industries Inc (MHK) surpassed earnings projections on 10/26/2023 for Q3 2023.

Mohawk Industries's earnings came in at an EPS of $2.72 per share, 3.00% higher than estimates for an EPS of $2.65 per share. The firm's earnings are down 19% since reporting $3.34 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Revenues were upbeat at $2.8 billion. That represents a 5.21% decrease in revenues from the year-ago report and is 0.95% higher than consensus estimates set at $2.7 billion.

The stock is down 2.75% to $76.36 after the report.

Mohawk Industries's profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Mohawk Industries has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 18, putting Mohawk Industries in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $76.37 on October 25, 2023 and set a 52-week high on February 2, 2023 at $130.63.

Mohawk Industries manufactures a wide range of flooring products, including carpets, rugs, ceramic tile, laminate, wood, luxury vinyl tile, and vinyl flooring. The Georgia-based company has grown from a U.S.-focused carpeting manufacturer to a leading global player in the diversified flooring market. Mohawk operates three reporting segments: global ceramic ($3.6 billion of sales in 2019), North America flooring ($3.8 billion), and rest of the world flooring ($2.5 billion). The company generates approximately 60% of its sales in the United States.