Mohawk Industries Down 4.15% To $130.76 After Earnings Beat

Mohawk Industries (MHK) said after close Thursday that it earned $4.41 per share in quarter two 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $3.2 billion, missing estimates by $7 million.

In the same quarter a year ago, the company earned $4.45 per share on revenue of $3 billion.

The stock is down 4.15% to $130.76 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

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

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

Prior to the report, InvestorsObserver gave the stock an overall score of 41. Meanwhile, the average Wall Street analyst rated the stock a Hold.

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.