Mohawk Industries Q3 Profit Rises, Tops View

(RTTNews) - Flooring products maker Mohawk Industries, Inc. (MHK), Thursday reported an increase in profit for the third quarter, as revenues increased. Earnings for the quarter came in ahead of analysts' estimates but revenues fell short of expectations.

Calhoun, Georgia-based Mohawk's third-quarter profit rose to $151.3 million or $2.06 per share from $119.1 million or $1.63 per share last year.

Adjusted earnings for the quarter were $2.44 per share, up from $2.02 per share last year. On average, 15 analysts polled by Thomson Reuters expected earnings of $2.42 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $1.99 billion from $1.96 billion last year. Analysts had a consensus revenue estimate of $2.04 billion for the quarter.

Carpet segment sales inched up 1 percent to $779 million, while ceramic unit sales rose 2 percent to $780 million. Laminate and Wood segment sales rose about 3 percent to $463 million.