Mohawk Industries (MHK) Tops Q4 EPS by 3c, Revenues Beat

Mohawk Industries (NYSE: MHK) reported Q4 EPS of $2.53, $0.03 better than the analyst estimate of $2.50. Revenue for the quarter came in at $2.45 billion versus the consensus estimate of $2.43 billion.

Commenting on Mohawk Industries' fourth quarter performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, "The period was affected by significant inflation, slowing markets and LVT impacting sales of other products. Even as we executed price increases in many products, our businesses experienced greater pressures on pricing and mix. In the quarter, inflation continued to be a headwind across most of our categories, as higher cost materials flowed through our results. During the period, we decreased our manufacturing production to adapt to market demand. Our start-up costs for the quarter were higher than we projected, with LVT production improving slower than anticipated. Our new countertop and sheet vinyl plants initiated manufacturing, along with our Polish ceramic tile expansion."

For earnings history and earnings-related data on Mohawk Industries (MHK) click here.

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