Mohawk stock falls after flooring maker forecasts 'difficult' times
Shares of Mohawk Industries Inc. fell more than 12% in the extended session Thursday after the maker of flooring products posted stagnant second-quarter sales and said its business environment will remain "difficult." Mohawk said it earned $202 million, or $2.79 a share, in the quarter, compared with $197 million, or $2.62 a share, in the year-ago period. Adjusted for one-time items, Mohawk earned $210 million, or $2.89 a share, compared with $3.51 a share a year ago. Sales were flat at $2.6 billion. Analysts polled by FactSet had expected adjusted earnings of $2.87 a share on sales of $2.7 billion. "The U.S. dollar strengthened compared to the prior year, reducing our translated results for the quarter by approximately $9 million. Most markets we operate in remain soft, with pressure on volume and pricing, and we anticipate the environment to remain difficult," Chief Executive Jeffrey S. Lorberbaum said in a statement.
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