Mohawk Industries Q1 Profit Down

(RTTNews) - Mohawk Industries Inc. (MHK) posted net earnings attributable to the company of $80.24 million or $1.26 per share in first quarter 2023, down from $245.33 million or $3.78 per share in the prior year.

Adjusted net earnings were $111.94 million or $1.75 per share compared to $245.56 million or $3.78 per share in the prior year.

Net sales for the first quarter of 2023 were $2.8 billion, a decrease of 6.9% as reported and 5.9% on a constant currency and days basis.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.18 per share and revenues of $2.5 billion for the first quarter. Analysts' estimates typically exclude special items.

The company anticipates second quarter adjusted earnings per share to be between $2.56 and $2.66, excluding any restructuring, acquisition and other charges. Analysts project second-quarter earnings of $2.41 per share.

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