Mohawk Earnings Hit Best Record In First Quarter Earnings

According to Zacks Equity Research, Mohawk Industries, the world’s largest flooring business, reported first quarter earnings of $201 million. At $2.68 per share, removing the expenses of acquisition and restructuring, it is a company high that brought in a tidy $60 million for operating income. First quarter sales was projected to go up, but was fairly surprised to reach a new watermark of sales. Total net sales totaled over $2 billion, a rise of two percent from last year and four percent higher based on the rise of currency trends.

Mohawk is currently spending over $750 million in production expansion in almost all products as it begins to enter the European and Russian markets. There, they will challenge opposing companies’ carpet tile, counter top, and sheet vinyl sales with a foreign and more inexpensive competitor. Last April, Mohawk Industries bought two ceramic and carpet nylon manufacturing companies and followed it up with the purchase of an American mine to expand their local production. The plan is to raise the costs of various materials in order to fill up all expanses for the third quarter.

Mohawk has started that they feel quite happy with the direction of the economy as a whole and benefitting the whole flooring industry. Predictions from them suggest earnings for the next quarter will go to $3.53-$3.62 per share plus acquisitions. The third quarter plan to raise costs and production is expected to match decreasing currency trends that will balance all of it out. Mohawk prices per share grew prior to the quarter report hitting their new high, up short of 14 percent from one year earlier.

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