Mohawk Industries (MHK) said after the close Thursday that it earned $4.41 per share in the second quarter of 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analysts’ estimates or prior periods.
On the revenue line, the company reported $3.2 billion, missing estimates by $7 million.
In the same quarter a year ago, the company earned $4.45 a share on revenue of $3 billion.
The stock is down 4.15% at $130.76 after the report.
The higher growth of the company’s revenue compared to profits indicates that the company has not been able to cut costs and has seen its profit margin shrink.
Wall Street analysts had an average Hold rating on the stock ahead of the report.
InvestorsObserver gives the stock a bullish sentiment score at the moment based on recent trades.
Before the report InvestorsObserver gave the stock an overall rating of 41. Meanwhile, the average Wall Street analyst rated the stock as Hold.
Mohawk Industries manufactures a wide range of flooring products including carpet, rug, ceramic tile, laminate, wood, luxury vinyl tile and vinyl flooring. The Georgia-based company has grown from a US-based carpet manufacturer to a leading global player in the diversified flooring market. Mohawk operates three reporting segments: Global Ceramics ($3.6 billion in sales in 2019), North America Flooring ($3.8 billion), and Rest of World Flooring ($2.2 billion). .5 billion dollars). The company makes approximately 60% of its sales in the United States.