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Mohawk announces new earnings guidance
09 Jul '08
2 min read
Mohawk Industries Inc announced that it now estimates second quarter 2008 guidance for earnings per diluted share to be in the range of $1.23 to $1.26. We had previously issued second quarter guidance of $1.36 to $1.45 EPS. This revision is attributable to all segments having lower than anticipated sales and margins for the period.
The lower earnings expectation for the quarter is primarily due to the continuing decline in the U.S. residential market, slowing European demand and rapidly increasing raw material and energy costs. We are implementing multiple price increases to offset the rising costs and are continuing our emphasis on containing costs across the company. During the quarter we paid down approximately $180 million of debt.
Our second quarter 2008 earnings release is scheduled for July 21, 2008 with the conference call scheduled for 11:00 AM eastern time on July 22, 2008. We will issue guidance for the third quarter of 2008 in that release.
Mohawk is a leading supplier of flooring for both residential and commercial applications. Mohawk offers a complete selection of carpet, ceramic tile, laminate, wood, stone, vinyl and rugs. These products are marketed under the premier brands in the industry, which include Mohawk, Karastan, Ralph Lauren, Lees, Bigelow, Dal-Tile, American Olean, Unilin and Quick Step.
Mohawk's unique merchandising and marketing assist our customers in creating the consumers' dream. Mohawk provides a premium level of service with its own trucking fleet and over 250 local distribution locations.
The lower earnings expectation for the quarter is primarily due to the continuing decline in the U.S. residential market, slowing European demand and rapidly increasing raw material and energy costs. We are implementing multiple price increases to offset the rising costs and are continuing our emphasis on containing costs across the company. During the quarter we paid down approximately $180 million of debt.
Our second quarter 2008 earnings release is scheduled for July 21, 2008 with the conference call scheduled for 11:00 AM eastern time on July 22, 2008. We will issue guidance for the third quarter of 2008 in that release.
Mohawk is a leading supplier of flooring for both residential and commercial applications. Mohawk offers a complete selection of carpet, ceramic tile, laminate, wood, stone, vinyl and rugs. These products are marketed under the premier brands in the industry, which include Mohawk, Karastan, Ralph Lauren, Lees, Bigelow, Dal-Tile, American Olean, Unilin and Quick Step.
Mohawk's unique merchandising and marketing assist our customers in creating the consumers' dream. Mohawk provides a premium level of service with its own trucking fleet and over 250 local distribution locations.
Mohawk Industries Inc
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