Mohawk Industries 2Q net beats expectations

Mohawk Industries 2Q net jumps almost 16 percent on acquisitions; guidance boosts shares

Associated Press

CALHOUN, Ga. (AP) -- Flooring maker Mohawk Industries Inc. said Thursday that second-quarter net income rose 15.6 percent as it benefited from strong sales and acquisitions.

The company earned $84.6 million, or $1.16 per share, for the quarter that ended June 29. That was up from $73.2 million, or $1.06 per share, during the same period last year.

Excluding special items it would have earned $134 million, or $1.84 per share.

Revenue rose 34.4 percent to $1.98 billion.

Analysts surveyed by FactSet expected profit of $1.66 per share on revenue of $1.96 billion.

The company said both its core businesses and acquisitions performed better than expected.

Sales in its older tile and carpet businesses rose 6 percent, with the rest of its growth coming from its purchases of Pergo, Marazzi, and Spano.

Ceramic sales rose 88 percent to $760 million because of its Marazzi acquisition, as well as its older Dal-Tile business.

Mohawk expects a third-quarter profit of $1.81 to $1.91 per share, not counting restructuring or acquisition expenses. Analysts estimated $1.67 per share.

Mohawk shares rose $2.30 to close at $121.29 before its results were released. They jumped another $9.71, or 8 percent, to $131 in after-hours trading.

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