Mohawk Industries Inc. (NYSE:MHK) reported its results for the second quarter. Mohawk Industries is a producer of floor covering products for residential and commercial applications in the United States and residential applications in Europe.

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Mohawk Industries Earnings Cheat Sheet for the Second Quarter

Results: Net income for Mohawk Industries Inc. fell to $46.6 million (68 cents per share) vs. $51.1 million (74 cents per share) a year earlier. This is a decline of 9.7% from the year earlier quarter.

Revenue: Rose to $1.44 billion from $1.31 billion.

Actual vs. Wall St. Expectations: MHK reported adjusted net income of 83 cents per share. By that measure, the company fell short of mean estimate of 86 cents per share. It beat the average revenue estimate of $1.38 billion.

Quoting Management: Commenting on the third quarter results, Jeffrey S. Lorberbaum, Chairman and CEO, stated, “The Company’s third quarter results reflect an improvement in sales and earnings over last year even with increased raw material costs and consumer reluctance to invest in renovation projects. Sales in both the residential and commercial categories expanded with commercial renovation leading the growth and new residential continuing to lag. Each segment continues to lower costs with new processes, reduced infrastructure and investment in more efficient assets.”

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is 81 cents per share, down from 90 cents ninety days ago. For the fiscal year, the average estimate has moved down from $3.22 a share to $3.03 over the last ninety days.

Competitors to Watch: Interface, Inc. (NASDAQ:IFSIA) and The Dixie Group, Inc. (NASDAQ:DXYN).

Investing Insights: Here’s Why Chipotle’s Stock Keeps Winning.

(Source: Xignite Financials)

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