Shares of Mohawk Industries Inc. shed 5.2%, enough to pace the S&P 500’s premarket decliners, after the residential and commercial floorings company cut its...
Shares of Mohawk Industries Inc. MHK shed 5.2%, enough to pace the S&P 500’s premarket decliners, after the residential and commercial floorings company cut its fourth-quarter profit outlook, as continued high inflation and lagging consumer confidence led to weakened demand. The company said late Monday that it now expects fourth-quarter adjusted earnings per share of between $1.27 and $1.31, which is down from guidance provided in late-October of $1.40 to $1.
The company said late Monday that it now expects fourth-quarter adjusted earnings per share of between $1.27 and $1.31, which is down from guidance provided in late-October of $1.40 to $1.50, and below the current FactSet consensus of $1.44. “[D]emand in Flooring North America weakened more than the other segments, which led to actions to reduce its inventory levels,” the company said in a statement.
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