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[July 2008]
Mohawk Industries Announces New Earnings Guidance
Mohawk Industries Inc (Calhoun, GA, USA) – owner of US ceramic tile giant Dal-Tile – has announced that it now estimates second quarter 2008 guidance for earnings per diluted share to be in the range of US$1.23 to US$1.26. It had previously issued second quarter guidance of US$1.36 to US$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 US residential market, slowing European demand and rapidly increasing raw material and energy costs. Mohawk said it was implementing multiple price increases to offset the rising costs and was continuing its emphasis on containing costs across the company. During the quarter, the company paid down approximately US$180 million of debt.
The second quarter 2008 earnings release is scheduled for 21 July 2008 with the conference call scheduled for 11am US eastern time on 22 July 2008. Mohawk will issue guidance for the third quarter of 2008 in that release.
www.mohawkind.com
ENDS