Mohawk Industries (MHK) Beats Earnings & Revenues In Q3
Zacks Investment Research | Nov 03, 2016 10:11PM ET
Mohawk Industries, Inc.’s (NYSE:MHK) adjusted earnings of $3.50 per share beat the Zacks Consensus Estimate of $3.46 by 1.2%. Adjusted earnings exclude restructuring, acquisition and other charges. Earnings increased 17% year over year backed by strong operating margins.
Total revenue of $2,294 million surpassed the Zacks Consensus Estimate of $2,246 million by 2.16%.
Revenues also increased 7% year over year driven by higher sales across all the segments, especially Flooring Rest of the World.
Adjusted gross profit of $744 million increased 10.1% year over year.
Adjusted selling, general and administrative (SG&A) expenses were up 2.7% to $377.2 million from the prior year quarter.
Adjusted operating income at a constant exchange rate increased 21% to $373.6 million. Adjusted operating margin grew 160 basis points (bps) to 16%, mainly because of higher sales volume and productivity.
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