Mohawk Industries (MHK) Q1 Earnings Top, Buyouts Bode Well
Zacks Investment Research | Jul 27, 2017 10:15PM ET
Mohawk Industries, Inc.’s (NYSE:MHK) adjusted earnings per share (EPS) of $3.72 beat the Zacks Consensus Estimate of $3.61 by 3.1%. Earnings also increased 7% year over year.
Total revenue of $2.45 billion missed the Zacks Consensus Estimate of $2.46 billion by 0.4%. Revenues however increased 6% year over year on higher sales across all segments.
Operating Highlights
Adjusted gross profit of $801.7 million increased 5.7% year over year. Adjusted operating income rose 6.9% to $381.3 million.
Adjusted selling, general and administrative (SG&A) expenses were down 4.7% to $420.5 million from the prior-year quarter.
Segment Details
Global Ceramic: Net sales at this segment amounted to $902.7 million, up 9% year over year on a reported as well as constant days and constant currency basis. The growth rate can be attributed to two European ceramic acquisitions that boosted sales by 6%.
Flooring North America: Net sales at this segment totaled $1.04 billion, up 6% year over year on strong residential and hard surface products sales.
Flooring Rest of the World: Net sales increased 2% year over year to $510.1 million. On a constant days and currency basis, sales improved 8.5% on solid sales of LVT products.
Mohawk Industries, Inc. Price, Consensus and EPS Surprise
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