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NEW YORK - Mohawk Industries , Inc. (NYSE:MHK) reported fourth quarter 2024 earnings that exceeded analyst expectations, sending shares up over 2% after the results.
The flooring manufacturer posted adjusted earnings per share of $1.95, beating the consensus estimate of $1.87. Revenue came in at $2.64 billion, surpassing expectations of $2.54 billion.
Net sales for Q4 increased 1% YoY to $2.64 billion. On an adjusted basis, sales decreased 1% compared to the prior year period.
"Our fourth quarter results exceeded our expectations as sales actions, restructuring initiatives and productivity improvements benefited our performance," said Chairman and CEO Jeff Lorberbaum.
The company said residential demand remained soft in its markets, but new product introductions and marketing initiatives contributed to sales performance globally. Mohawk noted that consumers continued to limit large discretionary purchases amid economic uncertainty.
For Q1 2025, Mohawk expects adjusted EPS between $1.34 and $1.44, below the $1.87 analyst consensus. The guidance includes an estimated $0.35 per share impact from system implementation issues in the Flooring North America segment.
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