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Mohawk Industries , Inc. (NYSE:MHK), a leading carpet and rug manufacturer with annual revenue of $10.8 billion, announced today that William W. Harkins will resign from his position as Chief Financial Officer, effective March 14, 2025, to pursue another opportunity. James F. Brunk, who currently holds the role of Chief Financial Officer, will also take on the responsibilities of Chief Accounting Officer and Corporate Controller on an interim basis starting March 14, while the company searches for a permanent replacement. The company maintains strong financial health with a perfect Piotroski Score of 9, according to InvestingPro data.
Brunk, 59, has been with Mohawk Industries since October 2006, when he joined as Chief Financial Officer of the company’s Mohawk Home division. He later served as Chief Accounting Officer and Corporate Controller from May 2009 until April 2021, when he was appointed as the company’s Chief Financial Officer.
The company’s filing with the Securities and Exchange Commission on February 28, 2025, provided this information. Mohawk Industries has not disclosed further details regarding the search for a new CFO or the reasons for Harkins’ departure beyond his decision to pursue another opportunity.
Investors and stakeholders of Mohawk Industries are being informed of these changes in executive leadership, which are critical to the company’s financial management and reporting. The transition comes as the company continues to navigate the competitive landscape of the manufacturing sector.
The company’s shares are traded on the New York Stock Exchange under the ticker MHK, and as of this announcement, there has been no immediate impact on the company’s stock performance. Mohawk Industries is headquartered in Calhoun, Georgia, and is incorporated in Delaware. The company’s fiscal year-end is December 31.
This news is based on a press release statement and reflects the ongoing changes within Mohawk Industries’ executive team.
In other recent news, Mohawk Industries has seen several adjustments to its stock price target and earnings projections from various financial firms following its recent financial results and strategic updates. Jefferies reduced Mohawk’s price target to $135, citing stable demand with a 3% year-over-year volume increase for the fourth quarter of 2024, though volumes are expected to remain relatively unchanged into 2025. Truist Securities also adjusted its price target to $148, maintaining a Buy rating, after Mohawk’s sales and earnings per share exceeded expectations, despite lower quarterly guidance due to operational challenges. UBS lowered its price target to $128 and revised its adjusted EBITDA and EPS estimates downward for the years 2025 through 2027, while maintaining a Neutral rating.
JPMorgan reduced its price target to $156, keeping an Overweight rating, and noted Mohawk’s attractive valuation and potential for margin enhancement in 2025 due to a strong balance sheet. Loop Capital decreased its price target to $155, maintaining a Buy rating, and acknowledged complications with Mohawk’s SAP implementation, which is expected to impact earnings growth in 2025. Despite these challenges, Loop Capital noted that Mohawk exceeded fourth-quarter sales expectations by $100 million and highlighted ongoing productivity improvements. These developments reflect a mixed outlook for Mohawk Industries as it navigates operational and market challenges while maintaining strategic investments.
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