Mohawk Industries Up 4.4% On Mixed Results (MHK)

Shares of Mohawk Industries, Inc. MHK are currently up 4.4% at $50.85 per share during Friday afternoon trading. Today's trading range for shares of Mohawk Industries, Inc. has been between $49.79 and $52.50 per share. The consensus price target of analysts covering the company's stock is $67.43 per share. Volume of 1.4 million shares is already nearly double the daily average volume of 834,000 shares. Mohawk Industries, Inc. (MHK) released financial results on Thursday after the market closed that beat Wall Street earnings estimates, while just missing revenue expectations. The company reported 2nd quarter adjusted earnings of 77 cents per share, on revenue of $1.4 billion. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 71 cents per share, on revenue of $1.44 billion. Chairman and chief executive officer Jeffrey S. Lorberbaum said, "Our earnings were better than anticipated due to higher sales in Unilin, improving product mix in Mohawk, price increases and cost reduction programs. Our second quarter sales were flat compared to the prior year as the residential business improved. The European business grew in most geographic and product categories with volumes increasing. Commercial markets are declining at a slower rate with expectations of a bottom this year. Residential remodeling markets should expand in the second half of the year driven by higher disposable income and low interest rates. New home construction remains low but above last year. The European economy is gaining momentum with positive industry reports, higher consumer confidence and an improved banking outlook. We have expanded our international presence with a minority interest in one of the top ten Chinese ceramic tile manufacturers and purchased a building in Russia for laminate manufacturing." Read more from Benzinga's Company news.