Mohawk Profit Tops Street; Guides Q2, FY14 Below Consensus - Quick Facts

(RTTNews) - Floor covering products maker Mohawk Industries Inc. (MHK) Thursday reported first-quarter net earnings of $81 million or $1.11 per share compared with $50 million or $0.72 per share last year.

Excluding items, adjusted earnings for the quarter were $90 million or $1.23 per share compared with $61 million or $0.87 per share a year ago.

Revenues for the quarter were up 22% at $1.8 billion compared with $1.5 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.17 per share on revenues of $1.86 billion for the quarter. Analysts' estimates typically exclude special items.

CEO Jeffrey Lorberbaum said, "First quarter earnings were higher than expected due to our 2013 acquisitions, improved productivity across our business and stronger results outside North America, although severe winter weather in the U.S. impacted sales..."

Looking ahead to the second quarter, the company expects earnings of $2.14 to $2.23 per share, while analysts project $2.34 per share.

For fiscal 2014, Mohawk expects earnings of $8 to $8.30 per share, while analysts expect $8.21 per share.