Mohawk misses by $0.29, misses on revs; guides Q4 EPS below consensus; announces $500 mln stock buyback plan
- Reports Q3 (Sep) earnings of $3.29 per share, excluding non-recurring items, $0.29 worse than the S&P Capital IQ Consensus of $3.58; revenues rose 4.0% year/year to $2.55 bln vs the $2.6 bln S&P Capital IQ Consensus.
- "Most of our markets have experienced weakening demand, inflation and pricing pressures. We anticipate fourth quarter results continuing the soft trends we experienced in the third period. We expect sales to be slightly slower than the prior quarter in most markets and product categories. Even with price increases across the company, we will not offset inflation and our results will remain under pressure. Our margins are being impacted by more competitive environments, declining product mix, and lower manufacturing rates."
- Co issues downside guidance for Q4, sees EPS of $2.45-2.60, excluding non-recurring items, vs. $3.50 S&P Capital IQ Consensus.
- Mohawk's board of directors has approved a share repurchase program pursuant to which the company may repurchase up to $500 million of its common stock.
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