These Analysts Increase Their Forecasts On Mohawk Industries After Q2 Results

Author: Avi Kapoor | July 29, 2024 08:59am

Mohawk Industries, Inc. (NYSE:MHK)  reported mixed second-quarter results, after the closing bell on Thursday.

Mohawk Industries reported quarterly earnings of $3.00 per share which beat the analyst consensus estimate of $2.75 per share. The company reported quarterly sales of $2.80 billion which missed the analyst consensus estimate of $2.83 billion, according to data from Benzinga Pro.

Chairman and CEO Jeff Lorberbaum stated, “Our performance in the quarter reflected our focus on the controllable factors of our business, including sales initiatives, cost containment and restructuring actions. Our adjusted earnings per share rose as a result of productivity initiatives and restructuring as well as lower energy and material costs, partially offset by market pressure on pricing, mix and foreign exchange headwinds. We generated free cash flow of approximately $142 million during the quarter, for a total of $239 million year to date. In the quarter, we purchased approximately 755 thousand shares, or 1.2%, of our stock for approximately $90 million.”

Mohawk Industries shares gained 19.5% to close at $160.71on Friday.

These analysts made changes to their price targets on Mohawk Industries following the announcement.

• Baird analyst Timothy Wojs maintained Mohawk Industries with a Neutral and raised the price target from $132 to $160.
• Truist Securities analyst Keith Hughes maintained the stock with a Buy rating, while raising the price target from $135 to $184.
• On Friday, B of A Securities analyst Rafe Jadrosich upgraded Mohawk Industries from Underperform to Buy and raised the price target from $120 to $177.

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Posted In: MHK