Mohawk Trims Guidance

Floorcovering giant Mohawk Industries has lowered its second quarter 2008 guidance for earnings per diluted share to $1.23-$1.26, down from previous guidance of $1.36-$1.45.

"This revision is attributable to all segments having lower than anticipated sales and margins for the period," Mohawk said, noting as key factors "the continuing decline in the U.S. residential market, slowing European demand and rapidly increasing raw material and energy costs."

The company said it continues to push cost-containment initiatives internally and is "implementing multiple price increases" as well.

Mohawk plans to release 2Q earnings results on July 21.

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