follow us

Mohawk inches upward in new analyst ratings

Wachovia raises investment rating to 'outperform'

Cheered as Mohawk Industries' second-quarter performance beat Wall Street expectations, Wachovia Securities raised its investment rating for the carpet and home fashions producer to 'outperform' from a prior grade 'market perform.'

With earnings per share of $1.12, unchanged from the year-ago period, the nation's second-largest producer of commercial and residential carpeting easily beat a consensus Wall Street earnings forecast of $1.05 per share.

"Mohawk's good results depict the diversity of its business within the floor covering industry, its pricing power and its ability to manage costs in a clearly difficult environment," Wachovia said in a research note.

The day after the results were announced, on July 17, Mohawk stock jumped up by 8.3 percent, or $4.84 a share, to $62.98, a 12-month high for the company's shares.

Featured Video

  • Online Moves From Afterthought To Main Thought For Textiles Suppliers

    Camera Icon More Videos

Other Home Furnishings Sites

Casual Living
Gifts and Decorative Accessories
Home Accents Today
Kids Today
Furniture Today