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.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • The Countdown to the ICON Honors Continues featuring Christophe Pourny

    Camera Icon More Videos

CURRENT ISSUE

HTT digital edition

See the May 2017 issue of Home & Textiles Today. In this issue, we discuss our annual Market Basket survey, which finds higher prices and more polyester at leading retailers. See details!