FX.co ★ Mohawk Industries Inc Q1 Profit Increases, beats estimates

Mohawk Industries Inc announced first-quarter earnings that surpassed both last year's numbers and recent estimates.

The firm reported a net profit of $105.0 million, equivalent to $1.64 per share. This is an increase from the $80.2 million, or $1.26 per share, it earned in the first quarter of the previous year.

When one-time expenses and income are removed, the first quarter's adjusted earnings stand at $118.8 million, or $1.86 per share. Analysts had predicted an earnings per share figure of $1.68, based on data gathered by Thomson Reuters. It's important to note that such estimates usually omit special items.

However, the company experienced a slight decrease in revenue for the quarter, dropping by 4.6% to $2.68 billion from $2.81 billion reported in the same period last year.

In a brief overview of the firm's performance, under the generally accepted accounting principles (GAAP), earnings for the first quarter were $105.0 million, up from $80.2 million in the previous year. Earnings per share increased from $1.26 to $1.64, while revenue slid from $2.81 billion to $2.68 billion.