Mohawk reports upbeat quarterly results on strong ceramic pricing

Home flooring manufacturer Mohawk Industries MHK beat Wall Street estimates for second-quarter profit and revenue on Thursday, as increased prices for its ceramic products helped offset higher raw material costs.

Shares of the Calhoun, Georgia-based company were up 2.6% after the bell.

The company's price increase for commercial sector products such as ceramic, porcelain and vinyl tiles helped offset weaker residential demand, which was impacted by high mortgage rates and rising raw material prices.

On an adjusted basis, Mohawk earned $2.77 per share, compared with estimates of $2.60 per share, according to data compiled by LSEG.

Mohawk said it expects adjusted profit for third-quarter to be in the range of $2.56 to $2.66 per share. Analysts on average expect $2.71 per share.

The company also said its board has approved $500 million in share repurchases, and that it expects $100 million in benefits from restructuring actions in 2025.

Mohawk, which operates in North America, Europe, Latin America and Australia, reported second-quarter revenue of $2.8 billion, compared to average analysts' estimates of $2.76 billion.