Mohawk Industries reports Q1 adjusted EPS $1.90, consensus $1.81

Reports Q1 revenue $2.73B, consensus $2.74B. Commenting on the Company’s first quarter, Chairman and CEO Jeff Lorberbaum stated, “Our performance was in line with our expectations despite a challenging environment. Our results include benefits from productivity, restructuring and product mix, offset by inflation and volume. Last year was impacted by the system conversion and had four fewer days. Across our regions, the commercial sector continued to outperform residential. New home construction remained soft, and consumers continued to defer home purchases and remodeling projects due to economic uncertainty. We are implementing productivity actions and executing our previously announced restructuring projects to enhance our results. During the quarter, we repurchased 607,000 shares of our stock for $64 million as part of our current stock buyback authorization. Our strong balance sheet provides strategic and operational flexibility to take advantages of opportunities that arise.”