Mohawk Industries reports Q2 adjusted EPS $2.77, consensus $2.61

Reports Q2 revenue $2.8B, consensus $2.76B. Commenting on the company’s second quarter, chairman and CEO Jeff Lorberbaum stated, “In challenging conditions across our regions, our results reflect the impact of our ongoing operational improvements, cost containment actions and market development initiatives. Our premium residential and commercial products and new collections introduced during the past 24 months benefited our performance. Our restructuring actions are on schedule and delivering the expected savings as we have closed high-cost operations, eliminated inefficient assets, streamlined distribution and leveraged technology to improve our administrative and operational costs. Our global operations teams continue to identify productivity initiatives to lower our costs through enhancements to equipment, conserving energy, optimizing our supply chain and re-engineering products. Our industry faced continued pricing pressure from lower market volumes, which we are mitigating through strengthening product and channel mix.”