Why Mohawk Industries Stock Is Up Today
Flooring manufacturer Mohawk Industries (NYSE: MHK) is riding the housing boom, last week reporting better-than-expected earnings. Over the weekend, analysts bet that the strong performance would continue, causing the stock to surge 10% higher at the open Monday.
Last Thursday evening, Mohawk reported first-quarter earnings of $3.49 per share on revenue of $2.7 billion, beating analyst expectations for $2.81 in EPS on revenue of $2.6 billion. On the company's post-earnings call, CEO Jeff Lorberbaum attributed the beat to the red-hot housing and home improvement market, and said he's optimistic that post-pandemic business reopenings will help to fuel increased demand in the quarters to come.
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Source Fool.com
