Here's What Key Metrics Tell Us About Mohawk Industries (MHK) Q2 Earnings

Core Insights - Mohawk Industries reported revenue of $2.8 billion for the quarter ended June 2024, reflecting a 5.1% decrease compared to the same period last year, while EPS increased to $3.00 from $2.76 year-over-year [1] Revenue Performance - Global Ceramic net sales were $1.12 billion, slightly above the estimated $1.11 billion, but down 3.4% from the previous year [4] - Flooring ROW net sales were $727.20 million, below the estimated $748.65 million, representing an 8.3% decline year-over-year [4] - Flooring NA net sales reached $958.50 million, also below the estimated $987.35 million, marking a 4.3% decrease compared to the prior year [4] Operating Income - Adjusted Operating Income for Global Ceramic was $94.80 million, exceeding the average estimate of $93.85 million [4] - Adjusted Operating Income for Flooring NA was $82 million, surpassing the average estimate of $74.16 million [4] - Adjusted Operating Income for Flooring ROW was $91.40 million, above the average estimate of $82.74 million [4] - Corporate and intersegment eliminations reported an adjusted operating income of -$11.50 million, slightly better than the estimated -$11.74 million [4] Earnings Surprise - The reported revenue of $2.8 billion was below the Zacks Consensus Estimate of $2.84 billion, resulting in a revenue surprise of -1.47% [5] - The company achieved an EPS surprise of +8.70%, with the consensus EPS estimate being $2.76 [5] Stock Performance - Over the past month, shares of Mohawk Industries have returned +19.1%, contrasting with the Zacks S&P 500 composite's -0.3% change [6] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [6]