By Paul Ziobro
Shares of Mohawk Industries fell in late trading after the flooring company issued weak fourth-quarter guidance and warned that recent U.S. hurricanes would hurt sales.
The stock fell 9.7%, to $137.11, in after-hours trading. It closed Thursday's regular trading session up slightly, at $151.87, putting it nearly 47% higher this year.
The company said it expected adjusted per-share earnings between $1.77 and $1.87, short of the $2.24 expected by analysts. Chief Executive Jeff Lorberbaum said that recent U.S. hurricanes would dent fourth-quarter sales by up to $40 million, but expects offsetting benefits from rebuilding next year.
The outlook came as third-quarter results mostly met expectations, despite challenges in its industry stemming from high interest rates, inflation and low consumer confidence. Lorberbaum said he expects lower borrowing rates to help boost the housing market and consumer spending.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
October 24, 2024 17:14 ET (21:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。