1435 ET - Home sales are bound to recover from the current cyclical bottom, Mohawk Industries CEO Jeff Lorberbaum tells analysts on a call. He says he expects the flooring industry to start seeing the impacts next year -- but one analyst notes that Mohawk previously said the same about late 2024. "I've been through a lot of these cycles in my career," Lorberbaum responds. "And I haven't seen one when interest rates fell dramatically that the housing industry didn't pick up from the pent-up demand." Shares fall 13%, making it Friday's worst-performing S&P 500 stock. (jasmine.li@wsj.com)
(END) Dow Jones Newswires
October 25, 2024 14:35 ET (18:35 GMT)
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