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)
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