Mohawk beats estimates on flooring, countertop demand from commercial clients
April 25 (Reuters) -Mohawk Industries MHK.N beat analysts' estimates for first-quarter revenue and profit on Thursday, as demand for new flooring and countertops in commercial projects more than offset the hit from its residential segment.
The company reported $2.68 billion in net sales for the quarter March 30, above analysts' estimates of $2.65 billion, according to LSEG data.
"Given inflationary pressures in labor, benefits and other items, we continue to take additional actions to reduce our cost structure and improve productivity," Mohawk said.
The company said in February it would restructure operations to adapt to market conditions.
Calhoun, Georgia-based Mohawk reported first-quarter adjusted profit of $1.86 per share, topping LSEG estimates of $1.68.
The company expects second-quarter adjusted EPS to be between $2.68 and $2.78. Analysts on an average were expecting an adjusted profit of $2.64 per share.
Reporting by Rupali Chaudhary and Abhinav Parmar in Bengaluru; Editing by Sriraj Kalluvila
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