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Mohawk Industries, Inc. now estimates its second quarter 2008 guidance for earnings per diluted share to be in the range of $1.23 to $1.26, down slightly from the previously issued second quarter guidance of $1.36 to $1.45 EPS. This revision is attributable to all segments having lower-than-anticipated sales and margins for the period. The lower earnings expectation for the quarter is primarily due to the continuing decline in the U.S. residential market, slowing European demand, and rapidly increasing raw material and energy costs.
Mohawk is implementing multiple price increases to offset the rising costs and is continuing its emphasis on containing costs across the company. During the quarter, Mohawk paid down approximately $180 million of debt.
The company’s second quarter 2008 earnings release is scheduled for July 21, 2008, with the conference call scheduled for 11:00 a.m. Eastern time July 22. Mohawk will issue guidance for the third quarter of 2008 in that release. Interested parties can access the conference call by dialing (800) 603-9255 or (706) 634-2294 and using conference ID# 54459485. A conference call replay will also be available until July 28, 2008, by dialing (800) 642-1687 or (706) 645-9291 and entering conference ID# 54459485. The webcast can be accessed (live or replay) from the Investor Relations section of Mohawk Industries’ website at www.mohawkind.com.