Mohawk says earnings climb

Mohawk Industries Inc. announced Thursday a 48 percent increase in net earnings for the second quarter compared to the year-ago period.

The company reported earning $68 million, or 99 cents diluted earnings per share, for the second quarter compared to $46 million, or 67 cents per share, for the second quarter of 2009. The consensus analyst estimate was that the Calhoun, Ga.-based Mohawk would earn 71 cents per share.

Net sales in the quarter were $1.4 billion - flat compared to year-ago net sales figures.

"Our earnings were better than anticipated due to higher sales in Unilin, improving product mix in Mohawk, price increases and cost reduction programs," said Jeffrey S. Lorberbaum, chairman and chief executive.

Fannie Mae seeks less federal aid

WASHINGTON - Fannie Mae is asking for less money from the government, a sign that the taxpayer cost for bailing out the mortgage giant could be billions lower than feared.

The government-controlled mortgage buyer said Thursday it has set aside enough money to cover the majority of losses stemming from bad loans made from 2005 through 2008.

It requested $1.5 billion in additional taxpayer aid after posting the best quarterly results since the company was put under federal control in September 2008.

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