Mohawk Industries beat analyst expectations with $1.35 billion in sales for the first quarter of 2010, bringing in net earnings of $21 million and earnings per diluted share of 30 cents.
The company lost $106 million last quarter, or $1.55 per diluted share, on $1.2 billion in sales.
The consensus analyst estimate was that Mohawk would earn 18 cents per share in the latest quarter.
With $450 million in cash on hand, Chairman and CEO Jeffrey S. Lorberbaum was upbeat about the quarter.
“Our earnings were higher than expected as the economic cycle has bottomed and we had more favorable cost reductions and foreign exchange,” he said. “Both rating agencies upgraded their outlook of Mohawk to stable, in recognition of our strong cash flow and the improving economy.”