Mohawk among market leaders in stock gains Friday after reporting record sales, better earnings

Staff file photo / Mohawk Industries is pictured Wednesday, June 19, 2019, in Calhoun, Georgia.
Staff file photo / Mohawk Industries is pictured Wednesday, June 19, 2019, in Calhoun, Georgia.

The world's biggest manufacturer of floorcovering raised the roof on its stock price Friday after announcing better than expected earnings and n improved outlook for the rest of the year

Despite a sell-off across most of Wall Street on Friday, the Calhoun, Georgia-based Mohawk Industries emerged as one of the biggest gainers in the S&P 500 index on Friday when Mohawk shares rose nearly 7.9% to close at $141.06 per share. Mohawk reported record sales in the first quarter and improved its outlook for the rest of 2022. Profits were ahead of Wall Street projects and company CEO Jeffrey Lorberbaum said the company instituted "unprecedented" price increases to contend with inflation. Even with higher prices, Lorberbaum said demand for flooring, counters, and carpeting soared on resilient home remodeling trends.

"Market conditions for flooring remain favorable, even as governments raise interest rates to combat inflation," Lorbenbaum said.

- Compiled by Dave Flessner

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