Here's Why Shares of Mohawk Industries Hit the Floor on Friday
Shares of Mohawk Industries (NYSE: MHK) were trading down 16% as of 1:50 p.m. on Friday afternoon. This came after the flooring specialist warned it expects a "difficult" business environment in the second half of 2019, reversing solid gains experienced in the first half of the year.
After markets closed Thursday, Mohawk said it earned $2.89 per share in the second quarter on sales of $2.6 billion, beating the consensus estimate of $2.87, but falling short on revenue by about $200 million. The results included a negative impact of about $9 million due to the strength of the U.S. dollar.
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