Mohawk cuts forecasts.(Mohawk Industries Inc. earnings forecast)(Brief Article)
Home Textiles Today, March, 2003
CALHOUN, GA -- With sales hurt by war fears and severe winter weather in much of the country, Mohawk Industries Inc. has cut its earnings forecast for both the first and second quarters, and said first-quarter profits could fall by more than 18 percent. The company had earlier expressed concern about weakening market conditions, but now says "these concerns are more pronounced than we had anticipated as demand has declined due to geo-political circumstances and harsh winter weather conditions in the Northeast and central U.S." Mohawk had earlier projected first-quarter earnings per share would be flat to six percent ahead of 2002 levels, but now expects earnings of just $0.60 to $0.63 percent a share, down 18 percent to 22 percent from last year's $0.77 a...
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