Mohawk stock falls through the floor as CEO sees less consumer demand for flooring

Shares of Mohawk fell over 12% on Friday after the flooring manufacturer announced a disappointing earnings forecast.

The company lowered its adjusted earnings per share for the next quarter to between $1.77 and $1.87, while Wall Street expected $2.24 on average, according to FactSet. In a press release, Mohawk CEO Jeff Lorberbaum blamed global geopolitical uncertainty weighing on consumer confidence and discretionary spending. He added that the US hurricanes would negatively impact fourth-quarter sales.

“We do not anticipate an industry improvement this year,” he said.

Despite the bleak forecast, the company delivered an upbeat third quarter. Adjusted earnings per share were $2.90 on $2.72 billion of sales. Both were a bit higher than analysts’ expectations of $2.89 earnings per share on $2.69 billion in sales.

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