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Mohawk Industries fiscal Q2 profit climbs 38.0% YOY

Mohawk Industries Inc. said its normalized net income for the fiscal second quarter ended July 2 was $2.94 per share, compared with the S&P Capital IQ consensus estimate of $3.37 per share.

EPS climbed 36.5% year over year from $2.15.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $219.2 million, a gain of 38.0% from $158.8 million in the year-earlier period.

The normalized profit margin increased to 9.5% from 7.8% in the year-earlier period.

Total revenue rose 13.2% on an annual basis to $2.31 billion from $2.04 billion, and total operating expenses climbed 10.5% from the prior-year period to $1.95 billion from $1.77 billion.

Reported net income increased 36.7% year over year to $255.0 million, or $3.42 per share, from $186.6 million, or $2.53 per share.