Mohawk Industries price target cut to $215 from $260 at Raymond James

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Mohawk shares fall on earnings, outlook miss

Mohawk Industries Inc. shares dropped in the extended session Wednesday after the flooring company’s earnings and outlook fell short of Wall Street expectations. Mohawk shares fell 14% after hours. The company reported second-quarter net income of $196.6 million, or $2.62 a share, compared with $260.7 million, or $3.51 a share, in the year-ago period. Adjusted earnings were $3.51 a share. Revenue rose to $2.58 billion from $2.45 billion in the year-ago period. Analysts surveyed by FactSet had estimated $3.90 a share on revenue of $2.58 billion. For the third quarter, Mohawk estimates earnings of $3.54 to $3.64 a share , while analysts expect earnings of $4.29 a share.

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