Mohawk Industries reports Q4 EPS $1.32, consensus $1.32

Reports Q4 revenue $2.65B, consensus $2.7B. The company said, "Our fourth quarter revenues were driven by price increases and strength in the commercial channel, which continued to benefit from ongoing remodeling and new construction projects. Sales across our businesses were slower than we expected in the quarter as residential flooring sales contracted with rising interest rates, declining home sales and lower consumer confidence. As a consequence, our customers lowered their inventory levels, and consumers reduced spending for renovation. In response, we scaled back production rates and lowered our inventories, which increased unabsorbed overhead expenses. We curtailed spending across the enterprise, though inflation offset many of our initiatives. In both Flooring North America and Flooring Rest of the World, we are taking restructuring actions in specific areas to align our operations with the present market conditions. We have reduced our planned capital spending until we see greater certainty in our markets around the world. During the quarter, energy and material costs around the world began to decline, which should positively affect our future results."