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CALHOUN, Ga., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) today announced the promotion of Mauro Vandini as President of the Company's Global Ceramic Segment, effective September 15, 2024. Vandini will also maintain his present role as President of Mohawk's European Ceramic business with the support of his talented team.
MHK banks on favorable market trends and enhanced restructuring plans amid inflation and other risks.
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I stay buy-rated with a new price target of $198. 2Q24 earnings showed strong margin expansion despite revenue decline, management efforts to drive adj. EBIT margins to >10% are working. Growth outlook for MHK is positive with potential rate cuts, expansion of relationships with homebuilders, and cost savings initiatives on track.
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Shares of Mohawk Industries (MHK) surged Friday after the company reported second-quarter financial results — and got a bullish pat on the back from analysts at Bank of America.
Mohawk's (MHK) second-quarter 2024 results reflect soft consumer demand due to ongoing inflation and market volatility. Yet, strategic restructuring plans and cost-effective initiatives bode well for the bottom line.
The headline numbers for Mohawk Industries (MHK) give insight into how the company performed in the quarter ended June 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.