CALHOUN, GA — Flooring company Mohawk Industries reported its fourth-quarter net income increased to $379.1 million, or $5.53 a share, from $129.5 million, or $1.90, a share a year earlier. The net income was boosted by a one-time tax benefit of $271.6 million, or $3.96 a share.

Mohawk says it expects the U.S. flooring market to decline and the European building and remodeling sector to soften in the first quarter of 2008. The company forecasted first quarter per-share earnings of $0.81 to $0.90, while Wall Street analysts are said to be expecting earnings of $1.23 per share. 

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