CALHOUN, GA — Mohawk Industries announced 2007 third quarter earnings of $122 million and diluted earnings per share (EPS) of $1.78. Both figures were 5% below last year, but were above estimates by industry analysts, who expected an EPS of around $1.65. Diversifying into hardwood flooring through the purchase of Columbia Forest Products helped Mohawk overcome the problems the rest of the U.S. carpet industry is experiencing (down 13% in the third quarter from last year). The commercial business area performed better than the residential market, where tight credit and low consumer confidence has hurt business. Additionally, the European market, especially the Eastern European and Russian regions has experienced a high rate of growth. Read more.
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