TheStreet

Mohawk Industries (MHK - Get Report) shares closed down 18% at $128.84 Friday after the flooring company reported second-quarter revenue that missed analyst estimates.

The Calhoun, Ga., company reported adjusted earnings of $2.89 a share, exceeding the $2.87 estimate of analysts surveyed by FactSet. Revenue was a bit light at $2.6 billion against the estimate of $2.65 billion. 

"The U.S. dollar strengthened compared to the prior year, reducing our translated results for the quarter by approximately $9 million," CEO Jeffrey Lorberbaum said.

"Most markets we operate in remain soft, with pressure on volume and pricing, and we anticipate the environment to remain difficult."  

Lorberbaum said Mohawk will be streamlining operations and reducing production to control inventory levels.

""While managing these challenges, we are enhancing the long-term value of our business," he said.

"The utilization of our new investments in the U.S., Europe and Russia is increasing as we broaden our product offering, expand our customer base and add shifts to increase production at the new facilities."