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Mohawk Industries Profit Rises

Shares rise 3%.

Mohawk Industries

(MHK) - Get Free Report

, a maker of commercial carpets, said its first-quarter earnings rose 1.6%, as higher sales were offset by rising costs.

The Calhoun, Ga.-based company earned $71.1 million, or $1.04 a share, in the quarter, compared with $70 million, or $1.03 a share, a year ago. Adjusted for items, earnings were $1.07 a share. Analysts polled by Thomson First Call were expecting earnings of $1.04 a share in the most recent quarter.

First-quarter revenue rose 28.9% to $1.92 billion as against analysts' estimate of $1.86 billion. The growth in sales was helped by acquisition of Unilin and prices increase of its products.

Looking forward, the company said the strong economy along with improving consumer confidence should boost its business.

The company forecasts its second-quarter earnings at $1.51 a share to $1.60 a share as against analysts' estimate of $1.56 a share.

Shares rose $2.06 to $79.91.

This story was created through a joint venture between and IRIS.