Stifel Lowers Flooring Estimates for Europe

New York, NY, July 2, 2012 -- Analyst Stifel Nicolaus said it is adjusting its estimates for flooring companies in light of deteriorating conditions in Europe.

Stifel said it is lowering estimates (by 5% on European business only) for all companies it covers with exposure to Europe, including Interface, Mohawk and Armstrong.

The lowered estimates cover the second half of this year and the first half of next year.

"There is both a demand issue that impacts earnings as well as translation issues with the dollar having strengthened so dramatically versus the Euro," Stifel said.

Last year, Interface reported 29% of its revenues as “Europe,” Stifel said. Interface includes the Middle East and India in its European segment.

Mohawk does not provide specific European sales, denoting North American sales and “Rest of the World”, Stifel said, with the latter representing 18% of revenues in 2011.

Armstrong’s European revenue exposure is approximately 19%, mostly in its ceiling business, Stifel said.


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