CALHOUN, Ga.—Carpet and flooring manufacturer Mohawk Industries Inc. lowered its second-quarter earnings outlook Tuesday citing the continuing decline in the U.S. residential housing market, slowing demand in Europe and growing raw materials and energy costs.

The company now expects earnings of $1.23 to $1.26 per share in the second quarter, below its prior outlook of $1.36 to $1.45...

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