UPDATE 1-Mohawk reports sharply higher Q4 profit

(Adds outlook, Wall Street targets)

LOS ANGELES, Feb 13 (Reuters) - Mohawk Industries Inc (MHK.N: Quote, Profile, Research, Stock Buzz), a flooring supplier, reported sharply higher fourth-quarter net profit on Wednesday, citing a one-time tax benefit.

Net income was $379 million, or $5.53 per share, compared with $129.5 million, or $1.90 per share in the year-earlier quarter. Excluding the tax benefit, the company reported earnings of $1.57 per share.

Wall Street on average had expected adjusted earnings of $1.55 per share, according to Reuters Estimates.

Revenue fell 5 percent in the quarter to $1.8 billion, in line with analysts' targets.

The company said it expected first-quarter earnings of 81 cents to 90 cents per share, while Wall Street on average had been expecting $1.29. Second-quarter earnings would be more in line with 2007, it added. (Reporting by Gina Keating, editing by Richard Chang, Gary Hill)