佐治亚州，卡尔霍恩, April 27, 2024 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK) 今日宣布 2024 年第一季度净收益为 1.05 亿美元，每股收益 (“EPS”) 为 1.64 美元；调整后净收益为 1.19 亿美元，调整后 EPS 为 1.86 美元。2024 年第一季度报告净销售额为 27 亿美元，与上一年相比下降 4.5%，以固定基础计算则为 5.5%。2023 年第一季度，该公司报告净销售额为 28 亿美元，净收益为 8000 万美元，EPS 为 1.26 美元；调整后净收益为 1.12 亿美元，调整后 EPS 为 1.75 美元。
在评论公司第一季度业绩时，董事长兼首席执行官 Jeff Lorberbaum 表示：“尽管经济逆风影响了行业销售、利润和组合，但我们第一季度的业绩显示，我们为提高业绩而采取的行动带来了积极影响。由于重组、提高生产率举措以及原材料和能源成本降低，我们的每股收益同比增长，部分被较弱的定价和产品组合所抵销。
在各地区，市场状况与上个季度相似，由于行业产能争夺竞争激烈，定价和产品组合面临巨大的压力。尽管增长放缓，商业渠道仍然比住宅方面表现更佳。由于住房销售低迷和通货膨胀对离散性支出的影响，住宅改造业务仍显疲软。零售商报告称，消费者不愿启动价格更高的项目，且由于大多数更换工作都可以随时推迟，因此地板业务受到的压力更大。
我们的团队继续专注于应对短期环境，把握销售机会，降低可控成本并完成重组计划。我们继续管理生产水平，以使库存与市场需求相匹配。为刺激销售，我们投资于新产品的推出，带来更强劲的功能，并为传达我们产品系列的价值进行商品推广。考虑到劳动力、福利和其他项目的通货膨胀压力，我们继续采取额外措施来降低成本结构并提高生产效率。
第一季度，全球陶瓷业务部门 (Global Ceramic Segment) 报告与上一年相比净销售额下降 1.4%，或以固定基础计算则为 5.0%。由于定价和产品组合以及外汇不利因素带来的不利影响，该分部营业毛利据报告为 4.7%（调整后为 5.0%），部分被投入成本降低和生产力提高所抵销。在该分部，我们对新的印刷、抛光和矫正技术进行的投资正提供更高价值的风格和格式，以改善我们的产品组合。我们正在推出带有新釉料、三维表面和升级版工艺马赛克的装饰创新产品。在美国，天气原因导致我们在一月份暂停了一些制造工厂和服务中心的运营，对我们的成本和收入产生了影响。此外，美国的陶瓷瓷砖行业已针对印度在美国市场广泛倾销陶瓷瓷砖提起申诉，并预计对印度征收 400-800% 的关税以及额外补贴税。我们运营所在的其他国家也在考虑对印度采取类似行动。在欧洲，我们近期扩增产能后，瓷质板销售额出现强劲增长，同时我们的新优质产品也促进了销售。在墨西哥和巴西，我们正在优化销售并改善运营。我们正在每个国家实施新的分销和产品策略，以便我们的品牌在市场上能够互补。
第一季度，我们的世界其他地区地板业务分部的净销售额据报告与上一年相比下降了 7.4%，或按固定基础计算则下降了 5.9%。由于定价和产品组合的不利影响，分部的营业毛利据报告为 9.7%（调整后为 10.1%），部分被较低的投入成本、较少的重组、较高的销量和生产率提高所抵消。尽管通胀下降，但我们的市场仍保持疲软。在本季度，我们的销售量较去年同期的低水平有所增加，这可能是我们所在行业趋势改善的迹象。我们的业绩受到了价格压力的影响，因为在竞争激烈的市场中我们降低了投入成本。我们已经完成了住宅 LVT 项目的重组，并节省了预期的成本。这一变化带来了刚性 LVT 销售额的大幅增长，取代了我们停产的柔性产品。在隔热材料方面，我们最近面临着材料成本的增加，并相应提高了价格。在我们的面板业务中，由于行业产能未能充分利用，利润率已从周期性较高水平下降，部分被我们装饰系列产品组合的改善所抵消。我们已经宣布在面板产品中选择性地提高价格，以反映材料成本上升的情况。
第一季度，我们的北美地板业务分部销售额与上一年相比下降了 5.6%。由于投入成本降低和生产力提高，该分部的营业毛利据报告为 5.0%（调整后为 5.3%），部分被价格和产品组合的不利影响所抵销。尽管由于天气原因，许多零售商和我们的一些设施在一月份暂时关闭，但销售额在本季度仍然有所提高。根据建筑商的乐观态度预计，新建单户住宅销售额在今年将会将有所提高，对我们的地板业务将产生积极影响。商业销售表现继续优于住宅销售，其中以酒店、零售和政府渠道为主导。零售商正在接受我们推出的新住宅产品，包括 PetPremier 地毯和获奖产品 PureTech 弹性地板。我们正在优化配套配件的销售和橡胶装饰业务，并通过挖掘新客户和产品扩展，来发展我们的无纺布业务。我们的西海岸 LVT 工厂正在增加产量，我们的佐治亚 LVT 重组计划也在实施中。
地板行业似乎已经触底，我们正在管理我们业务中可控的方面，以改善业绩。我们通过持续的重组行动和其他生产力举措继续降低成本。我们正在调整生产以满足市场需求，以控制营运资本，这会增加我们的未分摊间接费用。为了提高销售额和利润率，我们正在以独特产品功能来升级产品，并在新的商品推广方面进行投资。今年，我们将完成 LVT、石英台面和高品质层压板的扩展项目，以支持我们的产品在市场复苏时具有最大的增长潜力。我们的其他资本投资主要集中在降低成本、提供产品创新或维持业务方面。由于欧洲的假期安排，我们的第二季度销售额季节性高于第三季度。鉴于这些因素，我们预计，扣除重组或其他一次性费用后，第二季度调整后的 EPS 将在 2.68 美元至 2.78 美元之间。
随着消费者信心的提振、住房市场的走强和被推迟改造项目的启动，住宅地板的销售有望引领复苏。现有住宅销售将趋于正常化，并且是地板业务的重要推动因素，因为房主在挂牌出售房产之前或购房完成后会更频繁更换地板。在我们所在的地区，住房建设的速度未能跟上家庭形成的速度，未来许多年还需要大量住房建设来满足这些需求。此外，随着房屋老化，需要增加改造投资来维持房产价值。作为全球最大的地板材料制造商，随着地板市场的复苏，我们预计将从我们的品牌领导地位、对新能力的投资和近期的收购中获得显著收益。我们拥有激励消费者的产品，提供优质服务的基础设施，以及投资于商机的资产负债表实力。”
关于 MOHAWK INDUSTRIES
Mohawk Industries 是全球领先的地板材料制造商，致力于创造可提升全球住宅和商业空间的产品。Mohawk 采用垂直整合生产和分销流程，为其地毯、地垫、瓷砖、复合地板、木地板、石材和石塑地材生产提供了竞争优势。我们依托业内领先的创新方式推出多种产品和技术，令公司品牌在市场上脱颖而出，满足所有改造和新建工程的需求。我们旗下的品牌跻身业内最受认可的品牌，其中包括 American Olean、Daltile、Durkan、Eliane、Elizabeth、Feltex、GH Commercial、Godfrey Hirst、Grupo Daltile、IVC Commercial、IVC Home、Karastan、Marazzi、Mohawk、Mohawk Group、Mohawk Home、Pergo、Quick-Step、Unilin 和 Vitromex。在过去二十年里，Mohawk 已从一家美国地毯制造商成功转型为全球最大的地板材料公司，业务遍及澳大利亚、巴西、欧洲、马来西亚、墨西哥、新西兰、俄罗斯和美国。
上文各段中的某些陈述，特别是预期未来业绩、业务前景、增长和经营战略以及类似事项，以及包含“可能”、“应该”、“相信”、“预期”、“预计”和“估计”等词语或类似表述，构成“前瞻性陈述”。对于这些陈述，Mohawk 声明受《1995 年私人证券诉讼改革法案》中的前瞻性陈述安全港的保护。前瞻性陈述的准确性无法保证，因为其基于许多假设，涉及诸多风险和不确定性。以下重要因素可能导致未来结果出现差异：经济或行业状况变化；竞争；运输、原材料价格和其他投入成本通货膨胀和通货紧缩；消费市场通货膨胀和通货紧缩；货币波动；能源成本和供应；资本支出的时机和实施情况；公司产品提价的时机和实施情况；减值费用；在有利条件下（如果有的话）确定并完成收购；收购整合；国际运营；新产品的推出；运营合理化；税收和税务改革、产品和其他权利要求；诉讼；地缘政治冲突；公司开展业务的司法管辖区的监管和政治变化；以及 Mohawk 提交给美国证券交易委员会 (SEC) 的报告和公告中提及的其他风险。
电话会议时间：东部时间 2024 年 4 月 26 日星期五上午 11:00
如欲通过互联网参加电话会议，请访问 http://ir.mohawkind.com/events/event-details/mohawk-industries-inc-1st-quarter-2024-earnings-call。如欲通过电话参加电话会议，请在 https://dpregister.com/sreg/10188065/fc2a593c61 提前注册，以接收唯一的个人识别码。您也可以于会议当天拨打 1-833-630-1962（美国/加拿大）或 1-412-317-1843（国际），以获取话务员协助。可于 2024 年 5 月 24 日前获取回放，敬请拨打 1-877-344-7529（美国/加拿大）或 1-412-317-0088（国际）并输入访问代码 #5217402。
| MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Unaudited) |
| |
|
Three Months Ended |
| (In millions, except per share data) |
|
March 30, 2024 |
|
April 1, 2023 |
| |
|
|
|
|
| Net sales |
|
$ |
2,679.4 |
|
|
2,806.2 |
|
| Cost of sales |
|
|
2,029.9 |
|
|
2,162.8 |
|
| Gross profit |
|
|
649.5 |
|
|
643.4 |
|
| Selling, general and administrative expenses |
|
|
502.9 |
|
|
517.7 |
|
| Operating income |
|
|
146.6 |
|
|
125.7 |
|
| Interest expense |
|
|
14.9 |
|
|
17.1 |
|
| Other (income) expense, net |
|
|
(1.1 |
) |
|
(0.6 |
) |
| Earnings before income taxes |
|
|
132.8 |
|
|
109.2 |
|
| Income tax expense |
|
|
27.8 |
|
|
28.9 |
|
| Net earnings including noncontrolling interests |
|
|
105.0 |
|
|
80.3 |
|
| Net earnings attributable to noncontrolling interests |
|
|
— |
|
|
0.1 |
|
| Net earnings attributable to Mohawk Industries, Inc. |
|
$ |
105.0 |
|
|
80.2 |
|
| |
|
|
|
|
| Basic earnings per share attributable to Mohawk Industries, Inc. |
|
$ |
1.65 |
|
|
1.26 |
|
| Weighted-average common shares outstanding – basic |
|
|
63.7 |
|
|
63.6 |
|
| |
|
|
|
|
| Diluted earnings per share attributable to Mohawk Industries, Inc. |
|
$ |
1.64 |
|
|
1.26 |
|
| Weighted-average common shares outstanding – diluted |
|
|
64.0 |
|
|
63.8 |
|
| Other Financial Information |
|
|
|
|
| |
|
Three Months Ended |
| (In millions) |
|
March 30, 2024 |
|
April 1, 2023 |
| Net cash provided by operating activities |
|
$ |
183.7 |
|
257.3 |
| Less: Capital expenditures |
|
|
86.8 |
|
128.5 |
| Free cash flow |
|
$ |
96.9 |
|
128.8 |
| |
|
|
|
|
| Depreciation and amortization |
|
$ |
154.2 |
|
169.9 |
| MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Unaudited) |
| (In millions) |
March 30, 2024 |
|
April 1, 2023 |
| ASSETS |
|
|
|
| Current assets: |
|
|
|
| Cash and cash equivalents |
$ |
658.5 |
|
572.9 |
| Short-term investments |
|
— |
|
150.0 |
| Receivables, net |
|
2,007.2 |
|
2,052.3 |
| Inventories |
|
2,527.7 |
|
2,729.9 |
| Prepaid expenses and other current assets |
|
528.3 |
|
556.0 |
| Total current assets |
|
5,721.7 |
|
6,061.1 |
| Property, plant and equipment, net |
|
4,885.1 |
|
4,946.0 |
| Right of use operating lease assets |
|
413.6 |
|
396.1 |
| Goodwill |
|
1,140.2 |
|
2,022.5 |
| Intangible assets, net |
|
853.8 |
|
893.0 |
| Deferred income taxes and other non-current assets |
|
517.1 |
|
444.8 |
| Total assets |
$ |
13,531.5 |
|
14,763.5 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
| Current liabilities: |
|
|
|
| Short-term debt and current portion of long-term debt |
$ |
931.5 |
|
1,056.5 |
| Accounts payable and accrued expenses |
|
2,079.3 |
|
2,155.4 |
| Current operating lease liabilities |
|
109.3 |
|
106.5 |
| Total current liabilities |
|
3,120.1 |
|
3,318.4 |
| Long-term debt, less current portion |
|
1,694.5 |
|
2,265.1 |
| Non-current operating lease liabilities |
|
321.8 |
|
304.1 |
| Deferred income taxes and other long-term liabilities |
|
747.3 |
|
770.2 |
| Total liabilities |
|
5,883.7 |
|
6,657.8 |
| Total stockholders’ equity |
|
7,647.8 |
|
8,105.7 |
| Total liabilities and stockholders’ equity |
$ |
13,531.5 |
|
14,763.5 |
| Segment Information |
|
|
|
|
| |
|
As of or for the Three Months Ended |
| (In millions) |
|
March 30, 2024 |
|
April 1, 2023 |
| |
|
|
|
|
| Net sales: |
|
|
|
|
| Global Ceramic |
|
$ |
1,044.8 |
|
|
1,059.3 |
|
| Flooring NA |
|
|
900.2 |
|
|
953.4 |
|
| Flooring ROW |
|
|
734.4 |
|
|
793.5 |
|
| Consolidated net sales |
|
$ |
2,679.4 |
|
|
2,806.2 |
|
| |
|
|
|
|
| Operating income (loss): |
|
|
|
|
| Global Ceramic |
|
$ |
48.8 |
|
|
63.3 |
|
| Flooring NA |
|
|
45.0 |
|
|
(2.0 |
) |
| Flooring ROW |
|
|
70.9 |
|
|
75.2 |
|
| Corporate and intersegment eliminations |
|
|
(18.1 |
) |
|
(10.8 |
) |
| Consolidated operating income |
|
$ |
146.6 |
|
|
125.7 |
|
| |
|
|
|
|
| Assets: |
|
|
|
|
| Global Ceramic |
|
$ |
4,978.1 |
|
|
5,499.4 |
|
| Flooring NA |
|
|
3,939.9 |
|
|
4,265.1 |
|
| Flooring ROW |
|
|
3,894.6 |
|
|
4,314.8 |
|
| Corporate and intersegment eliminations |
|
|
718.9 |
|
|
684.2 |
|
| Consolidated assets |
|
$ |
13,531.5 |
|
|
14,763.5 |
|
| Reconciliation of Net Earnings Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc. |
| |
|
Three Months Ended |
| (In millions, except per share data) |
|
March 30, 2024 |
|
April 1, 2023 |
| Net earnings attributable to Mohawk Industries, Inc. |
|
$ |
105.0 |
|
|
80.2 |
|
| Adjusting items: |
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
7.9 |
|
|
32.0 |
|
| Inventory step-up from purchase accounting |
|
|
— |
|
|
3.3 |
|
| Legal settlements, reserves and fees |
|
|
8.8 |
|
|
1.0 |
|
| Adjustments of indemnification asset |
|
|
2.4 |
|
|
(0.9 |
) |
| Income taxes – adjustments of uncertain tax position |
|
|
(2.4 |
) |
|
0.9 |
|
| Income tax effect of adjusting items |
|
|
(2.9 |
) |
|
(4.6 |
) |
| Adjusted net earnings attributable to Mohawk Industries, Inc. |
|
$ |
118.8 |
|
|
111.9 |
|
| |
|
|
|
|
| Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. |
|
$ |
1.86 |
|
|
1.75 |
|
| Weighted-average common shares outstanding – diluted |
|
|
64.0 |
|
|
63.8 |
|
| Reconciliation of Total Debt to Net Debt |
|
| (In millions) |
March 30, 2024 |
| Short-term debt and current portion of long-term debt |
$ |
931.5 |
| Long-term debt, less current portion |
|
1,694.5 |
| Total debt |
|
2,626.0 |
| Less: Cash and cash equivalents |
|
658.5 |
| Net debt |
$ |
1,967.5 |
| Reconciliation of Net Earnings (Loss) to Adjusted EBITDA |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Trailing Twelve |
| |
|
Three Months Ended |
|
Months Ended |
| (In millions) |
|
July 1,
2023 |
|
|
September 30,
2023 |
|
|
December 31,
2023 |
|
|
March 30,
2024 |
|
March 30,
2024 |
| Net earnings (loss) including noncontrolling interests |
$ |
101.2 |
|
|
(760.3 |
) |
|
139.4 |
|
|
105.0 |
|
(414.7 |
) |
| Interest expense |
|
22.9 |
|
|
20.1 |
|
|
17.4 |
|
|
14.9 |
|
75.3 |
|
| Income tax expense |
|
26.8 |
|
|
15.0 |
|
|
14.2 |
|
|
27.8 |
|
83.8 |
|
| Net (earnings) loss attributable to noncontrolling interests |
|
— |
|
|
(0.2 |
) |
|
0.1 |
|
|
— |
|
(0.1 |
) |
| Depreciation and amortization(1) |
|
156.6 |
|
|
149.6 |
|
|
154.2 |
|
|
154.2 |
|
614.6 |
|
| EBITDA |
|
307.5 |
|
|
(575.8 |
) |
|
325.3 |
|
|
301.9 |
|
358.9 |
|
| Restructuring, acquisition and integration-related and other costs |
|
33.7 |
|
|
47.6 |
|
|
6.0 |
|
|
5.4 |
|
92.7 |
|
| Inventory step-up from purchase accounting |
|
1.3 |
|
|
(0.1 |
) |
|
— |
|
|
— |
|
1.2 |
|
| Impairment of goodwill and indefinite-lived intangibles |
|
— |
|
|
876.1 |
|
|
1.6 |
|
|
— |
|
877.7 |
|
| Legal settlements, reserves and fees |
|
48.0 |
|
|
43.5 |
|
|
(4.7 |
) |
|
8.8 |
|
95.6 |
|
| Adjustments of indemnification asset |
|
(0.1 |
) |
|
(1.9 |
) |
|
(0.1 |
) |
|
2.4 |
|
0.3 |
|
| Adjusted EBITDA |
$ |
390.4 |
|
|
389.4 |
|
|
328.1 |
|
|
318.5 |
|
1,426.4 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net debt to adjusted EBITDA |
|
|
|
|
|
|
|
|
1.4 |
|
(1)Includes accelerated depreciation of $8.0 million for Q2 2023, ($0.5) million for Q3 2023, $2.6 million for Q4 2023 and $2.4 million for Q1 2024.
| Reconciliation of Net Sales to Adjusted Net Sales |
| |
|
Three Months Ended |
| (In millions) |
|
March 30, 2024 |
|
April 1, 2023 |
| Mohawk Consolidated |
| Net sales |
|
$ |
2,679.4 |
|
|
2,806.2 |
| Adjustment for constant shipping days |
|
|
16.8 |
|
|
— |
| Adjustment for constant exchange rates |
|
|
4.4 |
|
|
— |
| Adjustment for acquisition volume |
|
|
(47.8 |
) |
|
— |
| Adjusted net sales |
|
$ |
2,652.8 |
|
|
2,806.2 |
| |
|
Three Months Ended |
| |
|
March 30, 2024 |
|
April 1, 2023 |
| Global Ceramic |
| Net sales |
|
$ |
1,044.8 |
|
|
1,059.3 |
| Adjustment for constant shipping days |
|
|
5.4 |
|
|
— |
| Adjustment for constant exchange rates |
|
|
3.8 |
|
|
— |
| Adjustment for acquisition volume |
|
|
(47.8 |
) |
|
— |
| Adjusted net sales |
|
$ |
1,006.2 |
|
|
1,059.3 |
| |
|
|
|
|
| Flooring ROW |
|
|
|
|
| Net sales |
|
$ |
734.4 |
|
793.5 |
| Adjustment for constant shipping days |
|
|
11.4 |
|
— |
| Adjustment for constant exchange rates |
|
|
0.6 |
|
— |
| Adjusted net sales |
|
$ |
746.4 |
|
793.5 |
| Reconciliation of Gross Profit to Adjusted Gross Profit |
| |
|
Three Months Ended |
| (In millions) |
|
March 30, 2024 |
|
April 1, 2023 |
| Gross Profit |
|
$ |
649.5 |
|
643.4 |
| Adjustments to gross profit: |
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
5.5 |
|
29.1 |
| Inventory step-up from purchase accounting |
|
|
— |
|
3.3 |
| Adjusted gross profit |
|
$ |
655.0 |
|
675.8 |
| |
|
|
|
|
| Adjusted gross profit as a percent of net sales |
|
24.4 |
% |
|
24.1 |
% |
| Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses |
| |
|
Three Months Ended |
| (In millions) |
|
March 30, 2024 |
|
April 1, 2023 |
| Selling, general and administrative expenses |
|
$ |
502.9 |
|
|
517.7 |
|
| Adjustments to selling, general and administrative expenses: |
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
(2.4 |
) |
|
(3.1 |
) |
| Legal settlements, reserves and fees |
|
|
(8.8 |
) |
|
(1.0 |
) |
| Adjusted selling, general and administrative expenses |
|
$ |
491.7 |
|
|
513.6 |
|
| |
|
|
|
|
| Adjusted selling, general and administrative expenses as a percent of net sales |
|
18.4 |
% |
|
18.3 |
% |
| Reconciliation of Operating Income (Loss) to Adjusted Operating Income (Loss) |
| |
|
Three Months Ended |
| (In millions) |
|
March 30, 2024 |
|
April 1, 2023 |
| Mohawk Consolidated |
|
|
|
|
| Operating income |
|
$ |
146.6 |
|
125.7 |
| Adjustments to operating income: |
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
7.9 |
|
32.2 |
| Inventory step-up from purchase accounting |
|
|
— |
|
3.3 |
| Legal settlements, reserves and fees |
|
|
8.8 |
|
1.0 |
| Adjusted operating income |
|
$ |
163.3 |
|
162.2 |
| Adjusted operating income as a percent of net sales |
|
6.1 |
% |
|
5.8 |
% |
| Global Ceramic |
|
|
|
|
| Operating income |
|
$ |
48.8 |
|
63.3 |
| Adjustments to segment operating income: |
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
3.9 |
|
0.7 |
| Inventory step-up from purchase accounting |
|
$ |
— |
|
2.9 |
| Adjusted segment operating income |
|
$ |
52.7 |
|
66.9 |
| |
|
|
|
|
| Adjusted segment operating income as a percent of net sales |
|
5.0 |
% |
|
6.3 |
% |
| Flooring NA |
|
|
|
|
| Operating income (loss) |
|
$ |
45.0 |
|
(2.0 |
) |
| Adjustments to segment operating income (loss): |
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
0.9 |
|
7.0 |
|
| Legal settlements, reserves and fees |
|
|
1.9 |
|
— |
|
| Adjusted segment operating income |
|
$ |
47.8 |
|
5.0 |
|
| |
|
|
|
|
| Adjusted segment operating income as a percent of net sales |
|
5.3 |
% |
|
0.5 |
% |
| Flooring ROW |
|
|
|
|
| Operating income |
|
$ |
70.9 |
|
75.2 |
| Adjustments to segment operating income: |
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
3.1 |
|
24.5 |
| Acquisitions purchase accounting, including inventory step-up |
|
|
— |
|
0.4 |
| Adjusted segment operating income |
|
$ |
74.0 |
|
100.1 |
| |
|
|
|
|
| Adjusted segment operating income as a percent of net sales |
|
10.1 |
% |
|
12.6 |
% |
| Corporate and intersegment eliminations |
|
|
|
| Operating (loss) |
$ |
(18.1 |
) |
|
(10.8 |
) |
| Adjustments to segment operating (loss): |
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
— |
|
|
— |
|
| Legal settlements, reserves and fees |
|
6.9 |
|
|
1.0 |
|
| Adjusted segment operating (loss) |
$ |
(11.2 |
) |
|
(9.8 |
) |
| Reconciliation of Earnings Before Income Taxes to Adjusted Earnings Before Income Taxes |
| |
|
Three Months Ended |
| (In millions) |
|
March 30, 2024 |
|
April 1, 2023 |
| Earnings before income taxes |
|
$ |
132.8 |
|
109.2 |
|
| Net earnings attributable to noncontrolling interests |
|
|
— |
|
(0.1 |
) |
| Adjustments to earnings including noncontrolling interests before income taxes: |
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
7.9 |
|
32.0 |
|
| Inventory step-up from purchase accounting |
|
|
— |
|
3.3 |
|
| Legal settlements, reserves and fees |
|
|
8.8 |
|
1.0 |
|
| Adjustments of indemnification asset |
|
|
2.4 |
|
(0.9 |
) |
| Adjusted earnings before income taxes |
|
$ |
151.9 |
|
144.5 |
|
| Reconciliation of Income Tax Expense to Adjusted Income Tax Expense |
| |
|
Three Months Ended |
| (In millions) |
|
March 30, 2024 |
|
April 1, 2023 |
| Income tax expense |
|
$ |
27.8 |
|
|
28.9 |
|
| Income taxes – adjustments of uncertain tax position |
|
|
2.4 |
|
|
(0.9 |
) |
| Income tax effect of adjusting items |
|
|
2.9 |
|
|
4.6 |
|
| Adjusted income tax expense |
|
$ |
33.1 |
|
|
32.6 |
|
| |
|
|
|
|
| Adjusted income tax rate |
|
|
21.8 |
% |
|
22.6 |
% |
Mohawk 根据美国一般公认会计原则 (GAAP) 编制和列报的简明合并财务报表，会增补某些非 GAAP 财务指标。根据 SEC 规则的要求，上表列报了 Mohawk 非 GAAP 财务指标与最直接可比的美国 GAAP 指标的对账。 除了可比较的美国 GAAP 指标外，还应考虑上述每项非 GAAP 指标，且其可能无法与其他公司报告的类似名称的指标标准进行比较。Mohawk 认为，这些非 GAAP 指标与相应的美国 GAAP 指标一致后，将为其投资者带来以下帮助：非 GAAP 营收指标有助于确定增长趋势，并可将营收与前期和未来时期进行比较，非 GAAP 盈利能力指标有助于了解公司业务的长期盈利趋势，并可将其利润与前期和未来时期进行比较。
Mohawk 会将某些项目从非 GAAP 营收指标中排除，因为这些项目在不同时期之间可能存在巨大差异，并且可能混淆潜在的业务趋势。从 Mohawk 的非 GAAP 营收指标中排除的项目包括：外币交易和换算；一段时间内较多或较少的运输天数以及收购的影响。
Mohawk 从其非 GAAP 盈利能力指标中排除了某些项目，因为这些项目可能并不代表公司的核心经营业绩，或与此不相关。不包括在公司非 GAAP 盈利指标中的项目有：重组、收购和整合相关及其他成本、法律和解、准备金和费用、商誉和无确定使用年期的无形资产的减值、收购购买会计，包括购买会计的库存递增、补偿资产调整、不确定税务状况调整和欧洲税务重组。
| 联系方式： |
|
James Brunk，首席财务官 |
| |
|
(706) 624-2239 |
Bay Street News