佐治亞州，卡爾霍恩, April 27, 2024 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK) 今日宣布 2024 年第一季度淨收益為 1.05 億美元，每股收益 (「EPS」) 為 1.64 美元；調整後淨收益為 1.19 億美元，調整後 EPS 為 1.86 美元。2024 年第一季度報告淨銷售額為 27 億美元，與上一年相比下降 4.5%，以固定基礎計算則為 5.5%。2023 年第一季度，該公司報告淨銷售額為 28 億美元，淨收益為 8000 萬美元，EPS 為 1.26 美元；調整後淨收益為 1.12 億美元，調整後 EPS 為 1.75 美元。
在評論公司第一季度業績時，董事長兼行政總裁 Jeff Lorberbaum 表示：「儘管經濟逆風影響了行業銷售、利潤和組合，但我們第一季度的業績顯示，我們為提高業績而採取的行動帶來了正面影響。由於重組、提高生產率舉措以及原材料和能源成本降低，我們的每股收益同比增長，部分被較弱的定價和產品組合所抵銷。
在各地區，市場狀況與上個季度相似，由於行業產能爭奪競爭激烈，定價和產品組合面臨巨大的壓力。儘管增長放緩，商業渠道仍然比住宅方面表現更佳。由於住房銷售低迷和通貨膨脹對離散性支出的影響，住宅改造業務仍顯疲軟。零售商報告稱，消費者不願啟動價格更高的項目，且由於大多數更換工作都可以隨時推遲，因此地板業務受到的壓力更大。
我們的團隊繼續專注於應對短期環境，把握銷售機會，降低可控成本並完成重組計劃。我們繼續管理生產水平，以使庫存與市場需求相匹配。為刺激銷售，我們投資於新產品的推出，帶來更強勁的功能，並為傳達我們產品系列的價值進行商品推廣。考慮到勞動力、福利和其他項目的通貨膨脹壓力，我們繼續採取額外措施來降低成本結構並提高生產效率。
第一季度，全球陶瓷業務部門 (Global Ceramic Segment) 報告與上一年相比淨銷售額下降 1.4%，或以固定基礎計算則為 5.0%。由於定價和產品組合以及外匯不利因素帶來的不利影響，該分部營業毛利據報告為 4.7%（調整後為 5.0%），部分被投入成本降低和生產力提高所抵銷。在該分部，我們對新的印刷、拋光和矯正技術進行的投資正提供更高價值的風格和格式，以改善我們的產品組合。我們正在推出帶有新釉料、三維表面和升級版工藝馬賽克的裝飾創新產品。在美國，天氣原因導致我們在一月份暫停了一些製造工廠和服務中心的營運，對我們的成本和收入產生了影響。此外，美國的陶瓷瓷磚行業已針對印度在美國市場廣泛傾銷陶瓷瓷磚提起申訴，並預計對印度徵收 400-800% 的關稅以及額外補貼稅。我們營運所在的其他國家也在考慮對印度採取類似行動。在歐洲，我們近期擴增產能後，瓷質板銷售額出現強勁增長，同時我們的新優質產品也促進了銷售。在墨西哥和巴西，我們正在優化銷售並改善營運。我們正在每個國家實施新的分銷和產品策略，以便我們的品牌在市場上能夠互補。
第一季度，我們的世界其他地區地板業務分部的淨銷售額據報告與上一年相比下降了 7.4%，或按固定基礎計算則下降了 5.9%。由於定價和產品組合的不利影響，分部的營業毛利據報告為 9.7%（調整後為 10.1%），部分被較低的投入成本、較少的重組、較高的銷量和生產率提高所抵消。儘管通脹下降，但我們的市場仍保持疲軟。在本季度，我們的銷售量較去年同期的低水平有所增加，這可能是我們所在行業趨勢改善的跡象。我們的業績受到了價格壓力的影響，因為在競爭激烈的市場中我們降低了投入成本。我們已經完成了住宅 LVT 項目的重組，並節省了預期的成本。這一變化帶來了剛性 LVT 銷售額的大幅增長，取代了我們停產的柔性產品。在隔熱材料方面，我們最近面臨着材料成本的增加，並相應提高了價格。在我們的面板業務中，由於行業產能未能充分利用，利潤率已從週期性較高水平下降，部分被我們裝飾系列產品組合的改善所抵消。我們已經宣布在面板產品中選擇性地提高價格，以反映材料成本上升的情況。
第一季度，我們的北美地板業務分部銷售額與上一年相比下降了 5.6%。由於投入成本降低和生產力提高，該分部的營業毛利據報告為 5.0%（調整後為 5.3%），部分被價格和產品組合的不利影響所抵銷。儘管由於天氣原因，許多零售商和我們的一些設施在一月份暫時關閉，但銷售額在本季度仍然有所提高。根據建築商的樂觀態度預計，新建單戶住宅銷售額在今年將會將有所提高，對我們的地板業務將產生正面影響。商業銷售表現繼續優於住宅銷售，其中以酒店、零售和政府渠道為主導。零售商正在接受我們推出的新住宅產品，包括 PetPremier 地毯和獲獎產品 PureTech 彈性地板。我們正在優化配套配件的銷售和橡膠裝飾業務，並透過挖掘新客戶和產品擴展，來發展我們的無紡布業務。我們的西海岸 LVT 工廠正在增加產量，我們的佐治亞 LVT 重組計劃也在實施中。
地板行業似乎已經觸底，我們正在管理我們業務中可控的方面，以改善業績。我們透過持續的重組行動和其他生產力舉措繼續降低成本。我們正在調整生產以滿足市場需求，以控制營運資本，這會增加我們的未分攤間接費用。為了提高銷售額和利潤率，我們正在以獨特產品功能來升級產品，並在新的商品推廣方面進行投資。今年，我們將完成 LVT、石英台面和高品質層壓板的擴展項目，以支援我們的產品在市場復甦時具有最大的增長潛力。我們的其他資本投資主要集中在降低成本、提供產品創新或維持業務方面。由於歐洲的假期安排，我們的第二季度銷售額季節性高於第三季度。鑑於這些因素，我們預計，扣除重組或其他一次性費用後，第二季度調整後的 EPS 將在 2.68 美元至 2.78 美元之間。
隨着消費者信心的提振、住房市場的走強和被推遲改造項目的啟動，住宅地板的銷售有望引領復甦。現有住宅銷售將趨於正常化，並且是地板業務的重要推動因素，因為房主在掛牌出售房產之前或購房完成後會更頻繁更換地板。在我們所在的地區，住房建設的速度未能跟上家庭形成的速度，未來許多年還需要大量住房建設來滿足這些需求。此外，隨着房屋老化，需要增加改造投資來維持房產價值。作為全球最大的地板材料製造商，隨着地板市場的復甦，我們預計將從我們的品牌領導地位、對新能力的投資和近期的收購中獲得顯著收益。我們擁有激勵消費者的產品，提供優質服務的基礎設施，以及投資於商機的資產負債表實力。」
關於 MOHAWK INDUSTRIES
Mohawk Industries 是全球領先的地板材料製造商，致力於為世界各地的住宅和商業空間提供優質產品。Mohawk 擁有垂直一體化製造和分銷流程，在生產地毯、地墊、磁磚、層壓板、木材、石材和乙烯基地板方面具有競爭力優勢。我們的創新能力居業內首位，公司品牌因所生產的產品和使用的技術而與眾不同，可以滿足所有改建和新建設項目的需求。我們旗下的品牌在業內備受認可，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。Mohawk 在過去二十年間成功從一家美國地毯製造商轉型為全球最大地板公司，其業務範圍涉及澳洲、巴西、歐洲、馬來西亞、墨西哥、新西蘭、俄羅斯和美國。
上文各段中的某些陳述，特別是預期未來業績、業務前景、增長和經營戰略以及類似事項，以及包含「可能」、「應該」、「相信」、「預期」、「預計」和「估計」等詞語或類似表述，構成「前瞻性陳述」。對於這些陳述，Mohawk 聲明受《1995 年私人證券訴訟改革法案》中的前瞻性陳述安全港的保護。前瞻性陳述的準確性無法保證，因為其基於許多假設，涉及諸多風險和不確定性。以下重要因素可能導致未來結果出現差異：經濟或行業狀況變化；競爭；貨運、原材料價格和其他投入成本通貨膨脹和通貨緊縮；消費市場通貨膨脹和通貨緊縮；貨幣波動；能源成本和供應；資本支出的時機和實施情況；公司產品提價的時機和實施情況；減值費用；在有利條件下（如果有的話）確定並完成收購；收購整合；國際營運；新產品的推出；營運合理化；稅收和稅務改革、產品和其他權利要求；訴訟；地緣政治衝突；公司開展業務的司法管轄區的監管和政治變化；以及 Mohawk 的 SEC 報告和公告中指出的其他風險。
電話會議，美國東部時間 2024 年 4 月 26 日星期五上午 11:00
如欲透過互聯網參加電話會議，請瀏覽 http://ir.mohawkind.com/events/event-details/mohawk-industries-inc-1st-quarter-2024-earnings-call。如欲透過電話參加電話會議，請在 https://dpregister.com/sreg/10188065/fc2a593c61 提前註冊，以接收唯一的個人識別碼。您也可以於會議當天撥打 1-833-630-1962（美國/加拿大）或 1-412-317-1843（國際），以獲取話務員協助。在 2024 年 5 月 24 日之前，美國/加拿大可撥打 1-877-344-7529，國際可撥打 1-412-317-0088，輸入接入代碼 #5217402 即可重播。
| 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 |
% |
公司根據美國公認會計原則 (GAAP) 編制和列報的簡明綜合財務報表，採用了若干非 GAAP 財務指標。根據證券交易委員會規則的要求，上表顯示了公司的非 GAAP 財務指標根據最直接可比的美國 GAAP 指標調節的結果。 除了可比較的美國 GAAP 指標外，還應考慮上述每項非 GAAP 指標，並且可能無法與其他公司報告的類似名稱的指標進行比較。本公司認為，這些非 GAAP 指標在根據相應的美國 GAAP 指標調節時，可在以下方面幫助其投資者：非 GAAP 收入指標有助於確定增長趨勢，並將收入與前期和未來期間進行比較，非 GAAP 盈利能力指標有助於了解公司業務的長期盈利趨勢，並將其利潤與前期和未來時期進行比較。
公司將若干項目排除在其非 GAAP 收入指標之外，因為這些項目在不同時期可能會有很大差異，並且可能掩蓋潛在的業務趨勢。本公司非公認會計原則收入指標中排除的項目包括：外幣交易與換算、一段時間內更多或更少的運輸天數以及收購的影響。
公司從其非 GAAP 盈利能力指標中剔除了若干項目，因為這些項目可能不代表公司的核心經營業績，或與其無關。公司非 GAAP 盈利能力指標中剔除的項目包括：重組、收購和整合相關及其他成本、法律和解、準備金和費用、商譽減值和壽命不確定的無形資產、收購購買會計，包括購買會計存貨增加、補償資產的調整、不確定稅務狀況調整和歐洲稅務重組。
| 聯絡人： |
|
James Brunk，財務總監 |
| |
|
(706) 624-2239 |
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