佐治亚州卡尔霍恩, July 30, 2023 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) 今天宣布,2023 年第二季度净收益为 1.01 亿美元,稀释每股收益 (“EPS”) 为 1.58 美元。调整后净收益为 1.76 亿美元,调整后每股收益为 2.76 美元,不包括重组、收购和其他费用。2023 年第二季度的净销售额为 30 亿美元,与上年相比下降 6.4%,按原有固定汇率及天数计算下降 9.6%。2022 年第二季度的净销售额为 32 亿美元,净收益为 2.8 亿美元,每股收益为 4.40 美元。调整后净收益为 2.81 亿美元,调整后每股收益为 4.41 美元,不包括重组、收购和其他费用。
截至 2023 年 7 月 1 日止六个月期间,净收益和每股收益分别为 1.81 亿美元和 2.84 美元。调整后净收益为 2.88 亿美元,调整后每股收益为 4.51 美元,不包括重组、收购和其他费用。2023 年前六个月的净销售额为 58 亿美元,与上年相比下降 6.7%,按原有固定汇率及天数计算下降 9.0%。截至 2022 年 7 月 2 日止六个月期间,净销售额为 62 亿美元,净收益为 5.26 亿美元,每股收益为 8.17 美元;调整后净收益为 5.27 亿美元,调整后每股收益为 8.18 美元,不包括重组、收购和其他费用。
董事长兼首席执行官 Jeffrey S. Lorberbaum 在谈到 Mohawk Industries 第二季度业绩时表示:“由于季节性改进、产量增加、生产力举措和投入成本降低,我们整个企业的利润连续增长。本季度我们产生了 1.47 亿美元的自由现金流,进一步巩固了我们的财务状况。
典型的房地产衰退、利率上升和通货膨胀严重影响了世界各地的地板材料销售。在管理方面,我们有选择地进行投资,通过提高生产率、整合分销点和提高管理效率来增加销售额并减少开支。本季度,我们启动了重组和整合行动,每年可节省 3,500 万美元,总成本约为 1,700 万美元。我们预计本年度将实现一半的预计节省,部分抵销疲软的住宅改建活动。此外,我们将未来的资本投资限制在那些能够实现显著销量、利润和运营改善的领域。我们正在在所有地区采取行动增加销量,包括促销、零售商激励和选择性产品发布。随着我们整合战略、加强生产和产品供应,我们最近收购公司的整合工作正在取得进展。
在我们的各个地区,我们继续看到商业领域的业绩强于住宅领域。由于房屋销量下降和房屋装修项目延期,住宅改造仍然是该行业最大的阻力。我们认为渠道库存已经下降,可能已经触底。随着行业规模、组合和投入成本的下降,价格竞争正在加剧。在美国,由于供应有限、高利率和持续的通货膨胀,房地产市场仍然面临压力。现有房主并没有按照过去的做法采取行动,以维持较低的抵押贷款利率。第二季度,美国新房开工年率增至 145 万套,这是自去年年初以来首次出现季度增长。我们相信,房屋开工的趋势将持续下去,并将对未来地板材料的出货量产生积极影响。在我们的其他地区,由于通货膨胀和利率,房屋销售和改造也在下降。在欧洲,能源价格持续下跌,但其他类别的持续通胀限制了消费者改造投资。本季度,我们的损益表受益于能源价格下降。我们在生物质能、太阳能和风能生产方面的投资减少了我们的运营开支和碳足迹,对我们的业绩产生了积极影响。意大利政府提供的能源补贴水平有所降低,该计划将不再继续。在应对市场需求下降的同时,我们也在为行业周期性下滑后的历史性反弹做准备。随着市场的复苏,我们的瓷板、绝缘材料、优质层压板、LVT 和石英台面生产扩张将带来最大的增长。
第二季度,全球陶瓷分部的净销售额下降 0.3%,按原有固定汇率及天数计算下降 6.7%。据报道,由于通货膨胀率上升、销量下降和临时停产,该分部的营业利润率为 7.3%,调整后为 8.6%,部分被生产率提高、有利的定价和产品组合所抵销。我们的美国陶瓷业务得益于更多地参与商业和新建筑渠道、更出色的设计和更一致的服务。我们正在推出更高定位的产品,以改善我们的产品组合,并重点加强销售渠道。我们扩大了客户群,这有助于抵销住宅改建业务的疲软。在欧洲陶瓷业务方面,本季度的销量连续增长,我们的业绩得益于高档住宅系列、商业产品和出口产品的销售。我们正在适应不断变化的环境,利用促销活动来增加销售量。随着巴西和墨西哥收购整合工作的进行,我们正在重新调整组织结构,制定新的销售和产品战略,并实施成本削减。我们正在实现的协同效应部分抵销了疲软的市场状况,我们已经开始利用我们整个产品组合的销售优势来扩大我们的分销范围。
第二季度,我们地板材料分部的净销售额下降 11.4%,按原有固定汇率及天数计算下降 10.2%。据报告,由于销量下降、交易性外汇不利因素和临时停产,该分部的营业利润率为 11.0%,调整后为 12.1%,部分被生产力提高所抵销。该分部得以持续成功应对困难的环境。消费者支出并未如我们预期的那样改善,由于通货膨胀、利率上升和乌克兰战争,信心仍然低迷。虽然我们的地板材料销售面临压力,但我们的乙烯基薄板系列却表现出色,因为消费者会选择价格更低的替代品。我们正在根据目前的需求调整层压板和 LVT 生产,并推出新产品、商品销售和特定促销活动,以扩大销量。我们已开始将住宅用 LVT 产品从柔性芯材过渡到刚性芯材,并正在实施之前宣布的重组,以支持这一转换。在面板领域,由于市场条件放缓,启动的项目减少,工业用途也有所减少。虽然我们的绝缘业务长期前景依然强劲,但由于住宅和商业投资被推迟,目前的需求正在下降。澳大利亚和新西兰住房市场疲软,我们正在推出新产品和选择性促销活动,以提高销量。
第二季度,北美地板材料分部的销售额下降 8.9%,同比下降 12.1%。由于不利的定价和产品组合,以及产量减少和临时停产,该分部的营业利润率为 3.7%,调整后为 6.0%,部分被低通货膨胀率所抵销。由于季节性因素和存货成本降低,该分部第二季度的利润连续增长。为了控制成本,我们提高生产率,精简行政职能,并启动重组行动。为了提高销量,我们正在有选择地开展促销活动,加强产品供应,并推出更多方便消费者的陈列品。事实证明,随着企业继续投资新建筑和改建项目,美国商业部门具有更强的韧性,不过,由于客户力图维持预算,我们正面临一些压力。7 月份的建筑比林斯指数反映了新项目的稳定环境。我们依然相信,我们的 RevWood 防水产品会在零售和建筑商渠道得到更广泛应用。我们增加了革命性的 Signature Technology 产品的供应,突出了 Pergo 和 Karastan 层压板系列的丰富性。我们加强了 Karastan 和 Godfrey Hirst 豪华住宅地毯系列,并为零售商提供激励措施,以增加销量。我们扩大了溶液染色聚酯地毯产品组合,提高了我们在多户住宅开发商和单户住宅建筑商中的地位,从而对我们的产品组合产生了不利影响。我们已经整合了最近收购的无纺布公司,正在改善其销售和运营。我们新推出的硬质 LVT 具有最新的视觉效果、WetProtect 和抗菌技术,使我们在市场上脱颖而出,由于消费者选择了更经济实惠的产品,我们的乙烯基薄板销量也有所增长。
Mohawk 的第二季度业绩反映了我们在整个业务中实施的多项举措所产生的积极影响。我们正在应对当前的市场状况,同时为周期性衰退后的需求反弹做好准备。各国央行纷纷提高利率以降低通货膨胀,并发出可能进一步加息的信号。在美国,我们看到建筑商的信心和房屋开工率都在上升,这将增加我们的住宅新建业务。我们预计,即使写字楼市场持续疲软,商业地产今年的表现仍将优于住宅地产。虽然就业依然强劲,但由于住房供应有限、利率上升和通货膨胀,改建和现房销售延迟。从历史上看,当经济复苏时,这些延迟的改建项目会促进行业的更大增长。我们新的重组措施每年可节省 3,500 万美元,而最近的收购也将为我们的业绩带来更大的收益,因为我们优化了收购公司的业绩。在这个竞争激烈的市场中,我们预计定价和产品组合将继续面临压力,部分压力被材料和能源成本下降所抵销。由于暑假、消费者支出减少以及欧洲产量下降,我们的第三季度出现季节性疲软。考虑到这些因素,我们预计第三季度调整后的每股收益将介于 2.62 美元至 2.72 美元之间,不包括任何重组、收购和其他费用。
在 Mohawk,我们正在采取必要的措施来应对今天的挑战,同时为明天的机遇做好准备。当各国央行将重点转向更加平衡的方法时,我们的业务将随着行业的复苏而加速发展。在我们所有的地区,住房都供不应求,老化的房屋需要改造,企业将在更有利的条件下投资发展。这些因素将为地板材料业带来更高的增长,而我们在产能扩张方面的投资和最近的收购将进一步提升我们的业绩。”
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。我们的品牌在业内享有盛誉,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。在过去十年中,Mohawk 已从一家美国地毯制造商转变为全球最大的地板材料公司,业务遍及澳大利亚、巴西、加拿大、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的差异:经济或行业状况的变化;竞争;运费、原材料价格和其他投入成本的上涨和下降;消费市场的扩张和收缩;货币波动;能源成本和供应;资本支出的时间和水平;公司产品提价的时间和实施情况;减值费用;收购整合;国际业务;推出新产品;业务合理化;税收和税务改革;产品和其他索赔;诉讼;与 COVID-19 大流行病相关的风险和不确定性;公司业务所在辖区的监管和政治变化;以及 Mohawk 在 SEC 报告和公告中指出的其他风险。
电话会议,2023 年 7 月 28 日,星期五,东部时间上午 11:00
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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
(Amounts in thousands, except per share data) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||
Net sales | $ | 2,950,428 | 3,153,188 | 5,756,651 | 6,168,851 | ||||||
Cost of sales | 2,218,519 | 2,279,991 | 4,381,300 | 4,493,526 | |||||||
Gross profit | 731,909 | 873,197 | 1,375,351 | 1,675,325 | |||||||
Selling, general and administrative expenses | 578,863 | 505,270 | 1,096,515 | 986,597 | |||||||
Operating income | 153,046 | 367,927 | 278,836 | 688,728 | |||||||
Interest expense | 22,857 | 12,059 | 39,994 | 23,540 | |||||||
Other expense (income), net | 2,215 | (2,818 | ) | 1,649 | (380 | ) | |||||
Earnings before income taxes | 127,974 | 358,686 | 237,193 | 665,568 | |||||||
Income tax expense | 26,760 | 78,176 | 55,703 | 139,624 | |||||||
Net earnings including noncontrolling interests | 101,214 | 280,510 | 181,490 | 525,944 | |||||||
Net earnings (loss) attributable to noncontrolling interests | (3 | ) | 79 | 35 | 184 | ||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 101,217 | 280,431 | 181,455 | 525,760 | ||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | $ | 1.59 | 4.41 | 2.85 | 8.20 | ||||||
Weighted-average common shares outstanding - basic | 63,680 | 63,540 | 63,630 | 64,116 | |||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 1.58 | 4.40 | 2.84 | 8.17 | ||||||
Weighted-average common shares outstanding - diluted | 63,900 | 63,798 | 63,864 | 64,374 |
Other Financial Information | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
(Amounts in thousands) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||
Net cash provided by operating activities | $ | 263,597 | 147,706 | 520,873 | 202,661 | |||||
Less: Capital expenditures | 116,653 | 150,571 | 245,146 | 280,041 | ||||||
Free cash flow | $ | 146,944 | (2,865 | ) | 275,727 | (77,380 | ) | |||
Depreciation and amortization | $ | 156,633 | 141,569 | 326,542 | 282,984 |
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited) | ||||
(Amounts in thousands) | July 1, 2023 | July 2, 2022 | ||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 570,933 | 223,986 | |
Short-term investments | — | 265,000 | ||
Receivables, net | 2,087,071 | 2,105,809 | ||
Inventories | 2,618,711 | 2,826,044 | ||
Prepaid expenses and other current assets | 574,613 | 519,895 | ||
Total current assets | 5,851,328 | 5,940,734 | ||
Property, plant and equipment, net | 4,957,225 | 4,582,075 | ||
Right of use operating lease assets | 400,419 | 404,726 | ||
Goodwill | 2,031,034 | 2,536,314 | ||
Intangible assets, net | 887,929 | 856,401 | ||
Deferred income taxes and other non-current assets | 457,228 | 369,237 | ||
Total assets | $ | 14,585,163 | 14,689,487 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | $ | 1,038,032 | 1,498,900 | |
Accounts payable and accrued expenses | 2,143,807 | 2,316,980 | ||
Current operating lease liabilities | 106,102 | 108,497 | ||
Total current liabilities | 3,287,941 | 3,924,377 | ||
Long-term debt, less current portion | 2,013,327 | 1,052,064 | ||
Non-current operating lease liabilities | 310,612 | 309,261 | ||
Deferred income taxes and other long-term liabilities | 761,263 | 796,847 | ||
Total liabilities | 6,373,143 | 6,082,549 | ||
Total stockholders' equity | 8,212,020 | 8,606,938 | ||
Total liabilities and stockholders' equity | $ | 14,585,163 | 14,689,487 |
Segment Information | |||||||||||||
Three Months Ended | As of or for the Six Months Ended | ||||||||||||
(Amounts in thousands) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||
Net sales: | |||||||||||||
Global Ceramic | $ | 1,155,362 | 1,158,569 | 2,214,696 | 2,223,326 | ||||||||
Flooring NA | 1,001,698 | 1,099,538 | 1,955,115 | 2,171,448 | |||||||||
Flooring ROW | 793,368 | 895,081 | 1,586,840 | 1,774,077 | |||||||||
Consolidated net sales | $ | 2,950,428 | 3,153,188 | $ | 5,756,651 | 6,168,851 | |||||||
Operating income (loss): | |||||||||||||
Global Ceramic | $ | 84,034 | 154,269 | 147,351 | 254,607 | ||||||||
Flooring NA | 37,199 | 100,030 | 35,186 | 195,354 | |||||||||
Flooring ROW | 86,914 | 124,107 | 162,159 | 258,757 | |||||||||
Corporate and intersegment eliminations | (55,101 | ) | (10,479 | ) | (65,860 | ) | (19,990 | ) | |||||
Consolidated operating income | $ | 153,046 | 367,927 | 278,836 | 688,728 | ||||||||
Assets: | |||||||||||||
Global Ceramic | $ | 5,546,167 | 5,537,075 | ||||||||||
Flooring NA | 4,210,170 | 4,345,912 | |||||||||||
Flooring ROW | 4,295,257 | 4,334,649 | |||||||||||
Corporate and intersegment eliminations | 533,569 | 471,851 | |||||||||||
Consolidated assets | $ | 14,585,163 | 14,689,487 |
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 | Six Months Ended | |||||||||||
(Amounts in thousands, except per share data) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 101,217 | 280,431 | 181,455 | 525,760 | |||||||
Adjusting items: | ||||||||||||
Restructuring, acquisition and integration-related and other costs | 41,557 | 1,801 | 72,690 | 3,658 | ||||||||
Inventory step-up from purchase accounting | 1,276 | 143 | 4,581 | 143 | ||||||||
Legal settlements, reserves and fees | 48,022 | — | 49,012 | — | ||||||||
Release of indemnification asset | — | — | — | 7,324 | ||||||||
Income taxes - reversal of uncertain tax position | — | — | — | (7,324 | ) | |||||||
Income tax effect of adjusting items | (15,956 | ) | (1,181 | ) | (19,679 | ) | (2,805 | ) | ||||
Adjusted net earnings attributable to Mohawk Industries, Inc. | $ | 176,116 | 281,194 | 288,059 | 526,756 | |||||||
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 2.76 | 4.41 | 4.51 | 8.18 | |||||||
Weighted-average common shares outstanding - diluted | 63,900 | 63,798 | 63,864 | 64,374 |
Reconciliation of Total Debt to Net Debt | ||
(Amounts in thousands) | July 1, 2023 | |
Short-term debt and current portion of long-term debt | $ | 1,038,032 |
Long-term debt, less current portion | 2,013,327 | |
Total debt | 3,051,359 | |
Less: Cash and cash equivalents | 570,933 | |
Net debt | $ | 2,480,426 |
Reconciliation of Net Earnings (Loss) to Adjusted EBITDA | ||||||||||||||
Trailing Twelve | ||||||||||||||
Three Months Ended | Months Ended | |||||||||||||
(Amounts in thousands) | October 1, 2022 | December 31, 2022 | April 1, 2023 | July 1, 2023 | July 1, 2023 | |||||||||
Net earnings (loss) including noncontrolling interests | $ | (533,713 | ) | 33,552 | 80,276 | 101,214 | (318,671 | ) | ||||||
Interest expense | 13,797 | 14,601 | 17,137 | 22,857 | 68,392 | |||||||||
Income tax expense | 15,569 | 2,917 | 28,943 | 26,760 | 74,189 | |||||||||
Net (earnings) loss attributable to noncontrolling interests | (256 | ) | (96 | ) | (38 | ) | 3 | (387 | ) | |||||
Depreciation and amortization(1) | 153,466 | 159,014 | 169,909 | 156,633 | 639,022 | |||||||||
EBITDA | (351,137 | ) | 209,988 | 296,227 | 307,467 | 462,545 | ||||||||
Restructuring, acquisition and integration-related and other costs | 21,375 | 33,786 | 8,114 | 33,579 | 96,854 | |||||||||
Inventory step-up from purchase accounting | 1,401 | 1,218 | 3,305 | 1,276 | 7,200 | |||||||||
Impairment of goodwill and indefinite-lived intangibles | 695,771 | — | — | — | 695,771 | |||||||||
Legal settlements, reserves and fees, net of insurance proceeds | 45,000 | 9,231 | 990 | 48,022 | 103,243 | |||||||||
Adjusted EBITDA | $ | 412,410 | 254,223 | 308,636 | 390,344 | 1,365,613 | ||||||||
Net debt to adjusted EBITDA | 1.8 |
(1)Includes accelerated depreciation of $13,085 for Q3 2022, $15,915 for Q4 2022 and $23,019 for Q1 2023 in addition to $7,978 for Q2 2023.
Reconciliation of Net Sales to Adjusted Net Sales | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
(Amounts in thousands) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||
Mohawk Consolidated | ||||||||||
Net sales | $ | 2,950,428 | 3,153,188 | 5,756,651 | 6,168,851 | |||||
Adjustment for constant shipping days | 17,305 | — | 16,356 | — | ||||||
Adjustment for constant exchange rates | 19,376 | — | 50,336 | — | ||||||
Adjustment for acquisition volume | (135,483 | ) | — | (209,037 | ) | — | ||||
Adjusted net sales | $ | 2,851,626 | 3,153,188 | 5,614,306 | 6,168,851 |
Three Months Ended | |||||
July 1, 2023 | July 2, 2022 | ||||
Global Ceramic | |||||
Net sales | $ | 1,155,362 | 1,158,569 | ||
Adjustment for constant shipping days | 4,642 | — | |||
Adjustment for constant exchange rates | 11,884 | — | |||
Adjustment for acquisition volume | (90,604 | ) | — | ||
Adjusted net sales | $ | 1,081,284 | 1,158,569 | ||
Flooring NA | |||||
Net sales | $ | 1,001,698 | 1,099,538 | ||
Adjustment for acquisition volume | (34,890 | ) | — | ||
Adjusted net sales | $ | 966,808 | 1,099,538 |
Flooring ROW | |||||
Net sales | $ | 793,368 | 895,081 | ||
Adjustment to segment net sales on constant shipping days | 12,663 | — | |||
Adjustment for constant exchange rates | 7,492 | — | |||
Adjustment for acquisition volume | (9,989 | ) | — | ||
Adjusted net sales | $ | 803,534 | 895,081 |
Reconciliation of Gross Profit to Adjusted Gross Profit | ||||||
Three Months Ended | ||||||
(Amounts in thousands) | July 1, 2023 | July 2, 2022 | ||||
Gross Profit | $ | 731,909 | 873,197 | |||
Adjustments to gross profit: | ||||||
Restructuring, acquisition and integration-related and other costs | 30,441 | 713 | ||||
Inventory step-up from purchase accounting | 1,276 | 143 | ||||
Adjusted gross profit | $ | 763,626 | 874,053 | |||
Adjusted gross profit as a percent of net sales | 25.9 | % | 27.7 | % |
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses | ||||||||
Three Months Ended | ||||||||
(Amounts in thousands) | July 1, 2023 | July 2, 2022 | ||||||
Selling, general and administrative expenses | $ | 578,863 | 505,270 | |||||
Adjustments to selling, general and administrative expenses: | ||||||||
Restructuring, acquisition and integration-related and other costs | (11,219 | ) | (1,186 | ) | ||||
Legal settlements, reserves and fees | (48,022 | ) | — | |||||
Adjusted selling, general and administrative expenses | $ | 519,622 | 504,084 | |||||
Adjusted selling, general and administrative expenses as a percent of net sales | 17.6 | % | 16.0 | % |
Reconciliation of Operating Income to Adjusted Operating Income | ||||||
Three Months Ended | ||||||
(Amounts in thousands) | July 1, 2023 | July 2, 2022 | ||||
Mohawk Consolidated | ||||||
Operating income | $ | 153,046 | 367,927 | |||
Adjustments to operating income: | ||||||
Restructuring, acquisition and integration-related and other costs | 41,660 | 1,899 | ||||
Inventory step-up from purchase accounting | 1,276 | 143 | ||||
Legal settlements, reserves and fees | 48,022 | — | ||||
Adjusted operating income | $ | 244,004 | 369,969 | |||
Adjusted operating income as a percent of net sales | 8.3 | % | 11.7 | % | ||
Global Ceramic | ||||||
Operating income | $ | 84,034 | 154,269 | |||
Adjustments to segment operating income: | ||||||
Restructuring, acquisition and integration-related and other costs | 13,810 | — | ||||
Inventory step-up from purchase accounting | 1,276 | — | ||||
Adjusted segment operating income | $ | 99,120 | 154,269 | |||
Adjusted segment operating income as a percent of net sales | 8.6 | % | 13.3 | % | ||
Flooring NA | ||||||
Operating income | $ | 37,199 | 100,030 | |||
Adjustments to segment operating (loss) income: | ||||||
Restructuring, acquisition and integration-related and other costs | 18,488 | (239 | ) | |||
Legal settlement and reserves | 4,875 | — | ||||
Adjusted segment operating income | $ | 60,562 | 99,791 | |||
Adjusted segment operating income as a percent of net sales | 6.0 | % | 9.1 | % | ||
Flooring ROW | ||||||
Operating income | $ | 86,914 | 124,107 | |||
Adjustments to segment operating income: | ||||||
Restructuring, acquisition and integration-related and other costs | 9,362 | 2,139 | ||||
Inventory step-up from purchase accounting | — | 143 | ||||
Adjusted segment operating income | $ | 96,276 | 126,389 | |||
Adjusted segment operating income as a percent of net sales | 12.1 | % | 14.1 | % |
Corporate and intersegment eliminations | ||||||
Operating (loss) | $ | (55,101 | ) | (10,479 | ) | |
Adjustments to segment operating (loss): | ||||||
Legal settlement, reserves and fees | 43,147 | — | ||||
Adjusted segment operating (loss) | $ | (11,954 | ) | (10,479 | ) |
Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes | |||||
Three Months Ended | |||||
(Amounts in thousands) | July 1, 2023 | July 2, 2022 | |||
Earnings before income taxes | $ | 127,974 | 358,686 | ||
Net earnings attributable to noncontrolling interests | 3 | (79 | ) | ||
Adjustments to earnings including noncontrolling interests before income taxes: | |||||
Restructuring, acquisition and integration-related and other costs | 41,557 | 1,801 | |||
Inventory step-up from purchase accounting | 1,276 | 143 | |||
Legal settlements, reserves and fees | 48,022 | — | |||
Adjusted earnings including noncontrolling interests before income taxes | $ | 218,832 | 360,551 |
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense | ||||||
Three Months Ended | ||||||
(Amounts in thousands) | July 1, 2023 | July 2, 2022 | ||||
Income tax expense | $ | 26,760 | 78,176 | |||
Income tax effect of adjusting items | 15,956 | 1,181 | ||||
Adjusted income tax expense | $ | 42,716 | 79,357 | |||
调整后所得税税率 | 19.5 | % | 22.0 | % |
公司的简明合并财务报表按照美国公认会计原则编制和列报,其中补充了某些非公认会计原则财务指标。根据美国证券交易委员会规则的要求,上表列示了公司非公认会计原则财务指标与最直接可比的美国公认会计原则指标的调节。上述各项非公认会计原则衡量指标应作为美国公认会计原则衡量指标的补充,与其他公司报告的类似衡量指标可能不具有可比性。公司认为,将这些非公认会计原则衡量指标与相应的美国公认会计原则衡量指标进行调节后,可为投资者提供以下帮助:非公认会计原则收入指标有助于确定增长趋势,并将收入与以往和未来期间进行比较;非公认会计原则盈利指标有助于了解公司业务的长期盈利趋势,并将利润与以往和未来期间进行比较。
公司的非公认会计原则收入指标不包括某些项目,因为这些项目在不同时期可能存在巨大差异,并可能掩盖潜在的业务趋势。公司的非公认会计原则收入指标中不包括的项目有:外币交易和折算;一段时间内发货天数的增加或减少以及收购的影响。
公司的非公认会计原则盈利指标不包括某些项目,因为这些项目可能无法反映公司的核心运营业绩,或者与公司的核心运营业绩无关。公司的非公认会计原则盈利指标不包括的项目有:重组、收购和整合相关成本及其他成本、法律和解、准备金和费用、扣除保险收益、商誉和无限期无形资产减值、收购购买会计(包括购买会计产生的存货增加)、赔偿资产的释放以及不确定税务状况的逆转。
联系方式: | James Brunk,首席财务官 |
(706) 624-2239 |