Mohawk Industries 公布第二季度業績
佐治亞州卡爾霍恩, July 30, 2023 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK) 今天宣布 2023 年第二季度淨收益為 1.01 億美元，攤薄每股收益為 1.58 美元。調整後淨收益為 1.76 億美元，調整後每股收益為 2.76 美元，不包括重組、收購及其他費用。2023 年第二季度的淨銷售額為 30 億美元，與上年相比下降 6.4%，按同比固定匯率和天數計算下降 9.6%。2022 年第二季度的淨銷售額為 32 億美元，淨收益為 2.8 億美元，每股收益為 4.40 美元。調整後淨收益為 2.81 億美元，調整後每股收益為 4.41 美元，不包括重組、收購及其他費用。
截至 2023 年 7 月 1 日止六個月期間，淨收益和每股收益分別為 1.81 億美元和 2.84 美元。調整後淨收益為 2.88 億美元，調整後每股收益為 4.51 美元，不包括重組、收購及其他費用。2023 年前 6 個月的淨銷售額為 58 億美元，與上年相比下降 6.7%，按同比固定匯率和天數計算下降 9.0%。截至 2022 年 7 月 2 日止六個月期間，淨銷售額為 62 億美元，淨收益為 5.26 億美元，每股收益為 8.17 美元；調整後淨收益為 5.27 億美元，調整後每股收益為 8.18 美元，不包括重組、收購及其他費用。
在評論 Mohawk Industries 的第二季度業績時，董事長兼行政總裁 Jeffrey S. Lorberbaum 表示：「由於季節性改善、產量增加、生產力提高和投入成本降低，我們整個企業的利潤連續增長。本季度我們產生了 1.47 億美元的自由現金流，進一步鞏固了我們的財務狀況。
典型的房地產衰退、利率升高和通貨膨脹正在嚴重影響世界各地的地板銷售。為了進行管理，我們有選擇地進行投資，透過提高生產力、整合分銷點和提高管理效率來增加銷售額和減少開支。本季度，我們啟動了重組和整合行動，每年可節省 3,500 萬美元，總成本約為 1,700 萬美元。我們預計將在本年度實現成本節省估算額的一半，部分抵銷疲軟的住宅改造活動。此外，我們將把未來的資本投資限制在那些能帶來顯著銷售額、利潤和營運改善的投資上。我們正在所有地區採取行動增加銷售額，包括促銷、零售商激勵和選擇性產品發布。隨着我們合併戰略並加強製造和產品供應，我們最近的收購整合工作正在取得進展。
在我們的各個地區，我們持續看到商業領域的業績比住宅領域更強勁。由於房屋銷售下降和房屋裝修項目推遲，住宅改建仍然是該行業最大的阻力。我們認為渠道庫存已經下降，可能已經觸底。隨着行業規模、組合和投入成本的下降，價格競爭正在加劇。在美國，由於供應有限、高利率和持續的通貨膨脹，房地產市場仍然面臨壓力。現有房主並未按照歷史慣例採取行動，以維持他們的低抵押貸款利率。第二季度，美國新屋開工量年率增至 145 萬套，這是自去年年初以來首次出現季度增長。我們相信，房屋開工的趨勢將繼續下去，並將對未來地板的出貨量產生積極影響。在我們的其他地區，由於通貨膨脹和利率，房屋銷量和改建也在下降。在歐洲，能源價格持續下跌，儘管其他類別的持續通貨膨脹限制了消費者的改建投資。本季度，我們受益於損益表的能源價格下降。我們在生物質、太陽能和風能生產方面的投資減少了我們的營運費用和碳足跡，對我們的業績產生了積極影響。意大利政府提供的能源補貼水平有所降低，該計劃將不再繼續。在應對較低的市場需求的同時，我們正在為行業周期性下跌後的歷史性反彈做準備。隨着市場復甦，我們的瓷板、隔熱材料、高級層壓材料、LVT 和石英台面的生產擴張將帶來最大的增長。
第二季度，全球陶瓷分部的淨銷售額下降了 0.3%，按同比固定匯率和天數計算，下降了 6.7%。據報告，由於通貨膨脹加劇、產量下降和臨時停工，該分部的營業利潤率為 7.3%，經調整後為 8.6%，部分被生產力提高、有利的定價和產品組合所抵銷。我們的美國陶瓷業務得益於更多地參與商業和新建築渠道，改進的設計和更一致的服務。我們正在推出更高定位的產品，以改善我們的產品組合，並重點加強銷售渠道。我們擴大了客戶群，這有助於抵銷住宅改建業務的疲軟。在我們的歐洲陶瓷業務中，本季度的銷量連續改善，我們的業績受益於優質住宅系列、商業產品和出口的銷售。我們正在根據不斷變化的環境作出調整，並利用促銷活動提高銷量。隨着我們在巴西和墨西哥的收購整合工作的進行，我們正在重新調整組織，制定新的銷售和產品策略，並降低成本。我們正在實現的協同效應部分抵銷了疲軟的市況，我們已經開始利用整個產品組合的銷售來擴大分銷範圍。
據報告，第二季度，我們的世界其他地區地板分部的淨銷售額下降了 11.4%，按同比固定匯率和天數計算下降了 10.2%。據報告，該分部的營業利潤率為 11.0%，經調整後為 12.1%，這是由於交易量下降、交易性外匯風險和臨時停工部分被生產力提高所抵銷。該分部得以持續成功應對困難的環境。消費者支出並未像我們預期的那樣改善，考慮到通貨膨脹、利率上升和烏克蘭戰爭，信心仍然低迷。儘管我們的地板銷售面臨壓力，但隨着消費者轉而購買價格較低的替代品，我們的乙烯基板材系列表現出色。我們正在根據當前需求調整層壓板和 LVT 的生產，並推出新產品、商品銷售和特定促銷活動，以擴大銷量。我們已經開始將住宅用 LVT 產品從柔性芯材過渡到剛性芯材，並正在執行之前宣布的重組，以支援這一轉換。面板領域，由於市場環境放緩，啟動的項目減少，工業用途減少。雖然我們絕緣業務的長期前景依然強勁，但由於住宅和商業投資被推遲，需求目前正在下降。澳洲和新西蘭的房地產市場已經疲軟，我們正在推出新產品和選擇性促銷活動，以增加銷量。
第二季度，我們北美地板分部的銷售額下降了 8.9%，同比下降了 12.1%。據報告，該分部的營業利潤率為 3.7%，經調整後為 6.0%，這是由於不利的定價和產品組合，以及產量減少和臨時停工，部分被較低的通貨膨脹所抵銷。由於季節性和庫存成本降低，該分部第二季度的利潤率連續增長。為了控制成本，我們提高了生產力，精簡了行政職能，並啟動了重組行動。為了提高銷量，我們正在有選擇地開展促銷活動，加強產品供應，並推出更多方便消費者的陳列品。事實證明，隨着企業繼續投資於新建和改建項目，美國商業領域的韌性更強，不過，由於客戶力圖維持預算，我們正面臨一些壓力。7 月份的建築比林斯指數反映了新項目的穩定環境。我們依然相信，我們的防水 RevWood 產品會在零售和建築渠道得到更廣泛採用。我們增加了革命性 Signature Technology 的供應，突出了我們 Pergo 和 Karastan 層壓板系列的豐富性。我們加強了 Karastan 和 Godfrey Hirst 的豪華住宅地毯系列，並為零售商提供激勵措施，以增加銷量。我們擴大的溶液染色聚酯地毯產品組合提高了我們在多戶開發商和單戶建築商中的地位，對我們的產品組合產生了不利影響。我們已經整合了最近收購的無紡布公司，並正在改善其銷售和營運。我們新推出的剛性 LVT 具有更新的視覺效果、WetProtect 和抗菌技術， 使我們在市場上脫穎而出，隨着消費者選擇更實惠的產品，我們的乙烯基片材銷量也有所上升。
Mohawk 的第二季度業績反映了我們在整個業務中實施的許多舉措所產生的積極影響。我們正在應對當前的市場狀況，同時為周期性衰退後的需求反彈做準備。各國央行已提高利率以降低通貨膨脹，並發出可能進一步加息的信號。在美國，我們已經看到建築商信心和房屋開工率有所上升，這將增加我們的住宅新建築業務。我們預計，即使寫字樓市場持續疲軟，商業地產今年的表現仍將優於住宅地產。儘管就業依然強勁，但由於住房供應有限、利率上升和通貨膨脹，改建和現房銷售正在推遲。從歷史上看，當經濟復甦時，這些推遲的改造項目會促進行業的更大增長。我們新的重組計劃每年將節省 3,500 萬美元，最近的收購將為我們的業績帶來更大的收益，因為我們優化了收購公司的業績。在這個競爭激烈的市場中，我們預計定價和產品組合將繼續面臨壓力，部分被材料和能源成本下降所抵銷。由於暑假、歐洲消費者支出下降和產量減少，我們的第三季度出現季節性疲軟。考慮到這些因素，我們預計第三季度調整後的每股收益將在 2.62 美元至 2.72 美元之間，不包括任何重組、收購及其他費用。
在 Mohawk，我們正在採取必要的措施來應對今天的挑戰，同時為明天的機會做準備。當各國央行將重點轉向更平衡的方法時，我們的業務將隨着行業復甦而加速發展。在我們所有的地區，住房供應短缺，老化的房屋需要改建，企業將在更有利的條件下投資發展。這些因素將為地板帶來更高的增長，我們對產能擴張的投資和最近的收購將進一步提高我們的業績。」
關於 MOHAWK INDUSTRIES
Mohawk Industries 是全球領先的地板製造商，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。我們的品牌在業內享有盛譽，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。在過去的十年中，Mohawk 已從一家美國地毯製造商轉變為全球最大的地板公司，業務遍及澳洲、巴西、加拿大、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的結果不同：經濟或行業狀況的變化；競爭；運費、原材料價格及其他投入成本的上漲和下降；消費市場的擴張和收縮；貨幣波動；能源成本和供應；資本支出的時間和水平；公司產品漲價的時間和實施情況；減值費用；收購整合；國際業務；推出新產品；業務合理化；稅收和稅務改革；產品及其他索賠；訴訟；與 2019 冠狀病毒病有關的風險和不明朗因素；公司業務所在司法管轄區的監管和政治變化；以及 Mohawk 在美國證券交易委員會的報告和公告中識別的其他風險。
電話會議，2023 年 7 月 28 日，星期五，東部時間上午 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-2nd-quarter-2023-earnings-call。如欲透過電話參加電話會議，請提前在 https://dpregister.com/sreg/10180717/f9e2c175dc 註冊以接收唯一的個人識別號碼，或在電話會議當天撥打 1-833-630-1962（美國／加拿大）和 1-412-317-1843（國際／當地）尋求營運商幫助。重播將持續到 2023 年 8 月 25 日，美國／加拿大電話請撥打 1-877-344-7529，國際／本地電話請撥打 1-412-317-0088，並輸入接入代碼 #5381723。
| 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 | |
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| 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 | |||
| 調整後的所得稅稅率 | 19.5 | % | 22.0 | % | ||
該公司在根據美國公認會計原則編制和列報的簡明合併財務報表中補充了若干非公認會計原則財務指標。根據美國證券交易委員會規則的要求，上表列出了公司非公認會計原則財務指標與最直接可比的美國公認會計原則指標之間的調節。除了可比的美國公認會計原則衡量指標外，還應考慮上述每一項非公認會計原則指標，並且可能無法與其他公司報告的類似指標進行比較。公司認為，這些非公認會計原則指標與相應的美國公認會計原則指標調節後，將為其投資者帶來以下幫助：非公認會計原則收入指標有助於確定增長趨勢，並將收入與之前和未來期間進行比較，非公認會計原則盈利指標也有助於了解公司業務的長期盈利趨勢，以及將利潤與之前和未來期間進行比較。
公司將某些項目排除在其非公認會計原則收入指標之外，因為這些項目在不同時期之間可能存在巨大差異，並可能掩蓋潛在的業務趨勢。公司的非公認會計原則收入指標中排除的項目包括：外幣交易和折算；一段時間內發貨天數的增加或減少以及收購的影響。
公司將某些項目排除在非公認會計原則盈利指標之外，因為這些項目可能不代表公司的核心經營業績，或與公司的核心營運業績無關。公司非公認會計原則盈利指標中排除的項目包括：重組、收購和整合相關及其他成本、法律和解、準備金和費用、扣除保險收益、商譽減值和無限期無形資產、收購-購買會計，包括從購買會計中增加的庫存，賠償資產的釋放和不確定稅收狀況的逆轉。
| 聯絡方式： | James Brunk，首席財務官 |
| (706) 624-2239 |
新聞來源：GLOBE NEWSWIRE
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