佐治亞州,卡爾霍恩, Oct. 28, 2023 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK)今日宣布,在 8.76 億美元的非現金減值費用的影響下,2023 年第三季度淨虧損為 7.6 億美元,每股虧損 11.94 美元。該公司當前的市值以及持續充滿挑戰的宏觀經濟條件和較高的折現率促使其對其商譽和無形資產餘額進行審查,從而產生了減值費用。調整後淨利為 1.74 億美元,調整後每股盈餘 (「EPS」) 為 2.72 美元,減損和其他非經常性費用不包括在內。2023 年第三季度的淨銷售額為 28 億美元,較前一年相比,據報導下降 5.2%,而以既往數據、固定貨幣和天數為基準則下降 8.1%。2022 年第三季度,該公司報告淨銷售額為 29 億美元,淨虧損 5.34 億美元,每股虧損 8.40 美元。調整後淨利為 2.12 億美元,調整後 EPS 為 3.34 美元,減損和其他非經常性費用不包括在內。
截至 2023 年 9 月 30 日的九個月期間,公司報告的淨虧損和每股虧損分別為 5.79 億美元和 9.10 美元。調整後淨利為 4.62 億美元,調整後 EPS 為 7.23 美元,減損和其他非經常性費用不包括在內。2023 年前 9 個月,淨銷售額為 85 億美元,較前一年相比,據報導下降 6.2%,而以既往數據、固定貨幣和天數為基準則下降 8.7%。截至 2022 年 10 月 1 日的九個月期間,公司報告淨銷售額為 91 億美元,淨虧損 800 萬美元,每股虧損 0.13 美元。另外,調整後淨利為 7.39 億美元,調整後 EPS 為 11.56 美元,減損和其他非經常性費用不包括在內。
在評論公司第三季度業績時,董事長兼行政總裁 Jeff Lorberbaum 表示:「我們本季度的業績符合我們的預期,因為我們的行業在所有地區都面臨持續的壓力,這主要是由於住宅投資受限和消費者可自由支配支出進一步被收緊。我們第三季的業績受到歐洲節假日的季節性影響,它使得我們的銷售額和收入與上一季度相比有所下降。更低的材料和能源成本抵消了價格和產品組合的下降。我們也面臨營業收入約 2,000 萬美元或 EPS 0.25 美元的外匯不利因素。在所有業務中,我們均受益於成本降低、生產力提升和投入成本降低。我們正在管理我們的營運資金,本季產生了 3.85 億美元的強勁自由現金流,今年迄今產生了 6.6 億美元的強勁自由現金流。
本季度,世界各國央行持續升息,以減緩經濟成長並降低通膨。他們的行為正在影響住宅和商業通路的新建和改建工程,延緩新項目產生支出。在美國,抵押貸款利率已攀升至二十多年來的最高水平,這抑制了房地產市場發展並限制了房屋裝修活動。在歐洲,由於能源成本上漲、通膨以及烏克蘭戰爭帶來的不確定性,消費者推遲了地板材料等的大宗採購。鑑於大多數地板採購可以推遲,我們的行業較其他行業面臨更大的壓力。由於生產地板所需的固定成本很高,隨着行業發展放緩,競爭加劇,從業人員試圖增加銷售量以最大限度地吸收利潤。因此,我們的平均銷售價格和產品組合均有所下降,但材料和能源成本下降、重組效益和流程改善抵消了該影響。
預計房地產行業復甦的時間將繼續推遲。我們正在管理業務以優化我們的業績和現金流,直至復甦到來。我們正在採取措施,在提高產量的同時控制利潤率和營運費用。我們推出差異化系列產品,選擇性地推出促銷活動,擴大參與新建設通路。為了進一步增強我們的競爭地位,我們將關閉意大利的舊陶瓷生產線,另外我們正在將美國的死板的 LVT 生產製程轉換為直接擠壓製程。這些重組措施將產生約 5,500 萬美元的非經常性費用,其中 5,000 萬美元為非現金費用。這些措施完成後將透過提高我們的生產力、降低製造成本和優化生產靈活性,將我們的獲利能力每年提高 3000 萬美元。
目前,我們絕緣材料和瓷板業務在歐洲的擴張正在運營,我們在美國的精品層壓板和 LVT 項目也在繼續啟動。歐洲層壓板和美國石英枱面的擴大生產將於 2024 年下半年開始。隨着我們在墨西哥和巴西的收購整合的推進,我們整合了一般管理、銷售和行政職能,同時增強了公司的產品供應、營運效率和客戶群。雖然墨西哥和巴西市場的需求和利潤正在減少,但我們預計,隨着這些市場的復甦,我們將從收購中獲得更多收益。
第三季度,全球陶瓷細分市場的淨銷售額據報導下降了 0.5%,而以既往數據、固定貨幣和天數為基準則下降了 6.0%。該市場的營業利潤率為負 32.5%,經調整後為 8.0%,原因為不利的價格和產品組合、工廠臨時關閉、銷售量下降和外匯不利因素,這些因素的影響部分被生產率的提高所抵消。由於我們推出的創新產品和更高的服務水平,我們的美國陶瓷業務表現出色。藉此,我們擴大了在新房建設和商業通路的地位。我們對新裝飾技術、拋光和馬賽克方面的投資正在為精品進口陶瓷提供國內替代品。為了進一步擴大我們的石英檯面銷售,我們正在推出更多利用新技術製成的風格化系列,以提供更大的價值。在歐洲,零售、交通和新建築正受到經濟不確定性的影響。為了增加銷量,我們根據地理和通路進行特定的價格促銷。天然氣價格已較高峰下降 80% 以上,我們已根據能源成本重新調整定價。我們的精品瓷板銷售持續增長,並且我們正在優化近期的產能擴張。在拉丁美洲,我們降低了成本結構,以適應速度較慢、競爭更加激烈的市場,其中墨西哥受到的影響較小。隨着我們收購整合的推進,我們正在獲得客戶承諾,他们将利用合併後的產品組合擴大所有通路和價位的銷售。
第三季度,我們的地板業務在世界其他地區市場的淨銷售額據報導下降了 2.6%,而以既往數據、固定貨幣為基準則下降了 5.0%。據報告,該市場的營業利潤率為負 22.4%,經調整後為 10.9%,比上年有所改善,因為該市場受益於原材料、能源方面的因素和更少的停工時間,這抵消了不利的價格、產品組合和外匯的影響。乙烯基片材的表現繼續優於其他地板類別,我們也增加了產量以滿足更高的需求。我們的層壓板和 LVT 銷售在市場疲軟的情況下面臨壓力,我們正在推出新產品、推銷和精選促銷活動以優化銷售量。我們進行了重組,以支援我們的住宅用 LVT 產品從柔性過渡到剛性芯材,這正在對銷售產生積極影響。由於改建活動、建築項目和工業需求的減少,我們的面板業務已經放緩。隨着我們客戶群的擴大,我們利潤率較高的 HPL 面板系列的銷售量也在不斷增長。第三季我們的絕緣材料銷售量有所改善,利潤率與去年持平。絕緣材料行業的定價隨着投入成本的下降而下降,新工廠的投產造成了地區差異。在澳洲和新西蘭,行業在本季度放緩,我們在這兩個國家的銷售額均略有下降。為了增加銷售額並保護我們的利潤率,我們正在推出跨纖維類別的增強系列,提升我們高端產品的行銷力度,並實施有針對性的促銷活動,以滿足不斷變化的需求。
據報告,第三季度我們北美市場的地板銷售額下降 11.7%,而以既往數據為基準則下降了 12.2%。據報告,該市場的營業利潤率為負 17.4%,經調整後為 8.1%,原因為不利的定價和產品組合和工廠資產利用不足導致產量減少和生產率下降,但這些影響部分被較低的通膨所抵銷。所有產品類別的競爭都在加劇,為了提高銷售量,我們繼續投資了新產品和推銷系統,以擴大我們的零售業務。我們也加強了與地區和全國建築商在新房屋建設通路的合作。我們正在實施許多項目來降低成本、提高效率並最大限度地提高材料利用率。在住宅地毯方面,為了改善我們的產品組合,我們正在擴大我們的精品系列,這些系列具有卓越的款式和功能。對於注重價值的房主,我們正在增加我們的環保再生聚酯產品。我們的乙烯基片材系列繼續在註重預算的消費者中表現良好。作為基於 PVC 的 LVT 產品的替代品,我們推出了更環保且耐刮的新型彈性聚合物芯材。我們正在繼續提高西海岸 LVT 產量和格魯吉亞州的新擠壓制程,預計這兩個項目均將於 2024 年第一季度大規模投入營運。我們正在擴大層壓板在零售和建築商通路的分銷,隨着消費者尋求以可承受的價位獲得優質的外觀,我們的新層壓板系列受到了好評。
在目前行業低迷的情況下,我們正在管理業務的可控方面,同時根據區域市場情況進行調整。在我們所有地區,利率上升和持續的通貨膨脹限制了消費者的可自由支配支出,導致改建項目和新房購買被推遲。隨着商業信心下降,類似的壓力也開始導致商業投資減少。在我們所有的市場中,利用工廠產能進行的銷售方面的競爭均在加劇,較低的投入成本應該可以抵消此影響。透過改進產品和推銷活動、選擇性地開展促銷活動以及擴大對業績最好的銷售通路的參與,我們正在最大限度地提高銷售量,同時控制利潤率和營運費用。在整個企業範圍內,我們正在實施提高生產力、降低成本和重組舉措,以降低開支並改善業績。我們繼續管理我們的營運資金以優化我們的現金流。我們預計外匯匯率將繼續成為獲利的阻力。考慮到這些因素,我們預計第四季度調整後 EPS 將在 1.80 美元至 1.90 美元之間,任何非經常性費用均不包括在內。這樣一來,我們 2023 年全年調整後 EPS 應超過 9.00 美元。
從歷史上看,由於其業務可推遲的性質,地板行業比其他建築產品經歷了更多的週期性高峰和低谷。我們的業務基本面仍然強勁,當行業回暖時,我們將受益於大量被壓抑的需求。鑑於美國住房存量老化,在最近接受 JP Morgan 調查的房主中,超過 80% 的房主表示他們正在計劃在短期內進行翻修項目。此外,在多年的建設落後於需求之後,未來許多年將需要大量的新住宅建設。隨着經濟前景的改善,商業活動將會擴大。作為全球最大的地板供應商,Mohawk 完全有能力抓住這些機遇。」
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 垂直一體化的製造和分銷流程在地毯、地氈、瓷磚、層壓板、木質、石質和乙烯基地板的生產中提供了競爭優勢。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、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;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;與 COVID-19 疫情相關的風險和不確定性;公司開展業務所在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 2023 年 10 月 27 日星期五上午 11:00
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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
(Amounts in thousands, except per share data) | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||
Net sales | $ | 2,766,186 | 2,917,539 | 8,522,837 | 9,086,390 | ||||||||
Cost of sales | 2,074,179 | 2,203,878 | 6,455,479 | 6,697,404 | |||||||||
Gross profit | 692,007 | 713,661 | 2,067,358 | 2,388,986 | |||||||||
Selling, general and administrative expenses | 549,641 | 523,479 | 1,646,156 | 1,510,076 | |||||||||
Impairment of goodwill and indefinite-lived intangibles | 876,108 | 695,771 | 876,108 | 695,771 | |||||||||
Operating income (loss) | (733,742 | ) | (505,589 | ) | (454,906 | ) | 183,139 | ||||||
Interest expense | 20,144 | 13,797 | 60,138 | 37,337 | |||||||||
Other (income), net | (8,551 | ) | (1,242 | ) | (6,902 | ) | (1,622 | ) | |||||
Earnings (loss) before income taxes | (745,335 | ) | (518,144 | ) | (508,142 | ) | 147,424 | ||||||
Income tax expense | 14,954 | 15,569 | 70,657 | 155,193 | |||||||||
Net earnings (loss) including noncontrolling interests | (760,289 | ) | (533,713 | ) | (578,799 | ) | (7,769 | ) | |||||
Net earnings attributable to noncontrolling interests | 170 | 256 | 205 | 440 | |||||||||
Net earnings (loss) attributable to Mohawk Industries, Inc. | $ | (760,459 | ) | (533,969 | ) | (579,004 | ) | (8,209 | ) | ||||
Basic earnings (loss) per share attributable to Mohawk Industries, Inc. | $ | (11.94 | ) | (8.40 | ) | (9.10 | ) | (0.13 | ) | ||||
Weighted-average common shares outstanding – basic | 63,682 | 63,534 | 63,648 | 63,923 | |||||||||
Diluted earnings (loss) per share attributable to Mohawk Industries, Inc. | $ | (11.94 | ) | (8.40 | ) | (9.10 | ) | (0.13 | ) | ||||
Weighted-average common shares outstanding – diluted | 63,682 | 63,534 | 63,648 | 63,923 |
Other Financial Information | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
(Amounts in thousands) | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||
Net cash provided by operating activities | $ | 512,034 | 224,774 | 1,032,907 | 427,435 | ||||||||
Less: Capital expenditures | 127,419 | 150,044 | 372,565 | 430,084 | |||||||||
Free cash flow | $ | 384,615 | 74,730 | 660,342 | (2,649 | ) | |||||||
Depreciation and amortization | $ | 149,570 | 153,466 | 476,112 | 436,449 |
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
(Amounts in thousands) | September 30, 2023 | October 1, 2022 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 518,452 | 326,971 | ||||
Short-term investments | — | 110,000 | |||||
Receivables, net | 1,943,147 | 2,003,261 | |||||
Inventories | 2,519,709 | 2,900,116 | |||||
Prepaid expenses and other current assets | 523,017 | 513,981 | |||||
Total current assets | 5,504,325 | 5,854,329 | |||||
Property, plant and equipment, net | 4,788,825 | 4,524,536 | |||||
Right of use operating lease assets | 404,477 | 400,412 | |||||
Goodwill | 1,125,434 | 1,827,968 | |||||
Intangible assets, net | 854,427 | 823,100 | |||||
Deferred income taxes and other non-current assets | 461,007 | 370,689 | |||||
Total assets | $ | 13,138,495 | 13,801,034 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt and current portion of long-term debt | $ | 922,697 | 1,542,139 | ||||
Accounts payable and accrued expenses | 2,159,499 | 2,256,097 | |||||
Current operating lease liabilities | 106,378 | 106,511 | |||||
Total current liabilities | 3,188,574 | 3,904,747 | |||||
Long-term debt, less current portion | 1,675,590 | 1,019,984 | |||||
Non-current operating lease liabilities | 314,984 | 306,617 | |||||
Deferred income taxes and other long-term liabilities | 687,957 | 744,629 | |||||
Total liabilities | 5,867,105 | 5,975,977 | |||||
Total stockholders’ equity | 7,271,390 | 7,825,057 | |||||
Total liabilities and stockholders’ equity | $ | 13,138,495 | 13,801,034 |
Segment Information | ||||||||||||||
Three Months Ended | As of or for the Nine Months Ended | |||||||||||||
(Amounts in thousands) | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||
Net sales: | ||||||||||||||
Global Ceramic | $ | 1,091,672 | 1,096,656 | 3,306,368 | 3,319,982 | |||||||||
Flooring NA | 962,222 | 1,089,634 | 2,917,337 | 3,261,082 | ||||||||||
Flooring ROW | 712,292 | 731,249 | 2,299,132 | 2,505,326 | ||||||||||
Consolidated net sales | $ | 2,766,186 | 2,917,539 | $ | 8,522,837 | 9,086,390 | ||||||||
Operating income (loss): | ||||||||||||||
Global Ceramic | $ | (355,304 | ) | (559,706 | ) | (207,953 | ) | (305,099 | ) | |||||
Flooring NA | (166,973 | ) | 64,672 | (131,787 | ) | 260,026 | ||||||||
Flooring ROW | (159,569 | ) | 45,508 | 2,590 | 304,265 | |||||||||
Corporate and intersegment eliminations | (51,896 | ) | (56,063 | ) | (117,756 | ) | (76,053 | ) | ||||||
Consolidated operating income (loss) | $ | (733,742 | ) | (505,589 | ) | (454,906 | ) | 183,139 | ||||||
Assets: | ||||||||||||||
Global Ceramic | $ | 4,905,861 | 4,866,822 | |||||||||||
Flooring NA | 3,911,708 | 4,490,502 | ||||||||||||
Flooring ROW | 3,857,628 | 4,036,675 | ||||||||||||
Corporate and intersegment eliminations | 463,298 | 407,035 | ||||||||||||
Consolidated assets | $ | 13,138,495 | 13,801,034 |
Reconciliation of Net Earnings (Loss) 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 | Nine Months Ended | ||||||||||||
(Amounts in thousands, except per share data) | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||
Net earnings (loss) attributable to Mohawk Industries, Inc. | $ | (760,459 | ) | (533,969 | ) | (579,004 | ) | (8,209 | ) | ||||
Adjusting items: | |||||||||||||
Restructuring, acquisition and integration-related and other costs | 47,081 | 34,460 | 120,732 | 38,118 | |||||||||
Inventory step-up from purchase accounting | (105 | ) | 1,401 | 4,476 | 1,544 | ||||||||
Impairment of goodwill and indefinite-lived intangibles | 876,108 | 695,771 | 876,108 | 695,771 | |||||||||
Legal settlements, reserves and fees | 43,464 | 45,000 | 92,476 | 45,000 | |||||||||
Release of indemnification asset | (1,890 | ) | — | (2,850 | ) | 7,324 | |||||||
Income taxes – reversal of uncertain tax position | 1,890 | — | 2,850 | (7,324 | ) | ||||||||
Income taxes – impairment of goodwill and indefinite-lived intangibles | (12,838 | ) | (10,168 | ) | (12,838 | ) | (10,168 | ) | |||||
Income tax effect of adjusting items | (19,594 | ) | (20,487 | ) | (40,234 | ) | (23,291 | ) | |||||
Adjusted net earnings attributable to Mohawk Industries, Inc. | $ | 173,657 | 212,008 | 461,716 | 738,765 | ||||||||
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 2.72 | 3.34 | 7.23 | 11.56 | ||||||||
Weighted-average common shares outstanding – diluted | 63,934 | 63,534 | 63,883 | 63,923 |
Reconciliation of Total Debt to Net Debt | ||||
(Amounts in thousands) | September 30, 2023 | |||
Short-term debt and current portion of long-term debt | $ | 922,697 | ||
Long-term debt, less current portion | 1,675,590 | |||
Total debt | 2,598,287 | |||
Less: Cash and cash equivalents | 518,452 | |||
Net debt | $ | 2,079,835 |
Reconciliation of Net Earnings to Adjusted EBITDA | ||||||||||||||||
Trailing Twelve | ||||||||||||||||
Three Months Ended | Months Ended | |||||||||||||||
(Amounts in thousands) | December 31,2022 | April 1,2023 | July 1,2023 | September 30,2023 | September 30,2023 | |||||||||||
Net earnings (loss) including noncontrolling interests | $ | 33,552 | 80,276 | 101,214 | (760,289 | ) | (545,247 | ) | ||||||||
Interest expense | 14,601 | 17,137 | 22,857 | 20,144 | 74,739 | |||||||||||
Income tax expense | 2,917 | 28,943 | 26,760 | 14,954 | 73,574 | |||||||||||
Net (earnings) loss attributable to noncontrolling interests | (96 | ) | (38 | ) | 3 | (170 | ) | (301 | ) | |||||||
Depreciation and amortization(1) | 159,014 | 169,909 | 156,633 | 149,570 | 635,126 | |||||||||||
EBITDA | 209,988 | 296,227 | 307,467 | (575,791 | ) | 237,891 | ||||||||||
Restructuring, acquisition and integration-related and other costs | 33,875 | 8,971 | 33,682 | 47,606 | 124,134 | |||||||||||
Inventory step-up from purchase accounting | 1,218 | 3,305 | 1,276 | (105 | ) | 5,694 | ||||||||||
Impairment of goodwill and indefinite-lived intangibles | — | — | 876,108 | 876,108 | ||||||||||||
Legal settlements, reserves and fees, net of insurance proceeds | 9,231 | 990 | 48,022 | 43,464 | 101,707 | |||||||||||
Release of indemnification asset | (89 | ) | (857 | ) | (103 | ) | (1,890 | ) | (2,939 | ) | ||||||
Adjusted EBITDA | $ | 254,223 | 308,636 | 390,344 | 389,392 | 1,342,595 | ||||||||||
Net debt to adjusted EBITDA | 1.5 |
(1) Includes accelerated depreciation of $15,915 for Q4 2022, $23,019 for Q1 2023, $7,978 for Q2 2023 and ($525) for Q3 2023.
Reconciliation of Net Sales to Adjusted Net Sales | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
(Amounts in thousands) | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||
Mohawk Consolidated | |||||||||||||
Net sales | $ | 2,766,186 | 2,917,539 | 8,522,837 | 9,086,390 | ||||||||
Adjustment for constant shipping days | 2,473 | — | 18,829 | — | |||||||||
Adjustment for constant exchange rates | 11,230 | — | 61,566 | — | |||||||||
Adjustment for acquisition volume | (97,312 | ) | — | (306,349 | ) | — | |||||||
Adjusted net sales | $ | 2,682,577 | 2,917,539 | 8,296,883 | 9,086,390 |
Three Months Ended | |||||||
September 30, 2023 | October 1, 2022 | ||||||
Global Ceramic | |||||||
Net sales | $ | 1,091,672 | 1,096,656 | ||||
Adjustment for constant shipping days | 2,472 | — | |||||
Adjustment for constant exchange rates | 19,362 | — | |||||
Adjustment for acquisition volume | (82,571 | ) | — | ||||
Adjusted net sales | $ | 1,030,935 | 1,096,656 | ||||
Flooring NA | |||||||
Net sales | $ | 962,222 | 1,089,634 | ||||
Adjustment for acquisition volume | (5,233 | ) | — | ||||
Adjusted net sales | $ | 956,989 | 1,089,634 |
Flooring ROW | |||||||
Net sales | $ | 712,292 | 731,249 | ||||
Adjustment for constant exchange rates | (8,132 | ) | — | ||||
Adjustment for acquisition volume | (9,509 | ) | — | ||||
Adjusted net sales | $ | 694,651 | 731,249 |
Reconciliation of Gross Profit to Adjusted Gross Profit | |||||||
Three Months Ended | |||||||
(Amounts in thousands) | September 30, 2023 | October 1, 2022 | |||||
Gross Profit | $ | 692,007 | 713,661 | ||||
Adjustments to gross profit: | |||||||
Restructuring, acquisition and integration-related and other costs | 42,663 | 30,422 | |||||
Inventory step-up from purchase accounting | (105 | ) | 1,401 | ||||
Adjusted gross profit | $ | 734,565 | 745,484 |
Adjusted gross profit as a percent of net sales | 26.6 | % | 25.6 | % |
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses | |||||||
Three Months Ended | |||||||
(Amounts in thousands) | September 30, 2023 | October 1, 2022 | |||||
Selling, general and administrative expenses | $ | 549,641 | 523,479 | ||||
Adjustments to selling, general and administrative expenses: | |||||||
Restructuring, acquisition and integration-related and other costs | (4,420 | ) | (4,117 | ) | |||
Legal settlements, reserves and fees | (43,464 | ) | (45,000 | ) | |||
Adjusted selling, general and administrative expenses | $ | 501,757 | 474,362 |
Adjusted selling, general and administrative expenses as a percent of net sales | 18.1 | % | 16.3 | % |
Reconciliation of Operating Income (loss) to Adjusted Operating Income | |||||||
Three Months Ended | |||||||
(Amounts in thousands) | September 30, 2023 | October 1, 2022 | |||||
Mohawk Consolidated | |||||||
Operating earnings (loss) | $ | (733,742 | ) | (505,589 | ) | ||
Adjustments to operating earnings (loss): | |||||||
Restructuring, acquisition and integration-related and other costs | 47,083 | 34,539 | |||||
Inventory step-up from purchase accounting | (105 | ) | 1,401 | ||||
Impairment of goodwill and indefinite-lived intangibles | 876,108 | 695,771 | |||||
Legal settlements, reserves and fees | 43,464 | 45,000 | |||||
Adjusted operating income | $ | 232,808 | 271,122 |
Adjusted operating income as a percent of net sales | 8.4 | % | 9.3 | % |
Global Ceramic | |||||||
Operating earnings (loss) | $ | (355,304 | ) | (559,706 | ) | ||
Adjustments to segment operating income (loss): | |||||||
Restructuring, acquisition and integration-related and other costs | 17,762 | 3,366 | |||||
Impairment of goodwill and indefinite-lived intangibles | 425,232 | 688,514 | |||||
Inventory step-up from purchase accounting | (105 | ) | — | ||||
Adjusted segment operating income | $ | 87,585 | 132,174 |
Adjusted segment operating income as a percent of net sales | 8.0 | % | 12.1 | % |
Flooring NA | |||||||
Operating income (loss) | $ | (166,973 | ) | 64,672 | |||
Adjustments to segment operating income (loss): | |||||||
Restructuring, acquisition and integration-related and other costs | 27,323 | 20,223 | |||||
Legal settlements and reserves | 1,500 | — | |||||
Acquisitions purchase accounting, including inventory step-up | — | 1,401 | |||||
Impairment of goodwill and indefinite-lived intangibles | 215,809 | 1,407 | |||||
Adjusted segment operating income | $ | 77,659 | 87,703 |
Adjusted segment operating income as a percent of net sales | 8.1 | % | 8.0 | % |
Flooring ROW | |||||||
Operating income (loss) | $ | (159,569 | ) | 45,508 | |||
Adjustments to segment operating income (loss): | |||||||
Restructuring, acquisition and integration-related and other costs | 1,836 | 10,950 | |||||
Impairment of goodwill and indefinite-lived intangibles | 235,067 | 5,850 | |||||
Adjusted segment operating income | $ | 77,334 | 62,308 |
Adjusted segment operating income as a percent of net sales | 10.9 | % | 8.5 | % |
Corporate and intersegment eliminations | |||||||
Operating (loss) | $ | (51,896 | ) | (56,063 | ) | ||
Adjustments to segment operating (loss): | |||||||
Restructuring, acquisition and integration-related and other costs | 162 | — | |||||
Legal settlement, reserves and fees | 41,964 | 45,000 | |||||
Adjusted segment operating (loss) | $ | (9,770 | ) | (11,063 | ) |
Reconciliation of Earnings (Loss) Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes | |||||||
Three Months Ended | |||||||
(Amounts in thousands) | September 30, 2023 | October 1, 2022 | |||||
Earnings (loss) before income taxes | $ | (745,335 | ) | (518,144 | ) | ||
Net earnings (loss) attributable to noncontrolling interests | (170 | ) | (256 | ) | |||
Adjustments to earnings (loss) including noncontrolling interests before income taxes: | |||||||
Restructuring, acquisition and integration-related and other costs | 47,081 | 34,460 | |||||
Inventory step-up from purchase accounting | (105 | ) | 1,401 | ||||
Impairment of goodwill and indefinite-lived intangibles | 876,108 | 695,771 | |||||
Legal settlements, reserves and fees | 43,464 | 45,000 | |||||
Release of indemnification asset | (1,890 | ) | — | ||||
Adjusted earnings including noncontrolling interests before income taxes | $ | 219,153 | 258,232 |
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense | |||||||
Three Months Ended | |||||||
(Amounts in thousands) | September 30, 2023 | October 1, 2022 | |||||
Income tax expense | $ | 14,954 | 15,569 | ||||
Income taxes – reversal of uncertain tax position | (1,890 | ) | — | ||||
Income tax effect on impairment of goodwill and indefinite-lived intangibles | 12,838 | 10,168 | |||||
Income tax effect of adjusting items | 19,594 | 20,487 | |||||
Adjusted income tax expense | $ | 45,496 | 46,224 | ||||
Adjusted income tax rate | 20.8 | % | 17.9 | % |
該公司補充了根據美國公認會計原則編制和列報的簡明合併財務報表,並採用了某些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,上表顯示了公司的非公認會計原則財務指標與最直接可比較的美國公認會計原則財務指標的核對。除了可比較的美國公認會計原則指標之外,還應考慮上述每項非公認會計原則指標,但這些指標可能無法與其他公司報告的類似標題的指標進行比較。該公司認為,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保持一致後,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成長趨勢以及當前收入與之前和未來期間的比較,非公認會計原則盈利指標有助於了解公司業務的長期盈利趨勢以及當前利潤與之前和未來期間的比較。
本公司將某些指標排除在非公認會計原則收入指標之外,因為這些指標在不同期間之間可能存在巨大差異,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。
公司從其非公認會計原則盈利指標中排除了某些項目,因為這些項目可能並不代表公司的核心營運業績,也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、收購和整合相關成本及其他成本、訴訟和解、準備金和費用(扣除保險收益)、商譽和無限期無形資產減損、併購會計(包括從併購會計中遞增的存貨)、賠償資產的釋放以及不確定的稅務狀況的逆轉。
聯絡人:
James Brunk, 財務總監
(706) 624-2239
新聞來源:GLOBE NEWSWIRE
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