Mohawk Industries 公佈第 4 季度業績

卡爾霍恩，喬治亞州, Feb. 12, 2024 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK) 今天公佈了 2023 年第 4 季度業績，純利為 1.39 億美元，每股盈利（「EPS」）為 2.18 美元；調整後純利為 1.25 億美元，調整後每股盈利則為 1.96 美元。2023 年第 4 季度的淨銷售額為 26 億美元，按報告較上年下跌1.4%，按傳統及不變基礎計算則跌4.1%。2022 年第 4 季度，公司報告的淨銷售額為 27 億美元，純利為 3,300 萬美元，每股盈利為 0.52 美元；調整後純利為 8,400 萬美元，而調整後每股盈利則為 1.32 美元。

截至 2023 年 12 月 31 日止12 個月，公司報告的淨虧損為 4.4 億美元，每股虧損為 6.90 美元，其中包括 8.78 億美元的非現金減值支出；調整後純利為 5.87 億美元，調整後每股盈利為 9.19 美元。在 2023 年的十二個月期間，淨銷售額為 111 億美元，按報告較上年下跌5.1%，按傳統及不變基礎計算則跌 7.7%。截至 2022 年 12 月 31 日止 12 個月，公司報告的淨銷售額為 117 億美元，純利為 2,500 萬美元，每股盈利為 0.39 美元；調整後純利為 8.23 億美元，調整後每股盈利為 12.85 美元。

主席暨行政總裁 Jeff Lorberbaum 評論公司第四季及全年業績時表示：「第四季度業績超出我們預期，受惠於成本控制、生產力和投入成本下降。業界降低了銷售價格，而在能源及原材料成本下跌的情況下我們安然渡過。在這些情況下，透過重組活動和提升製造力，我們著眼於優化收入及降低成本。我們採用積極主動的方式管理庫存量，撇除收購以外，營運資金較上年減少超過 3 億美元。我們亦有投資於銷售資源、採購及具有創新功能的新產品，以激發消費者購買地板產品。年終時的淨負債與調整後稅息折舊及攤銷前利潤比率為 1.5 倍，自由現金流為 7.16 億美元，可用流動資金為 19 億美元。於 2024 年首季度，公司正在償還約 9 億美元較高利息的定期貸款。我們有充足能力管理目前的狀況，於此經濟週期中，當市場出現反彈時，我們可望變得更加強大。

於第四季度，環球瓷磚分部按報告淨銷售額上升0.6%，按傳統及不變基礎計算則下降4.7%。該分部的營業利潤率按報告為 4.2%，經調整後為 4.8%。縱觀整個分部，我們現正管理生產以符合需求，全年的庫存量已大幅減少。為控制成本，我們提高了生產力，減少經常性開支，並且採用了替代配方。在美國，我們透過本地服務中心擴大了分銷範圍，並提供具高端意大利風格的全新系列，以提升我們的產品組合。我們已經整合墨西哥的 Vitromex 及巴西的 Elizabeth，著手提升我們的銷售、市場推廣及營運策略。由於加息及經濟放緩，來自這兩國的需求去年顯著下跌，導致公司的業績受挫。在意大利，我們正完善近期在優質瓷板方面的擴張，以滿足住宅及商用渠道日益增長的需求。

於第四季度，環球其他地區地板分部的淨銷售額按報告下跌 1.5%，按原有固定匯率計算則減少 4.1%。該分部的營業利潤率按報告為 9.5%，經調整後為 10.6%。歐洲建築產品類別仍然備受壓力，消費者保持審慎，而零售商亦減少其存貨水平。在實施嚴謹成本控制的同時，我們正在投資於 2024 年的新產品，並會以令人振奮的互動式商品陳列，為旗艦品牌 Quick-Step 重新注入活力。我們即將完成向剛性 LVT 地板的過渡，而住宅用的靈活產品線亦已停產。鑑於週期性的定價高企，以至產能過剩令競爭環境加劇，年內公司在木護牆板方面的業績表現有所下跌。我們持續於該分部實施重組活動，並加強近期在歐洲進行的規模較小的補強型收購，當中包括絕緣材料、中密度纖維板、乙烯基塑膠片及夾層地板。

於第四季度，北美地板分部的銷售下跌 3.6%。該分部的營業利潤率按報告為 8.2%，經調整後為 6.9%。市場承接量減少導致行業利用率偏低，以及市場競爭激烈。我們正繼續投資於銷售及市場推廣計劃，以擴大分銷範圍及改善長期增長。為加強業務，我們現正進行資本投資以提高我們的差異化特徵，並降低製造成本。在每個產品類別中，我們現正引入創新的系列，市場反應良好。商用銷售渠道表現超乎預期，由酒店款待業獨領風騷。我們現正利用客戶關係的影響力來擴大針刺地板和飾邊的收購。

踏入 2024 年，行業進入了週期性的低谷，我們預計首季度的季節性因素會與長期歷史水平更為一致。我們的業務正盡量降低支出、減少經常性開支及重組業務營運，以應對當前市況。我們正持續投資於創新產品以提高銷售額及產品組合。有鑑於競爭壓力，我們正調整產量和降低投入成本。我們持續對庫存量作出管理，預計亦會因應需要出現暫時性關閉。所有業務現正實施流程強化措施，以減輕通脹帶來的影響。考慮到這些因素，我們預計首季度的調整後每股盈利將介乎 1.60 至 1.70 美元之間。

在過去 18 個月，我們在公司範圍內採取了許多行動來改善成本結構，將產量控制在較低水平，並對近期的收購作出整合。結合這些行動，隨著我們走出此週期的低谷，以及行業市場環境的好轉，應會令公司下半年的業績得以改善。市場預期各央行將會減息，令房屋銷售、住宅改建及商業項目得以擴張。地板類別產品改善的幅度，將取決於通脹率、消費者信心及房屋銷售的勢頭。我們相信，基於目前的地緣政治壓力，美國及拉美市場好轉的時間或會早於歐洲。在過去幾次房地產經濟衰退過後，行業均出現持續多年的反彈，以及銷售額和利潤率上升。我們服務所在地區的房屋供應仍然短缺，需要增加庫存舊屋的改建投資。我們的重組活動、對新科技的投資、具針對性的擴張及近期的收購，讓我們得以進一步擴展業務。作為全球最具規模的地板公司，當市場復甦時，我們相信公司獨特的定位可令業績好轉。」

關於 MOHAWK INDUSTRIES

Mohawk Industries 是全球頂尖的地板製造商，創製的產品致力提升世界各地的住宅和商業空間。Mohawk 垂直整合了製造與分銷流程，為地氈、小地毯、瓷磚、層壓材料、木材、石材及乙烯基塑料地板的生產提供了競爭優勢。我們的創新能力於業內傲視同儕，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。公司的多個品牌均獲得業界高度認可，當中包括 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 及 Vitromex。Mohawk 在過去十年間成功從一家美國地氈製造商轉型為全球最大地板公司，其業務範圍遍及澳洲、巴西、加拿大、歐洲、馬來西亞、墨西哥、紐西蘭、俄羅斯及美國。

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條款的保護。無法保證前瞻性陳述的準確性，因為其基於許多假設，涉及諸多風險和不確定性。下列重要因素可能會導致未來結果有所不同：經濟或行業經濟環境的轉變；競爭；運費、原材料價格及其他投入成本出現通脹及通縮；消費市場出現通脹及通縮；貨幣波動；能源成本及供應；資本支出的時機及水平；公司產品價格上升的時機及實施；減值支出；收購整合；國際業務營運；推出或引入新產品；營運合理化；稅項和稅務改革；產品和其他索償；訴訟；地緣政治衝突；公司經營業務所在司法管轄區的監管和政局轉變；以及在 Mohawk 證券交易委員會 (SEC) 報告及公告中所指出的其他風險。

電話會議於 2024 年 2 月 9 日（星期五）美國東岸時間上午 11 時召開

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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three Months Ended						Twelve Months Ended
(Amounts in thousands, except per share data)	December 31, 2023				December 31, 2022		December 31, 2023			December 31, 2022
Net sales	$	2,612,278			2,650,675		11,135,115			11,737,065
Cost of sales		1,969,984			2,096,235		8,425,463			8,793,639
Gross profit		642,294			554,440		2,709,652			2,943,426
Selling, general and administrative expenses		473,560			493,362		2,119,716			2,003,438
Impairment of goodwill and indefinite-lived intangibles		1,636			—		877,744			695,771
Operating income (loss)		167,098			61,078		(287,808	)		244,217
Interest expense		17,376			14,601		77,514			51,938
Other (income) expense, net		(3,911	)		10,008		(10,813	)		8,386
Earnings (loss) before income taxes		153,633			36,469		(354,509	)		183,893
Income tax expense		14,205			2,917		84,862			158,110
Net earnings (loss) including noncontrolling interests		139,428			33,552		(439,371	)		25,783
Net earnings (loss) attributable to noncontrolling interests		(60	)		96		145			536
Net earnings (loss) attributable to Mohawk Industries, Inc.	$	139,488			33,456		(439,516	)		25,247
Basic earnings (loss) per share attributable to Mohawk Industries, Inc.	$	2.19			0.53		(6.90	)		0.40
Weighted-average common shares outstanding – basic		63,683			63,534		63,657			63,826
Diluted earnings (loss) per share attributable to Mohawk Industries, Inc.	$	2.18			0.52		(6.90	)		0.39
Weighted-average common shares outstanding – diluted		63,938			63,792		63,657			64,062

Other Financial Information
	Three Months Ended					Twelve Months Ended
(Amounts in thousands)	December 31, 2023			December 31, 2022		December 31, 2023		December 31, 2022
Net cash provided by operating activities	$	296,322		241,718		1,329,229		669,153
Less: Capital expenditures		240,364		150,658		612,929		580,742
Free cash flow	$	55,958		91,060		716,300		88,411
Depreciation and amortization	$	154,215		159,014		630,327		595,464

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands)	December 31, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	642,550		509,623
Short-term investments		—		158,000
Receivables, net		1,874,656		1,904,786
Inventories		2,551,853		2,793,765
Prepaid expenses and other current assets		535,158		528,925
Total current assets		5,604,217		5,895,099
Property, plant and equipment, net		4,993,166		4,661,178
Right of use operating lease assets		428,532		387,816
Goodwill		1,159,724		1,927,759
Intangible assets, net		875,383		857,948
Deferred income taxes and other non-current assets		498,847		390,632
Total assets	$	13,559,869		14,120,432
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	1,001,715		840,571
Accounts payable and accrued expenses		2,035,339		2,124,448
Current operating lease liabilities		108,860		105,266
Total current liabilities		3,145,914		3,070,285
Long-term debt, less current portion		1,701,785		1,978,563
Non-current operating lease liabilities		337,506		296,136
Deferred income taxes and other long-term liabilities		745,528		757,534
Total liabilities		5,930,733		6,102,518
Total stockholders’ equity		7,629,136		8,017,914
Total liabilities and stockholders’ equity	$	13,559,869		14,120,432

Segment Information
	Three Months Ended							As of or for the Twelve Months Ended
(Amounts in thousands)	December 31, 2023				December 31, 2022			December 31, 2023				December 31, 2022
Net sales:
Global Ceramic	$	993,739			987,699				4,300,107			4,307,681
Flooring NA		912,049			945,959				3,829,386			4,207,041
Flooring ROW		706,490			717,017				3,005,622			3,222,343
Consolidated net sales	$	2,612,278			2,650,675				11,135,115			11,737,065
Operating income (loss):
Global Ceramic	$	41,505			69,033				(166,448	)		(236,066	)
Flooring NA		74,605			(28,950	)			(57,182	)		231,076
Flooring ROW		67,137			35,902				69,727			340,167
Corporate and intersegment eliminations		(16,149	)		(14,907	)			(133,905	)		(90,960	)
Consolidated operating income (loss)	$	167,098			61,078				(287,808	)		244,217
Assets:
Global Ceramic								$	4,988,347			4,841,310
Flooring NA									3,909,943			4,299,360
Flooring ROW									4,051,647			4,275,519
Corporate and intersegment eliminations									609,932			704,243
Consolidated assets								$	13,559,869			14,120,432

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							Twelve Months Ended
(Amounts in thousands, except per share data)	December 31, 2023				December 31, 2022			December 31, 2023			December 31, 2022
Net earnings (loss) attributable to Mohawk Industries, Inc.	$	139,488			33,456			(439,516	)		25,247
Adjusting items:
Restructuring, acquisition and integration-related and other costs		8,591			49,701			129,323			87,819
Inventory step-up from purchase accounting		—			1,218			4,476			2,762
Impairment of goodwill and indefinite-lived intangibles		1,636			—			877,744			695,771
Legal settlements, reserves and fees		(4,652	)		9,231			87,824			54,231
Release of indemnification asset		(107	)		—			(2,957	)		7,324
Income taxes – reversal of uncertain tax position		107			—			2,957			(7,324	)
Income taxes – impairment of goodwill and indefinite-lived intangibles		—			—			(12,838	)		(10,168	)
European tax restructuring		(9,999	)		—			(9,999	)		—
Income tax effect of adjusting items		(9,805	)		(9,245	)		(50,038	)		(32,536	)
Adjusted net earnings attributable to Mohawk Industries, Inc.	$	125,259			84,361			586,976			823,126
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.	$	1.96			1.32			9.19			12.85
Weighted-average common shares outstanding – diluted		63,938			63,792			63,892			64,062

Reconciliation of Total Debt to Net Debt
(Amounts in thousands)	December 31, 2023
Short-term debt and current portion of long-term debt	$	1,001,715
Long-term debt, less current portion		1,701,785
Total debt		2,703,500
Less: Cash and cash equivalents		642,550
Net debt	$	2,060,950

Reconciliation of Net Earnings(Loss) to Adjusted EBITDA
												Trailing Twelve
		Three Months Ended													Months Ended
(Amounts in thousands)		April 1, 2023				July 1, 2023			September 30, 2023			December 31, 2023			December 31, 2023
Net earnings (loss) including noncontrolling interests		$	80,276			101,214			(760,289	)		139,428			(439,371	)
Interest expense			17,137			22,857			20,144			17,376			77,514
Income tax expense			28,943			26,760			14,954			14,205			84,862
Net (earnings) loss attributable to noncontrolling interests			(38	)		3			(170	)		60			(145	)
Depreciation and amortization(1)			169,909			156,633			149,570			154,215			630,327
EBITDA			296,227			307,467			(575,791	)		325,284			353,187
Restructuring, acquisition and integration-related and other costs			8,971			33,682			47,606			5,959			96,218
Inventory step-up from purchase accounting			3,305			1,276			(105	)		—			4,476
Impairment of goodwill and indefinite-lived intangibles			—			—			876,108			1,636			877,744
Legal settlements, reserves and fees			990			48,022			43,464			(4,652	)		87,824
Release of indemnification asset			(857	)		(103	)		(1,890	)		(107	)		(2,957	)
Adjusted EBITDA		$	308,636			390,344			389,392			328,120			1,416,492
Net debt to adjusted EBITDA															1.5

⁽¹⁾Includes accelerated depreciation of $23,019 for Q1 2023, $7,978 for Q2 2023, ($525) for Q3 2023 and $2,632 for Q4 2023.

Reconciliation of Net Sales to Adjusted Net Sales
	Three Months Ended						Twelve Months Ended
(Amounts in thousands)	December 31, 2023				December 31, 2022		December 31, 2023			December 31, 2022
Mohawk Consolidated
Net sales	$	2,612,278			2,650,675		11,135,115			11,737,065
Adjustment for constant shipping days		1,878			—		20,707			—
Adjustment for constant exchange rates		9,987			—		71,553			—
Adjustment for acquisition volume		(82,669	)		—		(389,018	)		—
Adjusted net sales	$	2,541,474			2,650,675		10,838,357			11,737,065

	Three Months Ended
	December 31, 2023				December 31, 2022
Global Ceramic
Net sales	$	993,739			987,699
Adjustment for constant shipping days		12,719			—
Adjustment for constant exchange rates		15,521			—
Adjustment for acquisition volume		(80,321	)		—
Adjusted net sales	$	941,658			987,699

Flooring ROW
Net sales		$	706,490			717,017
Adjustment for constant shipping days			(10,841	)		—
Adjustment for constant exchange rates			(5,534	)		—
Adjustment for acquisition volume			(2,348	)		—
Adjusted net sales		$	687,767			717,017

Reconciliation of Gross Profit to Adjusted Gross Profit
	Three Months Ended
(Amounts in thousands)	December 31, 2023			December 31, 2022
Gross Profit	$	642,294		554,440
Adjustments to gross profit:
Restructuring, acquisition and integration-related and other costs		2,829		39,159
Inventory step-up from purchase accounting		—		1,218
Adjusted gross profit	$	645,123		594,817

Adjusted gross profit as a percent of net sales

24.7

%

22.4

%

Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses
		Three Months Ended
(Amounts in thousands)		December 31, 2023				December 31, 2022
Selling, general and administrative expenses		$	473,560			493,362
Adjustments to selling, general and administrative expenses:
Restructuring, acquisition and integration-related and other costs			(8,507	)		(8,480	)
Legal settlements, reserves and fees			4,652			(9,231	)
Adjusted selling, general and administrative expenses		$	469,705			475,651

Adjusted selling, general and administrative expenses as a percent of net sales

18.0

%

17.9

%

Reconciliation of Operating Income (Loss) to Adjusted Operating Income
	Three Months Ended
(Amounts in thousands)	December 31, 2023				December 31, 2022
Mohawk Consolidated
Operating income	$	167,098			61,078
Adjustments to operating income:
Restructuring, acquisition and integration-related and other costs		11,336			47,639
Inventory step-up from purchase accounting		—			1,218
Impairment of goodwill and indefinite-lived intangibles		1,636			—
Legal settlements, reserves and fees		(4,652	)		9,231
Adjusted operating income	$	175,418			119,166

Adjusted operating income as a percent of net sales

6.7

%

4.5

%

Global Ceramic
Operating income		$	41,505		69,033
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			4,907		1,054
Impairment of goodwill and indefinite-lived intangibles			1,636		—
Adjusted segment operating income		$	48,048		70,087

Adjusted segment operating income as a percent of net sales

4.8

%

7.1

%

Flooring NA
Operating income (loss)		$	74,605			(28,950	)
Adjustments to segment operating income (loss):
Restructuring, acquisition and integration-related and other costs			(1,113	)		28,174
Legal settlements, reserves and fees			(10,250	)		—
Adjusted segment operating income (loss)		$	63,242			(776	)

Adjusted segment operating income (loss) as a percent of net sales

6.9

%

(0.1)

%

Flooring ROW
Operating income		$	67,137		35,902
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			7,542		18,411
Acquisitions purchase accounting, including inventory step-up			—		1,218
Adjusted segment operating income		$	74,679		55,531

Adjusted segment operating income as a percent of net sales

10.6

%

7.7

%

Corporate and intersegment eliminations
Operating (loss)	$	(16,149	)		(14,907	)
Adjustments to segment operating (loss):
Legal settlement, reserves and fees		5,598			9,231
Adjusted segment operating (loss)	$	(10,551	)		(5,676	)

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)		December 31, 2023				December 31, 2022
Earnings before income taxes		$	153,633			36,469
Net earnings (loss) attributable to noncontrolling interests			60			(96	)
Adjustments to earnings including noncontrolling interests before income taxes:
Restructuring, acquisition and integration-related and other costs			8,591			49,701
Inventory step-up from purchase accounting			—			1,218
Impairment of goodwill and indefinite-lived intangibles			1,636			—
Legal settlements, reserves and fees			(4,652	)		9,231
Release of indemnification asset			(107	)		—
Adjusted earnings including noncontrolling interests before income taxes		$	159,161			96,523

Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
		Three Months Ended
(Amounts in thousands)		December 31, 2023				December 31, 2022
Income tax expense		$	14,205			2,917
Income taxes – reversal of uncertain tax position			(107	)		—
European tax restructuring			9,999			—
Income tax effect of adjusting items			9,805			9,245
Adjusted income tax expense		$	33,902			12,162
Adjusted income tax rate			21.3	%		12.6	%

公司會增補其簡明綜合財務報表，該報表根據美國公認會計原則 (US GAAP) 編製和呈列，當中包含若干非 GAAP 的財務指標。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較的美國 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。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 收入指標有助於識別增長趨勢，並將收入與過往及未來期間進行比較，非 GAAP 盈利能力指標有助於了解公司業務的長期盈利趨勢，並將其利潤與過往及未來期間進行比較。

公司將若干項目從其非 GAAP 收入指標中剔除，因為這些項目在不同期間可能會有很大差異，並且可能掩蓋潛在的業務趨勢。從公司非 GAAP 收入指標中剔除的項目包括：外幣交易及折算；在一段時間內較多或較少的運輸日數，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。從公司非 GAAP 盈利能力指標中剔除的項目包括：與重組、收購和整合相關的成本及其他成本、訴訟和解、儲備金和費用、商譽及無壽命限期無形資產的減值、購買會計，當中包括購買會計的存貨增加、釋出賠償資產、不確定稅務狀況的逆轉，以及歐洲稅務重組。

聯絡人：        
James Brunk，財務總監
(706) 624-2239