喬治亞洲卡爾霍恩, April 29, 2019 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2019 年第一季度的淨盈利為 1.22 億美元,攤薄後每股盈利(EPS)為 1.67 美元。調整後的淨盈利為 1.54 億美元,每股盈利為 2.13 美元,不包括調整、收購和其他費用。2019 年第一季度的淨銷售額為 24.4 億美元,本季度增長了 1 %,按固定貨幣和天數計算為 6 %。2018 年的第一季度淨銷售額為 24.1 億美元,淨盈利為 2.09 億美元,每股盈利為 2.78 美元,調整後淨盈利為 22.5 億美元,每股為 3.01 美元,不包括調整、收購和其他費用。
Mohawk Industries 主席兼行政總裁 Jeffrey S. Lorberbaum,就 Mohawk Industries 的第一季度業績作出評價,他指出「在第一季度,儘管大多數地區經濟疲軟和美元走強,降低了我們的轉換結果,但我們的結果亦符合預期。 當美國房地產市場開始走軟,並投入增加導致成本上升,但隨著我們進入第二季度。兩者都會出現改善的跡象。全球不均衝的需求影響數量,增加價格和組合的壓力。我們減少生產率以平衝客人的需求和管理營運資金的庫存。我們最近在澳洲、新西蘭和巴西的收購正走上正軌,我們對改善市場地位和成本的能力持樂觀的態度。」
「我們每一個企業都正採取具體行動來適應當前環境。我們正推出新的產品以區分我們發售和提高利潤率,同時我們亦提高價格以抵消更高的能源和物料。 我們已經取代了高成本資產,整合了低效率的營運,提升了製造流程以及減低了經常性開支。」
根據報告,本季度期間全球陶瓷部門的銷售額增加了 2.5 % ,以及按固定貨幣和天數計算增長 7 %。根據報告,該部門的經營利潤率為 9 % 或不包括其他費用的 10 %,由於通貨膨脹、臨時停工的成本和營銷投資部分抵消了生產力,因此同比下降。在美國,我們實施了多個類別的價格上調,以應對通貨膨脹和上升的運輸成本。我們通過加入獨特功能,如防滑、耐用和抗菌技術,以提升產品的價值。我們正在試驗快速安裝技術和開創全新的陶瓷天花系統。我們新創的石英台面工廠正按計劃進行,它將會補充石材來源和石英計劃。 為了減少營運開支,我們提升了機身配方、提高製造效率、維持成本和運費策略,以及減低行政和銷售費用。在墨西哥,我們透過擴展客戶群、擴展瓷器供應和支持專賣我們品牌產品的商鋪來擴大業務。我們實施價格上調措施,以彌補上升的天然氣、電力和運輸成本。在巴西,我們最近亦實施價格上調措施,以抵消政府規定的大幅度天然氣成本上漲。我們正在提升高端瓷器的混合物料,以及重開已停工的生產線。由於市場疲弱增加了歐洲市場的壓力,我們的銷售額是由商業、戶外和陶瓷板產品以及更具風格的中價產品所推動。我們正在重新調整 在歐洲工廠製造的產品及減少員工,以改善成本、配送及服務。在俄羅斯,我們的銷售額有顯著增加,而產品混合物料亦有改進,並且正在提高價格以彌補通脹。在這期間,為了支持進一步發展,我們完成了 瓷磚地板和牆磚的擴建。同時亦開始生產額外的板片和製造優質的衛生用品,以擴展服務。
根據報告,本季度期間北美地板部門銷售額減少了 3 %,按固定天數為 1.4 %。根據報告,該部門的經營利潤為 0.1 %,經調整後為 3.4 %。正如預期,該部門因銷量下降、庫存減少、高材料成本以及 LVT 製造差異而導致營運收入下降。由於上調零售活動和改善中的房屋環境,在進入第二季度後,該部門的業務有所改善。我們全新 ColorMax 技術融合了大地色調,在全國貿易展上被評為最佳創新地毯。我們實施的地毯價格上調政策被某部分的產品物料下降而抵消。由於新產品的發佈和通路區隔,因此我們的企業業務在本季度有所改善。我們最近對先進層壓板製造技術的投資,使我們可以擴展市場及提升混合物料。我們 LVT 持續大幅增長,我們主要的品牌旗下擁有不同功能的完整產品提供。我們已經取代了高成本資產,並正在鞏固五間企業和兩個倉庫,以減低開支和成本架構。我們正提升規劃策略,增加生產量並減低流程的變異,以促進這項重整。
根據報告,本季度我們的世界地板部門的銷售額增加了 6 %,以及按固定貨幣和天數計算增長為 16 %。根據報告,該部門的經營利潤為 14.5 %,調整後為 15.3 %,由於銷量增長及通脹下降由價格、結構和生產率抵消了一部分。歐洲經濟一直放緩,為我們的收入和利潤帶來壓力。我們提高了特定貨品的價格,以抵消持續的通貨膨脹和貨幣變化。由於我們新的 LVT 、乙烯基地板、層壓板和地毯磚業務的增長,該部門亦受到初始費用及吸收不足的影響。在層壓板方面,我們以獨特的技術領先歐洲市場,使產品成為替代木材的首選。我們在歐洲有專門生產層壓板工廠,因此他們能生產奢華或批量的產品,以改善生產效率及成本。我們的 LVT 製造業已得到大幅度的改善,我們正為品牌推出更嚴格的 LVT 系列產品。由於產量增加,我們正為設備進行改造,以減少流程限制。我們位於俄羅斯的全新乙烯基地板工廠,其產量和收益都超出預期。隨著解決了去年材料短缺及成本下降問題,我們的隔熱效果亦有所改善。由於我們持續建立特定市場和交易銷售,我們在比利時的全新地毯磚工廠運作良好。由於經濟和房屋銷售放緩,澳洲和紐西蘭市場亦面臨壓力。我們正提高價格以抵消成本增加,增加主因為當地貨幣疲弱、以高成本擠壓的資產、以及從美國業務及其他來源所供應的妙線。為了擴大我們在地板市場上的份額,我們推出了款式增強和表現更佳的新地毯產品,以及亦擴展硬面系列產品。
我們所有的業務正努力提高業績,主要專注改善製造 LVT 、美國地毯的表現、管理瓷磚業務和增加新投資的利用率。在美國,地板銷售額開始時較弱,而現在開始有所改善。在美國以外,大部分市場已經軟化,我們正根據需要進行調整。在整個業務內,我們正加強產品、減低成本並擴大工廠,以擴展產品組合。我們繼續上調價格以抵消通貨膨脹及恢復利潤。我們的 LVT 銷售額正顯著提升,而我們正對設備進行改造,以增加本年的產量和生產力。我們正在重組美國地毯和層壓板的資產,並重整歐洲瓷磚業務以改善成本和結果。隨著我們把收購的公司整合到業務中,它們為我們帶來了正面的影響。考慮到所有的因素,我們第二季度的每股盈利預計為 2.81 至 2.91 美元,不包括任何一次性費用。
我們正在投資新的產品和地理位置,以推動及加強業務的增長和改善執行力。我們正採取必要的措施,以適應現時狀況和長期提供最佳的盈利能力。
關於 MOHAWK INDUSTRIES
Mohawk Industries 是全球領先的地板製造公司,致力創造可提升全球住宅和商業空間的產品。Mohawk 垂直整合的製造和分銷流程在地毯、小毛毯、瓷磚、層壓板、木材、石材和乙烯基地板的生產方面擁有競爭優勢。我們行業領先的創新產品和技術使我們的品牌在市場上脫穎而出,並滿足所有改造和新建工程要求。我們是在行內最受認可的品牌,並包括American Olean 、Daltile 、Durkan 、Eliane 、Feltex 、Godfrey Hirst 、IVC 、Karastan 、Marazzi 、Mohawk 、Mohawk Group 、 Pergo 、Quick-Step 和 Unilin。在過去的十年裡,Mohawk 已經將其業務從一家美國地毯製造商轉變為世界上最大的地板公司,在澳洲、巴西、加拿大、歐洲、印度、馬來西亞、墨西哥、紐西蘭、俄羅斯和美國開展業務。
前面幾段中的某些陳述,特別是預測未來業績、業務前景、增長和經營策略以及類似事項以及包括「可能」、「應該」、「相信」、「預料」、「預期」和「估計」或類似可構成「前瞻性陳述」的字眼。對於這些陳述,Mohawk 受 1995 年美國私人證券訴訟改革法案中包含的前瞻性陳述的保護。 無法保證前瞻性陳述是準確的,因其基於許多假設、涉及風險和不確定性。以下的重要因素可導致未來結果不同:經濟或行業狀況的變化;競爭;原材料價格和其他投入成本的通貨膨脹和通貨緊縮;消費市場的通貨膨脹和通貨緊縮;能源成本和供應;資本支出的時間和水平;本公司產品價格上漲的時間和實施;減值費用;收購整合;國際業務;推出新產品;合理化運作;稅收和稅收改革、產品和其他索賠;訴訟;以及 Mohawk 的證券交易委員會報告和公告中所提及的其他風險。
電話會議 美國東部時間 2019年 4 月 26 日,上午 11 時
電話號碼為1-800-603-9255(美國/加拿大)及 1-706-634-2294 (國際/本地)。會議驗證碼:4699130。直至 2019 年 5 月 26 日都可以經致電 1-855-859-2056 (美國/加拿大)及 1-706-634-2294 (國際/本地)並輸入會議驗證碼: 4699130 收聽重播。
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
(Unaudited) | |||||||
Condensed Consolidated Statement of Operations Data | Three Months Ended | ||||||
(Amounts in thousands, except per share data) | March 30, 2019 | March 31, 2018 | |||||
Net sales | $ | 2,442,490 | 2,412,202 | ||||
Cost of sales | 1,817,563 | 1,707,510 | |||||
Gross profit | 624,927 | 704,692 | |||||
Selling, general and administrative expenses | 459,597 | 436,293 | |||||
Operating income | 165,330 | 268,399 | |||||
Interest expense | 10,473 | 7,528 | |||||
Other expense, net | (3,736 | ) | 3,998 | ||||
Earnings before income taxes | 158,593 | 256,873 | |||||
Income tax expense | 37,018 | 47,632 | |||||
Net earnings including noncontrolling interest | 121,575 | 209,241 | |||||
Net income attributable to noncontrolling interest | (10 | ) | 475 | ||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 121,585 | 208,766 | ||||
Basic earnings per share attributable to Mohawk Industries, Inc. | |||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | $ | 1.68 | 2.80 | ||||
Weighted-average common shares outstanding - basic | 72,342 | 74,453 | |||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | |||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 1.67 | 2.78 | ||||
Weighted-average common shares outstanding - diluted | 72,646 | 74,929 | |||||
Other Financial Information | |||||||
(Amounts in thousands) | |||||||
Depreciation and amortization | $ | 137,291 | 122,654 | ||||
Capital expenditures | $ | 136,948 | 250,936 | ||||
Condensed Consolidated Balance Sheet Data | |||||||
(Amounts in thousands) | |||||||
March 30, 2019 | March 31, 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 105,668 | 114,843 | ||||
Receivables, net | 1,743,581 | 1,689,912 | |||||
Inventories | 2,338,125 | 2,044,962 | |||||
Prepaid expenses and other current assets | 501,591 | 447,322 | |||||
Total current assets | 4,688,965 | 4,297,039 | |||||
Property, plant and equipment, net | 4,674,435 | 4,460,793 | |||||
Right of use operating lease assets | 320,800 | - | |||||
Goodwill | 2,548,997 | 2,512,615 | |||||
Intangible assets, net | 950,564 | 899,989 | |||||
Deferred income taxes and other non-current assets | 421,314 | 389,936 | |||||
Total assets | $ | 13,605,075 | 12,560,372 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Current portion of long-term debt and commercial paper | $ | 1,763,332 | 1,331,917 | ||||
Accounts payable and accrued expenses | 1,571,273 | 1,463,993 | |||||
Current operating lease liabilities | 99,642 | - | |||||
Total current liabilities | 3,434,247 | 2,795,910 | |||||
Long-term debt, less current portion | 1,497,975 | 1,585,651 | |||||
Non-current operating lease liabilities | 227,595 | - | |||||
Deferred income taxes and other long-term liabilities | 868,213 | 801,878 | |||||
Total liabilities | 6,028,030 | 5,183,439 | |||||
Redeemable noncontrolling interest | - | 30,924 | |||||
Total stockholders' equity | 7,577,045 | 7,346,009 | |||||
Total liabilities and stockholders' equity | $ | 13,605,075 | 12,560,372 | ||||
Segment Information | As of or for the Three Months Ended | ||||||
(Amounts in thousands) | March 30, 2019 | March 31, 2018 | |||||
Net sales: | |||||||
Global Ceramic | $ | 898,352 | 876,548 | ||||
Flooring NA | 921,980 | 950,358 | |||||
Flooring ROW | 622,158 | 585,296 | |||||
Intersegment sales | - | - | |||||
Consolidated net sales | $ | 2,442,490 | 2,412,202 | ||||
Operating income (loss): | |||||||
Global Ceramic | $ | 84,335 | 113,417 | ||||
Flooring NA | 649 | 74,748 | |||||
Flooring ROW | 90,431 | 89,060 | |||||
Corporate and intersegment eliminations | (10,085 | ) | (8,826 | ) | |||
Consolidated operating income | $ | 165,330 | 268,399 | ||||
Assets: | |||||||
Global Ceramic | $ | 5,503,807 | 5,029,225 | ||||
Flooring NA | 4,020,336 | 3,847,555 | |||||
Flooring ROW | 3,799,591 | 3,410,958 | |||||
Corporate and intersegment eliminations | 281,341 | 272,634 | |||||
Consolidated assets | $ | 13,605,075 | 12,560,372 | ||||
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. | |||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | March 31, 2018 | ||||||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 121,585 | 208,766 | ||||||||||||
Adjusting items: | |||||||||||||||
Restructuring, acquisition and integration-related and other costs | 39,495 | 22,104 | |||||||||||||
Acquisitions purchase accounting , including inventory step-up | 2,552 | 1,354 | |||||||||||||
Release of indemnification asset | - | 1,749 | |||||||||||||
Income taxes - reversal of uncertain tax position | - | (1,749 | ) | ||||||||||||
Income taxes | (9,152 | ) | (6,940 | ) | |||||||||||
Adjusted net earnings attributable to Mohawk Industries, Inc. | $ | 154,480 | 225,284 | ||||||||||||
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 2.13 | 3.01 | ||||||||||||
Weighted-average common shares outstanding - diluted | 72,646 | 74,929 | |||||||||||||
Reconciliation of Total Debt to Net Debt | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
March 30, 2019 | |||||||||||||||
Current portion of long-term debt and commercial paper | $ | 1,763,332 | |||||||||||||
Long-term debt, less current portion | 1,497,975 | ||||||||||||||
Less: Cash and cash equivalents | 105,668 | ||||||||||||||
Net Debt | $ | 3,155,639 | |||||||||||||
Reconciliation of Operating Income to Adjusted EBITDA | |||||||||||||||
(Amounts in thousands) | Trailing Twelve | ||||||||||||||
Three Months Ended | Months Ended | ||||||||||||||
June 30, 2018 | September 29, 2018 | December 31, 2018 | March 30, 2019 | March 30, 2019 | |||||||||||
Operating income | $ | 326,307 | 287,244 | 213,376 | 165,330 | 992,257 | |||||||||
Other (expense) income | (2,090 | ) | (706 | ) | (504 | ) | 3,736 | 436 | |||||||
Net (income) loss attributable to noncontrolling interest | (959 | ) | (1,013 | ) | (704 | ) | 10 | (2,666 | ) | ||||||
Depreciation and amortization | 127,048 | 132,972 | 139,092 | 137,291 | 536,403 | ||||||||||
EBITDA | 450,306 | 418,497 | 351,260 | 306,367 | 1,526,430 | ||||||||||
Restructuring, acquisition and integration-related and other costs | 16,042 | 19,890 | 20,412 | 39,495 | 95,839 | ||||||||||
Acquisitions purchase accounting, including inventory step-up | 194 | 7,090 | 6,721 | 2,552 | 16,557 | ||||||||||
Release of indemnification asset | - | - | 2,857 | - | 2,857 | ||||||||||
Adjusted EBITDA | $ | 466,542 | 445,477 | 381,250 | 348,414 | 1,641,683 | |||||||||
Net Debt to Adjusted EBITDA | 1.9 | ||||||||||||||
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days Excluding Acquisition Volume | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | March 31, 2018 | ||||||||||||||
Net sales | $ | 2,442,490 | 2,412,202 | ||||||||||||
Adjustment to net sales on constant shipping days | 35,681 | ||||||||||||||
Adjustment to net sales on a constant exchange rate | 73,145 | - | |||||||||||||
Net sales on a constant exchange rate and constant shipping days | 2,551,316 | 2,412,202 | |||||||||||||
Less: impact of acquisition volume | (119,891 | ) | - | ||||||||||||
Net sales on a constant exchange rate and constant shipping days excluding acquisition volume | $ | 2,431,425 | 2,412,202 | ||||||||||||
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and Constant Shipping Days Excluding Acquisition Volume | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
Global Ceramic | March 30, 2019 | March 31, 2018 | |||||||||||||
Net sales | $ | 898,352 | 876,548 | ||||||||||||
Adjustment to net sales on constant shipping days | 11,549 | - | |||||||||||||
Adjustment to segment net sales on a constant exchange rate | 26,880 | - | |||||||||||||
Segment net sales on a constant exchange rate and constant shipping days | 936,781 | 876,548 | |||||||||||||
Less: impact of acquisition volume | (50,996 | ) | - | ||||||||||||
Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume | $ | 885,785 | 876,548 | ||||||||||||
Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
Flooring NA | March 30, 2019 | March 31, 2018 | |||||||||||||
Net sales | $ | 921,980 | 950,358 | ||||||||||||
Adjustment to net sales on constant shipping days | 14,635 | - | |||||||||||||
Segment net sales on constant shipping days | $ | 936,615 | 950,358 | ||||||||||||
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and Constant Shipping Days Excluding Acquisition Volume | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
Flooring ROW | March 30, 2019 | March 31, 2018 | |||||||||||||
Net sales | $ | 622,158 | 585,296 | ||||||||||||
Adjustment to net sales on constant shipping days | 9,497 | - | |||||||||||||
Adjustment to segment net sales on a constant exchange rate | 46,265 | - | |||||||||||||
Segment net sales on a constant exchange rate and constant shipping days | 677,920 | 585,296 | |||||||||||||
Less: impact of acquisition volume | (68,895 | ) | - | ||||||||||||
Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume | $ | 609,025 | 585,296 | ||||||||||||
Reconciliation of Gross Profit to Adjusted Gross Profit | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | March 31, 2018 | ||||||||||||||
Gross Profit | $ | 624,927 | 704,692 | ||||||||||||
Adjustments to gross profit: | |||||||||||||||
Restructuring, acquisition and integration-related and other costs | 35,602 | 14,498 | |||||||||||||
Acquisitions purchase accounting, including inventory step-up | 2,552 | 1,354 | |||||||||||||
Adjusted gross profit | $ | 663,081 | 720,544 | ||||||||||||
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | March 31, 2018 | ||||||||||||||
Selling, general and administrative expenses | $ | 459,597 | 436,293 | ||||||||||||
Adjustments to selling, general and administrative expenses: | |||||||||||||||
Restructuring, acquisition and integration-related and other costs | (3,101 | ) | (7,606 | ) | |||||||||||
Adjusted selling, general and administrative expenses | $ | 456,496 | 428,687 | ||||||||||||
Reconciliation of Operating Income to Adjusted Operating Income | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | March 31, 2018 | ||||||||||||||
Operating income | $ | 165,330 | 268,399 | ||||||||||||
Adjustments to operating income: | |||||||||||||||
Restructuring, acquisition and integration-related and other costs | 38,703 | 22,104 | |||||||||||||
Acquisitions purchase accounting, including inventory step-up | 2,552 | 1,354 | |||||||||||||
Adjusted operating income | $ | 206,585 | 291,857 | ||||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
Global Ceramic | March 30, 2019 | March 31, 2018 | |||||||||||||
Operating income | $ | 84,335 | 113,417 | ||||||||||||
Adjustments to segment operating income: | |||||||||||||||
Restructuring, acquisition and integration-related and other costs | 5,263 | 3,561 | |||||||||||||
Acquisitions purchase accounting, including inventory step-up | 204 | - | |||||||||||||
Adjusted segment operating income | $ | 89,802 | 116,978 | ||||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
Flooring NA | March 30, 2019 | March 31, 2018 | |||||||||||||
Operating income | $ | 649 | 74,748 | ||||||||||||
Adjustments to segment operating income: | |||||||||||||||
Restructuring, acquisition and integration-related and other costs | 30,599 | 16,204 | |||||||||||||
Adjusted segment operating income | $ | 31,248 | 90,952 | ||||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income and Adjusted Segment Operating Income on a Constant Exchange Rate | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
Flooring ROW | March 30, 2019 | March 31, 2018 | |||||||||||||
Operating income | $ | 90,431 | 89,060 | ||||||||||||
Adjustments to segment operating income: | |||||||||||||||
Restructuring, acquisition and integration-related and other costs | 2,561 | 2,094 | |||||||||||||
Acquisitions purchase accounting, including inventory step-up | 2,348 | 1,354 | |||||||||||||
Adjusted segment operating income | 95,340 | 92,508 | |||||||||||||
Adjustment to operating income on a constant exchange rate | 7,755 | - | |||||||||||||
Adjusted segment operating income on a constant exchange rate | $ | 103,095 | 92,508 | ||||||||||||
Reconciliation of Earnings including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | March 31, 2018 | ||||||||||||||
Earnings before income taxes | $ | 158,593 | 256,873 | ||||||||||||
Noncontrolling interests | 10 | (475 | ) | ||||||||||||
Adjustments to earnings including noncontrolling interests before income taxes: | |||||||||||||||
Restructuring, acquisition and integration-related and other costs | 39,495 | 22,104 | |||||||||||||
Acquisitions purchase accounting, including inventory step-up | 2,552 | 1,354 | |||||||||||||
Release of indemnification asset | - | 1,749 | |||||||||||||
Adjusted earnings including noncontrolling interests before income taxes | $ | 200,650 | 281,605 | ||||||||||||
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | March 31, 2018 | ||||||||||||||
Income tax expense | $ | 37,018 | 47,632 | ||||||||||||
Income taxes - reversal of uncertain tax position | - | 1,749 | |||||||||||||
Income tax effect of adjusting items | 9,152 | 6,940 | |||||||||||||
Adjusted income tax expense | $ | 46,170 | 56,321 | ||||||||||||
Adjusted income tax rate | 23.0 | % | 20.0 | % | |||||||||||
本公司補充其簡明綜合財務報表是根據美國一般公認會計原則編制及呈列,以及若干非一般公認會計原則財務指標。根據美國證券交易委員會的規定,上表顯示了公司非一般公認會計原則財務指標與最直接可比的美國一般公認會計原則指標的對賬。除了可比較的美國一般公認會計原則衡量指標外,還應考慮上述每項非一般公認會計原則指標,並且可能與其他公司報告的類似名稱的指標不具有可比性。公司認為,這些非一般公認會計原則指標在與相應的美國公認會計準則衡量標準相一致時,可幫助其投資者獲得如下:非一般公認會計原則收入指標,有助於確定增長趨勢,並將收入與前期和未來期間以及非一般公認會計原則盈利能力進行比較有助於了解公司業務的長期盈利趨勢以及將其利潤與前期和未來期間進行比較的措施。
公司將非一般公認會計原則收入計量中的某些項目排除在外,因為這些項目在不同時期之間會發生很大變化,並且可能會掩蓋潛在的業務趨勢。不包括在公司非一般公認會計原則收入措施中的項目包括:外幣交易和轉換以及收購的影響。
公司將非一般公認會計原則盈利措施中的某些項目排除在外,因為這些項目可能與公司的核心經營業績無關,也不相關。不包括在公司非一般公認會計原則盈利能力指標中的項目包括:重組、收購和整合相關及其他成本, 收購買入結帳,包括庫存增加,釋放補償性資產以及扭轉不確定稅務狀況。
聯絡: Glenn Landau, 首席財務官 (706) 624-2025