喬治亞洲卡爾霍恩, July 31, 2019 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2019 年第二季度的淨收益為 2.02 億美元,攤薄後每股盈利 (EPS)為 2.79 美元。調整後的淨盈利為 2.10 億美元,每股盈利為 2.89 美元,不包括調整、收購和其他費用。2019 年第二季度的淨銷售額為 26 億美元,本季度增長了 0.3 %,按固定貨幣和天數計算為 2.4 %。2018 年的第二季度淨銷售額為 26 億美元,淨盈利為 1.97 億美元,每股盈利為 2.62 美元,調整後淨盈利為 26.3 億美元,每股為 3.51 美元,不包括調整、收購和其他費用。
在截至 2019 年 6 月 29 日的六個月中,淨收益和每股收益分別為 3.24 億美元和 4.48 美元。調整後的淨收益為 3.64 億美元,每股收益為 5.04 美元,不包括調整、收購和其他費用。在 2019 年的六個月期間,淨銷售額為 50.3 億美元,比上年同期增長 0.8%,按固定貨幣和天數計算為 4%。在截至 2018 年 6 月 30 日的六個月期間,淨銷售額為 49.9 億美元,淨收益為 4.05 億美元,每股收益為 5.41 美元;淨收益和每股收益分別為 4.88 億美元和 6.52 美元,不包括重組、收購和其他費用。
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,「在第二季度,我們的業務在我們的指導下得到了結果。與去年相比,美元走強,使我們本季度的業績減少了約 900 萬美元。我們經營的大多數市場仍然疲軟,數量和價格都有壓力,我們預計環境仍然困難。
「鑑於我們市場的不確定性,我們正在採取行動改善我們的業務。我們正在精簡營運、整合設施並獲取更高成本的資產。我們正在減少生產以控制庫存水平,引入新的產品類別並增加促銷以應對不斷變化的市場。我們正在減少間接費用結構和控制投資。在較低的材料成本抵消了勞動力和能源成本不斷上升的時期,我們受益匪淺。我們正在提高管理成本,同時投資銷售以支持新產品及進入新的地區。為了從通貨膨脹中恢復,我們在今年上半年實施了價格上漲,儘管大部分收益已被混合和競爭壓力所抵消。
「在應對這些挑戰的同時,我們正在提升業務的長期價值。我們在美國、歐洲和俄羅斯的新投資利用率不斷提高 - 擴大了產品供應範圍,擴大了客戶群,增加了班次,以增加新設施的產量。隨著我們的銷售、生產和結構改善以及成本下降,我們的綠地項目的利潤率將隨著時間的推移而增加。我們在澳洲、新西蘭和巴西的收購的重要整合已基本執行,管理團隊專注於改善我們的市場地位、產品和成本結構。在每次收購中,我們都在進行新的投資,以提高我們的能力並推出新產品。這些收購有助於我們的業績,因其為我們的增長和利潤擴張奠定了基礎。
「根據報告,本季度期間全球陶瓷部門的銷售額增加了 3 %,以及按固定貨幣和天數計算增長 5%。根據報告,該部門的經營利潤率為 12 % ,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。我們認為陶瓷銷售與美國市場一致,我們的定價和組合受到競爭加劇和庫存過剩的影響。我們預計美國陶瓷市場將在今年下半年保持疲軟,我們正採取許多措施來改善我們的銷售和成本。我們正在為我們新的陶瓷安裝系統安裝設備,擴大瓷屋面系統的分佈,並引入用於戶外的厚瓷磚。我們正在開始促銷以增加產量,我們正在推出更低的價格點以與市場保持一致。我們在田納西州的新石英檯面工廠正在蓬勃發展,我們已經開始生產更多有風格的產品,以增加我們的銷售和結構。在墨西哥,我們正在增加我們的分銷,推出新的瓷器系列和支持僅銷售 Daltile 產品的商店。在巴西,由於我們的領先品牌 Eliane 業務表現良好,其致力提供優質產品和高效營運。在艱難的陶瓷市場,我們在零售、家居中心和建築商渠道的強大實力使我們能夠增長,部分被出口疲軟所抵消。在歐洲經濟放緩的情況下,我們正在增加陶瓷銷售,但它影響了我們的利潤和結構。為了進一步擴展,我們重組了歐洲銷售組織,專注於較小的地理區域和特定渠道,我們正在使用自有品牌計劃來優化我們的市場滲透。為了提高效率,正在完成減少製造和銷售成本、綜合開銷及行政管理費用 (SG&A) 的行動。儘管陶瓷市場疲軟,但我們在俄羅斯的業務繼續保持強勁增長,優質產品改善了我們的產品組合。我們最近安裝的新容量正在充分利用,以支持我們更高的銷售額。
「本季度,北美地板業務部門的銷售額下降了 7%。據報告,該業務部門的營業利潤率為 6 %。正如預期,由於 LVT 的銷量、通貨膨脹和成本上升,該業務部門的營業收入下降。該業務部門主席 Paul de Cock 已完成其管理層重組,新團隊已到位並正在加強戰略和執行。與去年相比,由於客戶交易量下降,大多數類別的銷售情況較為疲軟,而產品結構的下降則抵消了價格上漲的影響。我們在成本改進行動方面取得了重大進展,包括取代低效擠壓和關閉四項成本較高的操作。住宅地毯銷售下降,低成本聚酯地毯佔據了份額並影響了我們的結構。我們正在增加促銷活動,並且我們推出了新產品來捍衛我們的市場地位。隨著我們引入創新造型和新模式技術,商業地毯磚業務不斷發展。我們的防水層壓產品具有增強的視覺效果和紋理,正在改善我們的結構和平均銷售價格。我們正在為我們的所有生產線添加獨特的防水技術,併升級我們的 HDF 製造,以增加我們的產能並降低成本。我們的 LVT 製造業取得了實質性進展,期內產量增長超過 30%。在這一年的過程中,我們期待生產和成本的進一步提高,以及引入歐洲正在開發的新功能。隨著我們在營運中引入新的視覺效果和功能,我們將進一步擴大我們在 LVT 的銷售。
「根據報告,本季度我們的世界地板部門的銷售額增加了 9%,以及按固定貨幣和天數計算增長為 15 %。根據報告,該部門的經營利潤率為 16 %,調整後為 17 %,由於成交量增長和通脹率下降,部分被價格和組合抵消。即使經濟疲軟,由於我們在產品創新、成本改進和新業務方面的投資,包括歐洲 LVT 和地毯瓷磚以及俄羅斯乙烯基板材,該部門表現良好。由於優質的 Quick-Step 和 Pergo 品牌具有獨特的表面技術和防水性,我們的歐洲層壓板業務正在增長。我們的兩條歐洲原裝 LVT 生產線表現良好,為我們提供了競爭優勢。在此期間,我們新的第三條 LVT 生產線顯著改善了生產速度、效率和產量大幅提高。更高的產量支持新的引入,用以擴大我們的業務。我們在俄羅斯的新型乙烯基材料工廠的生產力和質量與我們既有的業務類似。我們正在擴大俄羅斯客戶群和產品供應,以擴大產量並實現預期結果。歐洲面板市場放緩,影響交易量和利潤率。為了鞏固我們的地位,我們正在推出創新產品並降低成本。我們的絕緣業務表現良好,源於我們的聚氨酯產品從其他替代品中獲得了份額。為了提升我們在澳洲和新西蘭的地位,我們推出了許多新的軟質和硬質表面產品,這些產品利用了我們其他地區的概念。我們已經關閉了澳洲的高成本紗線生產,我們正在安裝新的地毯磚設備以擴大商業銷售。
「我們全球地板市場的一般條件變得更具挑戰性,競爭更加激烈。我們正在採取措施改善銷售、降低成本、管理庫存並調整產品。美國地板市場是最困難的,我們正在採取措施增加產量並降低成本。在美國陶瓷行業,隨著關稅使需求下降和採購導致市場庫存過剩,影響了銷售和利潤率。我們的 LVT 產量在美國和歐洲大幅增加,並且隨著我們引入更複雜的技術,今年將繼續改善。儘管市場疲軟,我們的地板行業仍然取得了可觀的業績。我們在美國、歐洲和俄羅斯的新工廠在增加產量方面取得了實質性進展,我們正在增加銷售額,以實現我們計劃的結果。考慮到所有的因素,我們第三季度的每股收益預計為 2.58 至 2.68 美元,不包括任何一次性費用。
「由於在我們管理影響地板行業的現有條件,我們專注於優化業務的長期增長和收益能力。我們正在實施眾多變革,以增強我們未來的成果。我們在產品和市場中處於領先地位,我們的新投資將在進一步發展時提供可靠的回報。我們的資產負債表和現金流強勁,我們的淨債務調整後的 EBITDA 為 1.8 倍,並將在年底前進一步下降。」
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。
電話會議時間為美國東部時間
2019年 7 月 26 日(星期五)中午 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)。會議驗証碼:8037996 直至 2019 年 8 月 25 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:8037996 收聽重播。
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||
(Unaudited) | ||||||||||||||
Condensed Consolidated Statement of Operations Data | Three Months Ended | Six Months Ended | ||||||||||||
(Amounts in thousands, except per share data) | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||
Net sales | $ | 2,584,485 | 2,577,014 | 5,026,975 | 4,989,216 | |||||||||
Cost of sales | 1,847,867 | 1,810,459 | 3,665,430 | 3,517,969 | ||||||||||
Gross profit | 736,618 | 766,555 | 1,361,545 | 1,471,247 | ||||||||||
Selling, general and administrative expenses | 469,758 | 440,248 | 929,355 | 876,541 | ||||||||||
Operating income | 266,860 | 326,307 | 432,190 | 594,706 | ||||||||||
Interest expense | 10,521 | 7,863 | 20,994 | 15,391 | ||||||||||
Other (income) expense, net | (3,048 | ) | 2,090 | (6,784 | ) | 6,088 | ||||||||
Earnings before income taxes | 259,387 | 316,354 | 417,980 | 573,227 | ||||||||||
Income tax expense | 56,733 | 118,809 | 93,751 | 166,441 | ||||||||||
Net earnings including noncontrolling interest | 202,654 | 197,545 | 324,229 | 406,786 | ||||||||||
Net income attributable to noncontrolling interest | 213 | 959 | 203 | 1,434 | ||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 202,441 | 196,586 | 324,026 | 405,352 | |||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | ||||||||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | $ | 2.80 | 2.64 | 4.50 | 5.44 | |||||||||
Weighted-average common shares outstanding - basic | 72,402 | 74,597 | 71,970 | 74,525 | ||||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | ||||||||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 2.79 | 2.62 | 4.48 | 5.41 | |||||||||
Weighted-average common shares outstanding - diluted | 72,680 | 74,937 | 72,250 | 74,928 | ||||||||||
Other Financial Information | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Net cash provided by operating activities | $ | 396,190 | 437,758 | 566,327 | 620,986 | |||||||||
Depreciation and amortization | $ | 140,482 | 127,048 | 277,773 | 249,702 | |||||||||
Capital expenditures | $ | 144,111 | 247,418 | 281,059 | 498,354 | |||||||||
Condensed Consolidated Balance Sheet Data | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
June 29, 2019 | June 30, 2018 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 128,096 | 518,226 | |||||||||||
Receivables, net | 1,819,474 | 1,737,935 | ||||||||||||
Inventories | 2,367,631 | 2,061,204 | ||||||||||||
Prepaid expenses and other current assets | 493,116 | 456,315 | ||||||||||||
Total current assets | 4,808,317 | 4,773,680 | ||||||||||||
Property, plant and equipment, net | 4,714,306 | 4,421,073 | ||||||||||||
Right of use operating lease assets | 343,716 | - | ||||||||||||
Goodwill | 2,565,702 | 2,447,046 | ||||||||||||
Intangible assets, net | 950,624 | 858,532 | ||||||||||||
Deferred income taxes and other non-current assets | 423,437 | 393,708 | ||||||||||||
Total assets | $ | 13,806,102 | 12,894,039 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Current portion of long-term debt and commercial paper | $ | 1,891,512 | 1,146,511 | |||||||||||
Accounts payable and accrued expenses | 1,713,934 | 1,589,561 | ||||||||||||
Current operating lease liabilities | 100,345 | - | ||||||||||||
Total current liabilities | 3,705,791 | 2,736,072 | ||||||||||||
Long-term debt, less current portion | 1,169,489 | 1,884,023 | ||||||||||||
Non-current operating lease liabilities | 249,844 | - | ||||||||||||
Deferred income taxes and other long-term liabilities | 859,387 | 870,467 | ||||||||||||
Total liabilities | 5,984,511 | 5,490,562 | ||||||||||||
Redeemable noncontrolling interest | - | 30,043 | ||||||||||||
Total stockholders' equity | 7,821,591 | 7,373,434 | ||||||||||||
Total liabilities and stockholders' equity | $ | 13,806,102 | 12,894,039 | |||||||||||
Segment Information | Three Months Ended | As of or for the Six Months Ended | ||||||||||||
(Amounts in thousands) | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||
Net sales: | ||||||||||||||
Global Ceramic | $ | 958,031 | 929,297 | 1,856,383 | 1,805,845 | |||||||||
Flooring NA | 983,439 | 1,057,570 | 1,905,419 | 2,007,928 | ||||||||||
Flooring ROW | 643,015 | 590,147 | 1,265,173 | 1,175,443 | ||||||||||
Intersegment sales | - | - | - | - | ||||||||||
Consolidated net sales | $ | 2,584,485 | 2,577,014 | 5,026,975 | 4,989,216 | |||||||||
Operating income (loss): | ||||||||||||||
Global Ceramic | $ | 118,141 | 134,760 | 202,476 | 248,177 | |||||||||
Flooring NA | 59,502 | 100,662 | 60,151 | 175,410 | ||||||||||
Flooring ROW | 101,533 | 100,166 | 191,964 | 189,226 | ||||||||||
Corporate and intersegment eliminations | (12,316 | ) | (9,281 | ) | (22,401 | ) | (18,107 | ) | ||||||
Consolidated operating income | $ | 266,860 | 326,307 | 432,190 | 594,706 | |||||||||
Assets: | ||||||||||||||
Global Ceramic | $ | 5,661,364 | 4,974,791 | |||||||||||
Flooring NA | 4,024,428 | 3,927,190 | ||||||||||||
Flooring ROW | 3,858,264 | 3,701,419 | ||||||||||||
Corporate and intersegment eliminations | 262,046 | 290,639 | ||||||||||||
Consolidated assets | $ | 13,806,102 | 12,894,039 |
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 | Six Months Ended | |||||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 202,441 | 196,586 | 324,026 | 405,352 | |||||||||||||
Adjusting items: | ||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 8,840 | 16,042 | 48,335 | 38,146 | ||||||||||||||
Acquisitions purchase accounting , including inventory step-up | 1,164 | 194 | 3,716 | 1,548 | ||||||||||||||
Release of indemnification asset | - | - | - | 1,749 | ||||||||||||||
Income taxes - reversal of uncertain tax position | - | - | - | (1,749 | ) | |||||||||||||
Income taxes | (2,701 | ) | 50,106 | (11,853 | ) | 43,166 | ||||||||||||
Adjusted net earnings attributable to Mohawk Industries, Inc. | $ | 209,744 | 262,928 | 364,224 | 488,212 | |||||||||||||
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 2.89 | 3.51 | 5.04 | 6.52 | |||||||||||||
Weighted-average common shares outstanding - diluted | 72,680 | 74,937 | 72,250 | 74,928 | ||||||||||||||
Reconciliation of Total Debt to Net Debt | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
June 29, 2019 | ||||||||||||||||||
Current portion of long-term debt and commercial paper | $ | 1,891,512 | ||||||||||||||||
Long-term debt, less current portion | 1,169,489 | |||||||||||||||||
Less: Cash and cash equivalents | 128,096 | |||||||||||||||||
Net Debt | $ | 2,932,905 | ||||||||||||||||
Reconciliation of Operating Income to Adjusted EBITDA | ||||||||||||||||||
(Amounts in thousands) | Trailing Twelve | |||||||||||||||||
Three Months Ended | Months Ended | |||||||||||||||||
September 29, 2018 | December 31, 2018 | March 30, 2019 | June 29, 2019 | June 29, 2019 | ||||||||||||||
Operating income | $ | 287,244 | 213,376 | 165,330 | 266,860 | 932,810 | ||||||||||||
Other (Expense)/ Income | (706 | ) | (504 | ) | 3,736 | 3,048 | 5,574 | |||||||||||
Net (income) loss attributable to noncontrolling interest | (1,013 | ) | (704 | ) | 10 | (213 | ) | (1,920 | ) | |||||||||
Depreciation and amortization | 132,972 | 139,092 | 137,291 | 140,482 | 549,837 | |||||||||||||
EBITDA | 418,497 | 351,260 | 306,367 | 410,177 | 1,486,301 | |||||||||||||
Restructuring, acquisition and integration-related and other costs | 19,890 | 20,412 | 39,495 | 8,840 | 88,637 | |||||||||||||
Acquisitions purchase accounting, including inventory step-up | 7,090 | 6,721 | 2,552 | 1,164 | 17,527 | |||||||||||||
Release of indemnification asset | - | 2,857 | - | - | 2,857 | |||||||||||||
Adjusted EBITDA | $ | 445,477 | 381,250 | 348,414 | 420,181 | 1,595,322 | ||||||||||||
Net Debt to Adjusted EBITDA | 1.8 | |||||||||||||||||
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 | Six Months Ended | |||||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||||
Net sales | $ | 2,584,485 | 2,577,014 | 5,026,975 | 4,989,216 | |||||||||||||
Adjustment to net sales on constant shipping days | 2,833 | - | 38,514 | - | ||||||||||||||
Adjustment to net sales on a constant exchange rate | 51,209 | - | 124,354 | - | ||||||||||||||
Net sales on a constant exchange rate and constant shipping days | 2,638,527 | 2,577,014 | 5,189,843 | 4,989,216 | ||||||||||||||
Less: impact of acquisition volume | (135,104 | ) | - | (254,995 | ) | - | ||||||||||||
Net sales on a constant exchange rate and constant shipping days excluding acquisition volume | $ | 2,503,423 | 2,577,014 | 4,934,848 | 4,989,216 | |||||||||||||
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days Excluding Acquisition Volume | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
Global Ceramic | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||||
Net sales | $ | 958,031 | 929,297 | 1,856,383 | 1,805,845 | |||||||||||||
Adjustment to net sales on constant shipping days | 2,833 | - | 14,382 | - | ||||||||||||||
Adjustment to segment net sales on a constant exchange rate | 17,235 | - | 44,114 | - | ||||||||||||||
Segment net sales on a constant exchange rate and constant shipping days | 978,099 | 929,297 | 1,914,879 | 1,805,845 | ||||||||||||||
Less: impact of acquisition volume | (53,722 | ) | - | (104,718 | ) | - | ||||||||||||
Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume | $ | 924,377 | 929,297 | 1,810,161 | 1,805,845 | |||||||||||||
Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
Flooring NA | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||||
Net sales | $ | 983,439 | 1,057,570 | 1,905,419 | 2,007,928 | |||||||||||||
Adjustment to net sales on constant shipping days | - | - | 14,635 | - | ||||||||||||||
Segment net sales on constant shipping days | $ | 983,439 | 1,057,570 | 1,920,054 | 2,007,928 | |||||||||||||
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days Excluding Acquisition Volume | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
Flooring ROW | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||||
Net sales | $ | 643,015 | 590,147 | 1,265,173 | 1,175,443 | |||||||||||||
Adjustment to net sales on constant shipping days | - | - | 9,497 | - | ||||||||||||||
Adjustment to segment net sales on a constant exchange rate | 33,975 | - | 80,240 | - | ||||||||||||||
Segment net sales on a constant exchange rate and constant shipping days | 676,990 | 590,147 | 1,354,910 | 1,175,443 | ||||||||||||||
Less: impact of acquisition volume | (81,382 | ) | - | (150,277 | ) | - | ||||||||||||
Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume | $ | 595,608 | 590,147 | 1,204,633 | 1,175,443 | |||||||||||||
Reconciliation of Gross Profit to Adjusted Gross Profit | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
June 29, 2019 | June 30, 2018 | |||||||||||||||||
Gross Profit | $ | 736,618 | 766,555 | |||||||||||||||
Adjustments to gross profit: | ||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 5,867 | 12,018 | ||||||||||||||||
Acquisitions purchase accounting, including inventory step-up | 1,164 | 194 | ||||||||||||||||
Adjusted gross profit | $ | 743,649 | 778,767 | |||||||||||||||
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
June 29, 2019 | June 30, 2018 | |||||||||||||||||
Selling, general and administrative expenses | $ | 469,758 | 440,248 | |||||||||||||||
Adjustments to selling, general and administrative expenses: | ||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | (3,068 | ) | (4,024 | ) | ||||||||||||||
Adjusted selling, general and administrative expenses | $ | 466,690 | 436,224 | |||||||||||||||
Reconciliation of Operating Income to Adjusted Operating Income | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
June 29, 2019 | June 30, 2018 | |||||||||||||||||
Operating income | $ | 266,860 | 326,307 | |||||||||||||||
Adjustments to operating income: | ||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 8,935 | 16,042 | ||||||||||||||||
Acquisitions purchase accounting, including inventory step-up | 1,164 | 194 | ||||||||||||||||
Adjusted operating income | $ | 276,959 | 342,543 | |||||||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
Global Ceramic | June 29, 2019 | June 30, 2018 | ||||||||||||||||
Operating income | $ | 118,141 | 134,760 | |||||||||||||||
Adjustments to segment operating income: | ||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 653 | 5,408 | ||||||||||||||||
Adjusted segment operating income | $ | 118,794 | 140,168 | |||||||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
Flooring NA | June 29, 2019 | June 30, 2018 | ||||||||||||||||
Operating income | $ | 59,502 | 100,662 | |||||||||||||||
Adjustments to segment operating income: | ||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 3,352 | 8,881 | ||||||||||||||||
Adjusted segment operating income | $ | 62,854 | 109,543 | |||||||||||||||
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 | June 29, 2019 | June 30, 2018 | ||||||||||||||||
Operating income | $ | 101,533 | 100,166 | |||||||||||||||
Adjustments to segment operating income: | ||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 4,412 | 1,338 | ||||||||||||||||
Acquisitions purchase accounting, including inventory step-up | 1,164 | 194 | ||||||||||||||||
Adjusted segment operating income | $ | 107,109 | 101,698 | |||||||||||||||
Adjustment to operating income on a constant exchange rate | 5,765 | - | ||||||||||||||||
Adjusted segment operating income on a constant exchange rate | $ | 112,874 | 101,698 | |||||||||||||||
Reconciliation of Earnings including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
June 29, 2019 | June 30, 2018 | |||||||||||||||||
Earnings before income taxes | $ | 259,387 | 316,354 | |||||||||||||||
Noncontrolling interests | (213 | ) | (959 | ) | ||||||||||||||
Adjustments to earnings including noncontrolling interests before income taxes: | ||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 8,840 | 16,042 | ||||||||||||||||
Acquisitions purchase accounting, including inventory step-up | 1,164 | 194 | ||||||||||||||||
Adjusted earnings including noncontrolling interests before income taxes | $ | 269,178 | 331,631 | |||||||||||||||
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
June 29, 2019 | June 30, 2018 | |||||||||||||||||
Income tax expense | $ | 56,733 | 118,809 | |||||||||||||||
Income tax effect of adjusting items | 2,701 | (50,106 | ) | |||||||||||||||
Adjusted income tax expense | $ | 59,434 | 68,703 | |||||||||||||||
Adjusted income tax rate | 22.1 | % | 20.7 | % | ||||||||||||||
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收益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。 |
聯絡方式: 首席財務官Glenn Landau(電話:(706) 624-2025