喬治亞洲卡爾霍恩, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2019 年第三季度的淨收益為 1.56 億美元,攤薄後每股盈利 (EPS)為 2.15 美元。調整後的淨盈利為 1.99 億美元,每股盈利為 2.75 美元,不包括調整、收購和其他費用。2019 年第三季度的淨銷售額為 25 億美元,按報告季度下降 1.0 %,但是按固定貨幣和天數計算為持平。2018 年的第三季度淨銷售額為 25 億美元,淨盈利為 2.27 億美元,每股盈利為 3.02 美元,調整後淨盈利為 2.46 億美元,每股為 3.29 美元,不包括調整、收購和其他費用。
在截至 2019 年 9 月 28 日的九個月中,淨收益和每股收益分別為 4.8 億美元和 6.61 美元。調整後的淨收益為 5.64 億美元,每股收益為 7.77 美元,不包括調整、收購和其他費用。在 2019 年的九個月期間,淨銷售額為 75 億美元,與上年同期持平,或按固定貨幣和天數計算增長為 3%。在截至 2018 年 9 月 29 日的九個月期間,淨銷售額為 75 億美元,淨收益為 6.32 億美元,每股收益為 8.42 美元;淨收益和每股收益分別為 7.35 億美元和 9.80 美元,不包括調整、收購和其他費用。
談及 Mohawk Industries 之第三季度業績時,主席兼行政總裁 Jeffrey S. Lorberbaum 表示: 「儘管我們對表現不滿意,但第三季度營運業績符合了我們的預期。猶如預期,由於零售業需求疲軟,受 LVT 影響,加上美元持續強勢及陶瓷行業庫存過剩,我們的美國業務在這段時間面臨了最大的挑戰。我們其他主要市場的趨勢減弱,創造了更具競爭性的環境。我們希望目前的情況持續下去,並會根據需要調整我們的策略。
「我們正採取多項措施來改善我們的業務,其中最重要的措施是令陶瓷的生產與美國的需求保持一致,並重新調整我們在北美的地毯業務,優化我們的 LVT 製造及擴大新工廠。此外,我們正在引入新的產品類別,引入創新產品並擴展和優化我們最近在澳洲、紐西蘭及巴西之收購。我們將在銷售人員及市場營銷方面投入更多資源,以增加我們在新產品及現有產品中的滲透率。我們將繼續精簡營運流程以提高效率,並且利用自動化和流程強化功能來降低成本。
「我們這季度的自由現金流是遞年增長,我們的資產負債表仍然強勢。自第三季度以來,我們根據股票收購計劃,以約 9,100 萬美元購入了 74 萬股股票。
「在該季度,我們全球陶瓷部門銷售額按報告增長了 3.5%,按固定貨幣和天數計算増長 4%。根據報告,該部門的經營利潤率為 9%,主要由於通貨膨脹、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。我們在全球的陶瓷業務正面臨經濟放緩的趨勢,並且過剩的行業產能正在加劇其競爭。美國的陶瓷市場受到渠道中的產品組合下降、消費者轉向 LVT 及過剩庫存之影響。近期,美國對中國進口商品徵收 104% 的關稅,並預計還會進一步徵收反傾銷稅。我們預計美國陶瓷市場將保持疲軟,我們正採取措施來改善我們的銷售和成本。我們在擴大石材外觀和拋光磚等產品,並引入其他具價值的產品系列。我們將限量推出新的易安裝瓷磚,並將於今年年初進行更廣泛的擴展。我們正為瓷質屋頂及厚質景觀磚開發新市場。我們在田納西州的廚用工作檯之新工廠正在擴建,也正在完善加工程序及配套,並且正在研發新產品。儘管墨西哥的經濟增長放緩,但我們通過擴大產品種類及擴大客戶群,而跑羸了行業。我們以優越品牌和領先的產品而超越了巴西的陶瓷市場,並且正在加設新瓷器生產線。在歐洲,由於我們增加了低價瓷磚的銷量,下降的需求正在影響價格及壓縮利潤率。我們正在通過擴展商業技術瓷磚、瓷板和戶外產品來加強我們較高價值的產品。我們的俄羅斯陶瓷業務是市場領導者,並由於我們的國家分銷系統、旗下及專營的店鋪,以及項目規範 團隊而正在增加市場佔有率。
「在該季度的報告,我們地板北美分部的銷售額下跌 4%,而營業利潤率為 8%。該業務部門的營業收入下降主要是由於銷量下跌和通貨膨脹。該部門已按產品類別進行重組,以增強我們的銷售、產品和營運策略以及執行力。聚酯纖維地氈在疲軟的市場中繼續獲得市場佔有率,這減少了我們的整體產品組合。我們已經完成了再生聚酯纖維的擴展,以支持該類別的持續增長。我們的住宅用地氈生產之重新調整將於第四季度完成,這樣會改善我們的成本、質量和服務。我們將關閉成本較高的擠型及染色資產,並合併紗線和簇絨業務。我們增加了自動化程度及升級了資產以減少我們的裡布和紗線成本。我們的商業業務在住宅上繼續領先,其中地毯磚和 LVT 地板的增長最快。我們正在擴大我們的銷售組織及增加我們的地氈磚的製造。在這段時間,LVT 地板的銷售超過其他類別,而我們的營運也提升了產量、速度和成本。在九月份,我們創下了硬性 LVT 地板生產的記錄,而我們靈活的 LVT 地板生產線之運行速度可媲美我們的歐洲業務。隨著我們擴大在公寓和家庭中心方面的地位,我們製造的乙烯基板材之銷售持續增長。我們擴展了防水層壓板產品,另外我們的 RevWood 系列正以其卓越的耐刮和抗凹陷性,並一流的視覺效果和更大的價值而在增長。
「根據報告,本季度我們的全球其他地板業務的銷售下跌了 2%,並按固定匯率增長了 2.5%。根據報告,該部門的經營利潤率為 14%,由於成交量增長和通脹率下降,被價格和組合抵消。在較慢的環境中,該部門在產品的創新、成本改善、新業務和收購的帶動下取得了可觀的業績。我們新的 LVT 地板、乙烯基板材、層壓板和地氈磚業務正在逐步達到我們的預期水平。在層壓板方面,我們優質的新產品贏得勢頭,加上我們改善產品組合,讓我們跑嬴了市場。我們推出了 Signature 系列,該系列為設有最逼真的視覺效果和紋理水準,並且我們正將防水技術添加到大多數的層壓板產品中。我們在俄羅斯的層壓板業務擴展正在按預期水平進行,而我們的銷售也正在增長。隨著 LVT 地板產量的增加,我們正在擴大我們的銷售組織,並且推出了新的硬性系列,這系列產品在對位時經過壓紋處理。我們將繼續提高生產線速度、產量和配方,從而降低成本。隨著我們新俄羅斯工廠的銷售擴大及銷量增加,我們的乙烯基板材業務亦有所改善。我們的絕緣材料業務表現良好,售價和材料成本下降,銷量創了歷史新高。我們的面板業放緩,降低了我們的定價和銷售量,但部份被混合和材料成本所抵消。在澳洲和紐西蘭,我們收購的整合工作基本完成。為了提高我們的地位,我們正在提升硬面及軟面產品的供應,投資在我們的零售和商業銷售,並已經關閉了在澳洲的高成本資產。
「我們看到當前的市場狀況仍在繼續,我們正在採取行動,以更好地為我們的業務在將來定位。我們在銷售和市場營銷方面投入了更多的資金,以擴展我們產品的位置,並提高新工廠的使用率。隨著銷售和成本的改善,我們的新綠地項目將取得進展。我們的 LVT 地板生產正在改善中,並且將增加分銷。我們的美國和歐洲陶瓷業務受到較低的市場需求影響,而我們正在減低庫存水平,擴大產品供應,並進入新的類別。美國地毯營運的重組將於今年基本完成,明年我們的成本將會受益。考慮到所有的因素,我們 2019 年第四季度的每股收益預計為 2.13 至 2.23 美元,不包括任何一次性費用。
「明年,我們的業務將受益於我們的新產品,並有更高的初創企業利用率以及我們在 2019 年採取的降低成本措施。我們的業績及資產負債表將可通過強大現金之產生得以改善,並利用未來的機會獲得好處。我們擁有強大的全球管理團隊,他們專注於提高我們的業績和優化我們的長期盈利能力。我們將根據需要調整未來的業務策略。」
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 10 月 25 日(星期五)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 ID # 9847415 直至 2019年 11月 24 日都可以經致電 1-855-859-2056 (美國/加拿大)及 1-404-537-3406 (國際/本地)並輸入會議 ID # 9847415 收聽重播。
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||
(Unaudited) | |||||||||||||
Condensed Consolidated Statement of Operations Data | Three Months Ended | Nine Months Ended | |||||||||||
(Amounts in thousands, except per share data) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||
Net sales | $ | 2,519,185 | 2,545,800 | 7,546,160 | 7,535,016 | ||||||||
Cost of sales | 1,827,494 | 1,825,367 | 5,492,924 | 5,343,336 | |||||||||
Gross profit | 691,691 | 720,433 | 2,053,236 | 2,191,680 | |||||||||
Selling, general and administrative expenses | 451,471 | 433,189 | 1,380,826 | 1,309,730 | |||||||||
Operating income | 240,220 | 287,244 | 672,410 | 881,950 | |||||||||
Interest expense | 9,316 | 9,025 | 30,310 | 24,416 | |||||||||
Other (income) expense, net | 52,713 | 706 | 45,929 | 6,794 | |||||||||
Earnings before income taxes | 178,191 | 277,513 | 596,171 | 850,740 | |||||||||
Income tax expense | 22,522 | 49,487 | 116,273 | 215,928 | |||||||||
Net earnings including noncontrolling interest | 155,669 | 228,026 | 479,898 | 634,812 | |||||||||
Net income attributable to noncontrolling interest | 151 | 1,013 | 354 | 2,447 | |||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 155,518 | 227,013 | 479,544 | 632,365 | ||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | |||||||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | $ | 2.16 | 3.03 | 6.63 | 8.46 | ||||||||
Weighted-average common shares outstanding - basic | 72,106 | 74,603 | 72,302 | 74,599 | |||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | |||||||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 2.15 | 3.02 | 6.61 | 8.42 | ||||||||
Weighted-average common shares outstanding - diluted | 72,392 | 74,945 | 72,578 | 74,977 | |||||||||
Other Financial Information | |||||||||||||
(Amounts in thousands) | |||||||||||||
Net cash provided by operating activities | $ | 411,761 | 273,498 | 978,086 | 894,485 | ||||||||
Depreciation and amortization | $ | 144,920 | 132,972 | 422,693 | 382,673 | ||||||||
Capital expenditures | $ | 124,555 | 144,594 | 405,614 | 642,949 | ||||||||
Condensed Consolidated Balance Sheet Data | |||||||||||||
(Amounts in thousands) | |||||||||||||
September 28, 2019 | September 29, 2018 | ||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 111,303 | 91,351 | ||||||||||
Receivables, net | 1,787,158 | 1,755,710 | |||||||||||
Inventories | 2,337,952 | 2,214,295 | |||||||||||
Prepaid expenses and other current assets | 491,367 | 487,114 | |||||||||||
Total current assets | 4,727,780 | 4,548,470 | |||||||||||
Property, plant and equipment, net | 4,600,630 | 4,586,236 | |||||||||||
Right of use operating lease assets | 334,083 | - | |||||||||||
Goodwill | 2,519,214 | 2,522,139 | |||||||||||
Intangible assets, net | 916,953 | 944,661 | |||||||||||
Deferred income taxes and other non-current assets | 294,102 | 399,420 | |||||||||||
Total assets | $ | 13,392,762 | 13,000,926 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Current portion of long-term debt and commercial paper | $ | 1,273,158 | 1,333,853 | ||||||||||
Accounts payable and accrued expenses | 1,738,859 | 1,623,418 | |||||||||||
Current operating lease liabilities | 102,682 | - | |||||||||||
Total current liabilities | 3,114,699 | 2,957,271 | |||||||||||
Long-term debt, less current portion | 1,483,581 | 1,528,551 | |||||||||||
Non-current operating lease liabilities | 238,560 | - | |||||||||||
Deferred income taxes and other long-term liabilities | 790,643 | 912,100 | |||||||||||
Total liabilities | 5,627,483 | 5,397,922 | |||||||||||
Redeemable noncontrolling interest | - | 31,227 | |||||||||||
Total stockholders' equity | 7,765,279 | 7,571,777 | |||||||||||
Total liabilities and stockholders' equity | $ | 13,392,762 | 13,000,926 | ||||||||||
Segment Information | Three Months Ended | As of or for the Nine Months Ended | |||||||||||
(Amounts in thousands) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||
Net sales: | |||||||||||||
Global Ceramic | $ | 916,422 | 885,773 | 2,772,805 | 2,691,618 | ||||||||
Flooring NA | 1,001,908 | 1,047,540 | 2,907,327 | 3,055,468 | |||||||||
Flooring ROW | 600,855 | 612,487 | 1,866,028 | 1,787,930 | |||||||||
Intersegment sales | - | - | - | - | |||||||||
Consolidated net sales | $ | 2,519,185 | 2,545,800 | 7,546,160 | 7,535,016 | ||||||||
Operating income (loss): | |||||||||||||
Global Ceramic | $ | 84,410 | 118,716 | 286,886 | 366,893 | ||||||||
Flooring NA | 80,223 | 93,369 | 140,374 | 268,779 | |||||||||
Flooring ROW | 84,428 | 84,108 | 276,392 | 273,334 | |||||||||
Corporate and intersegment eliminations | (8,841 | ) | (8,949 | ) | (31,242 | ) | (27,056 | ) | |||||
Consolidated operating income | $ | 240,220 | 287,244 | 672,410 | 881,950 | ||||||||
Assets: | |||||||||||||
Global Ceramic | $ | 5,385,279 | 4,999,334 | ||||||||||
Flooring NA | 4,020,205 | 3,989,784 | |||||||||||
Flooring ROW | 3,736,296 | 3,709,623 | |||||||||||
Corporate and intersegment eliminations | 250,982 | 302,185 | |||||||||||
Consolidated assets | $ | 13,392,762 | 13,000,926 |
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 | Nine Months Ended | |||||||||||||
September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 155,518 | 227,013 | 479,544 | 632,365 | |||||||||
Adjusting items: | ||||||||||||||
Restructuring, acquisition and integration-related and other costs | 1,542 | 19,890 | 49,877 | 58,036 | ||||||||||
Acquisitions purchase accounting , including inventory step-up | - | 7,090 | 3,716 | 8,638 | ||||||||||
Impairment of investment in a manufacturer and distributor of Ceramic tile in China [1] | 65,172 | - | 65,172 | - | ||||||||||
Release of indemnification asset | (659 | ) | - | (659 | ) | 1,749 | ||||||||
Income taxes - reversal of uncertain tax position | 659 | - | 659 | (1,749 | ) | |||||||||
Income taxes | (22,807 | ) | (7,701 | ) | (34,660 | ) | 35,465 | |||||||
Adjusted net earnings attributable to Mohawk Industries, Inc. | $ | 199,425 | 246,292 | 563,649 | 734,504 | |||||||||
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 2.75 | 3.29 | 7.77 | 9.80 | |||||||||
Weighted-average common shares outstanding - diluted | 72,392 | 74,945 | 72,578 | 74,977 | ||||||||||
[1] In September, the US commerce department imposed a 104% countervailing duty on top of the 25% general tariffs on all ceramic produced in China. As a consequence, ceramic purchases from China will dramatically decline and Mohawk is taking a $65 million write off to our investment in a Chinese manufaturer and distributor. | ||||||||||||||
Reconciliation of Total Debt to Net Debt | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
September 28, 2019 | ||||||||||||||
Current portion of long-term debt and commercial paper | $ | 1,273,158 | ||||||||||||
Long-term debt, less current portion | 1,483,581 | |||||||||||||
Less: Cash and cash equivalents | 111,303 | |||||||||||||
Net Debt | $ | 2,645,436 | ||||||||||||
Reconciliation of Operating Income to Adjusted EBITDA | ||||||||||||||
(Amounts in thousands) | Trailing Twelve | |||||||||||||
Three Months Ended | Months Ended | |||||||||||||
December 31, 2018 | March 30, 2019 | June 29, 2019 | September 28, 2019 | September 28, 2019 | ||||||||||
Operating income | $ | 213,376 | 165,330 | 266,860 | 240,220 | 885,786 | ||||||||
Other (Expense)/ Income | (504 | ) | 3,736 | 3,048 | (52,713 | ) | (46,433 | ) | ||||||
Net (income) loss attributable to noncontrolling interest | (704 | ) | 10 | (213 | ) | (151 | ) | (1,058 | ) | |||||
Depreciation and amortization | 139,092 | 137,291 | 140,482 | 144,920 | 561,785 | |||||||||
EBITDA | 351,260 | 306,367 | 410,177 | 332,276 | 1,400,080 | |||||||||
Restructuring, acquisition and integration-related and other costs | 20,412 | 39,495 | 8,840 | 1,542 | 70,289 | |||||||||
Impairment of investment in a manufacturer and distributor of Ceramic tile in China | - | - | - | 65,172 | 65,172 | |||||||||
Acquisitions purchase accounting, including inventory step-up | 6,721 | 2,552 | 1,164 | - | 10,437 | |||||||||
Release of indemnification asset | 2,857 | - | - | (659 | ) | 2,198 | ||||||||
Adjusted EBITDA | $ | 381,250 | 348,414 | 420,181 | 398,331 | 1,548,176 | ||||||||
Net Debt to Adjusted EBITDA | 1.7 | |||||||||||||
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 | Nine Months Ended | |||||||||||||
September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||
Net sales | $ | 2,519,185 | 2,545,800 | 7,546,160 | 7,535,016 | |||||||||
Adjustment to net sales on constant shipping days | (1,332 | ) | - | 37,182 | - | |||||||||
Adjustment to net sales on a constant exchange rate | 35,215 | - | 159,570 | - | ||||||||||
Net sales on a constant exchange rate and constant shipping days | 2,553,068 | 2,545,800 | 7,742,912 | 7,535,016 | ||||||||||
Less: impact of acquisition volume | (70,357 | ) | - | (325,352 | ) | - | ||||||||
Net sales on a constant exchange rate and constant shipping days excluding acquisition volume | $ | 2,482,711 | 2,545,800 | 7,417,560 | 7,535,016 | |||||||||
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 | ||||||||||||||
Global Ceramic | September 28, 2019 | September 29, 2018 | ||||||||||||
Net sales | $ | 916,422 | 885,773 | |||||||||||
Adjustment to net sales on constant shipping days | (1,332 | ) | - | |||||||||||
Adjustment to segment net sales on a constant exchange rate | 8,364 | - | ||||||||||||
Segment net sales on a constant exchange rate and constant shipping days | 923,454 | 885,773 | ||||||||||||
Less: impact of acquisition volume | (57,369 | ) | - | |||||||||||
Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume | $ | 866,085 | 885,773 | |||||||||||
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate Excluding Acquisition Volume | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Three Months Ended | ||||||||||||||
Flooring ROW | September 28, 2019 | September 29, 2018 | ||||||||||||
Net sales | $ | 600,855 | 612,487 | |||||||||||
Adjustment to segment net sales on a constant exchange rate | 26,852 | - | ||||||||||||
Segment net sales on a constant exchange rate | 627,707 | 612,487 | ||||||||||||
Less: impact of acquisition volume | (12,988 | ) | - | |||||||||||
Segment net sales on a constant exchange rate excluding acquisition volume | $ | 614,719 | 612,487 | |||||||||||
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Three Months Ended | ||||||||||||||
September 28, 2019 | September 29, 2018 | |||||||||||||
Selling, general and administrative expenses | $ | 451,471 | 433,189 | |||||||||||
Adjustments to selling, general and administrative expenses: | ||||||||||||||
Restructuring, acquisition and integration-related and other costs | (2,051 | ) | (9,688 | ) | ||||||||||
Release of indemnification asset | (246 | ) | - | |||||||||||
Adjusted selling, general and administrative expenses | $ | 449,174 | 423,501 | |||||||||||
Reconciliation of Operating Income to Adjusted Operating Income | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Three Months Ended | ||||||||||||||
September 28, 2019 | September 29, 2018 | |||||||||||||
Operating income | $ | 240,220 | 287,244 | |||||||||||
Adjustments to operating income: | ||||||||||||||
Restructuring, acquisition and integration-related and other costs | 9,515 | 19,890 | ||||||||||||
Release of indemnification asset | 246 | - | ||||||||||||
Acquisitions purchase accounting, including inventory step-up | - | 7,090 | ||||||||||||
Adjusted operating income | $ | 249,981 | 314,224 | |||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Three Months Ended | ||||||||||||||
Global Ceramic | September 28, 2019 | September 29, 2018 | ||||||||||||
Operating income | $ | 84,410 | 118,716 | |||||||||||
Adjustments to segment operating income: | ||||||||||||||
Restructuring, acquisition and integration-related and other costs | 1,167 | 181 | ||||||||||||
Adjusted segment operating income | $ | 85,577 | 118,897 | |||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Three Months Ended | ||||||||||||||
Flooring NA | September 28, 2019 | September 29, 2018 | ||||||||||||
Operating income | $ | 80,223 | 93,369 | |||||||||||
Adjustments to segment operating income: | ||||||||||||||
Restructuring, acquisition and integration-related and other costs | 4,095 | 10,603 | ||||||||||||
Adjusted segment operating income | $ | 84,318 | 103,972 | |||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Three Months Ended | ||||||||||||||
Flooring ROW | September 28, 2019 | September 29, 2018 | ||||||||||||
Operating income | $ | 84,428 | 84,108 | |||||||||||
Adjustments to segment operating income: | ||||||||||||||
Restructuring, acquisition and integration-related and other costs | 4,435 | 5,596 | ||||||||||||
Acquisitions purchase accounting, including inventory step-up | - | 7,090 | ||||||||||||
Adjusted segment operating income | $ | 88,863 | 96,794 | |||||||||||
Reconciliation of Earnings including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Three Months Ended | ||||||||||||||
September 28, 2019 | September 29, 2018 | |||||||||||||
Earnings before income taxes | $ | 178,191 | 277,513 | |||||||||||
Noncontrolling interests | (151 | ) | (1,013 | ) | ||||||||||
Adjustments to earnings including noncontrolling interests before income taxes: | ||||||||||||||
Restructuring, acquisition and integration-related and other costs | 1,542 | 19,890 | ||||||||||||
Acquisitions purchase accounting, including inventory step-up | - | 7,090 | ||||||||||||
Impairment of investment in a manufacturer and distributor of Ceramic tile in China | 65,172 | - | ||||||||||||
Release of indemnification asset | (659 | ) | - | |||||||||||
Adjusted earnings including noncontrolling interests before income taxes | $ | 244,095 | 303,480 | |||||||||||
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Three Months Ended | ||||||||||||||
September 28, 2019 | September 29, 2018 | |||||||||||||
Income tax expense | $ | 22,522 | 49,487 | |||||||||||
Income taxes - reversal of uncertain tax position | (659 | ) | - | |||||||||||
Income tax effect of adjusting items | 22,807 | 7,701 | ||||||||||||
Adjusted income tax expense | $ | 44,670 | 57,188 | |||||||||||
Adjusted income tax rate | 18.3 | % | 18.8 | % |
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: 首席財務官 Glenn Landau (706) 624-2025