佐治亞州卡爾霍恩, April 30, 2023 (GLOBE NEWSWIRE via SEAPRWire.com) — Mohawk Industries, Inc. (NYSE: MHK) 今日宣布 2023 年第一季度淨收益為 8000 萬美元，攤薄每股盈利 (EPS) 為 1.26 美元。扣除重組、收購和其他費用後，經調整淨收益為 1.12 億美元，經調整 EPS 為 1.75 美元。2023 年第一季度的淨銷售額為 28 億美元，據報告下降了 6.9%，以不變匯率按天計算降幅為 5.9%。2022 年第一季度，淨銷售額為 30 億美元，淨收益為 2.45 億美元，EPS 為 3.78 美元。扣除重組、收購和其他費用後，經調整淨收益為 2.46 億美元，經調整 EPS 為 3.78 美元。
在評論 Mohawk Industries 的第一季度業績時，公司董事長兼行政總裁 Jeffrey S. Lorberbaum 表示：「我們所有的業務都在調整策略以適應更具挑戰性的環境。我們在為短期和長期增長進行投資的同時，也在對成本進行管理。我們的收益超出預期，公司業務保持著更高的定價和更強勁的產品組合，全球其他地區地板業務分部的表現優於其他分部。商用渠道業務表現持續強於住宅業務，房屋改建項目被推遲，新房建設受到按揭利率上升的影響。我們的資產負債表依然穩健，本季度產生的自由現金流量達 1.29 億美元。」
為提高銷售額，我們在新產品創新方面做了戰略性投資，強化了商品展銷以及客戶貿易匯展活動。我們將透過提高生產力、簡化流程和控制管理費用來繼續降低整個企業的成本。我們的客戶對他們的存貨承諾仍表現保守，我們在較低的利用率水平下經營，致使未吸收的間接管理費用變為更高的成本。對於北美地板業務和全球其他地區地板業務，我們的重組舉措正在按計劃實施，應該會改善我們的業務業績。
我們將我們的資本投資限制在那些能夠產生顯著銷售額、利潤和流程改進的項目上。我們正在擴大我們曾受限品類的生產，這些品類在經濟好轉時具有最大增長潛力，包括豪華膠地板 (LVT)、高級層壓板、石英檯面、瓷板和隔熱產品。我們在巴西和墨西哥完成了兩項瓷類業務收購，其 2022 年的總銷售額約為 4.25 億美元，幾乎使我們現有的市場份額翻倍。我們正在制定增加銷售額的策略，並將開始整合業務以降低成本、提高效率和優化生產。我們還會繼續改善去年在歐洲和美國完成小型補強收購的公司。
天然氣和電力通脹在第一季度仍然是不利因素，儘管在未來，我們的損益表上較低的能源成本會使業績向好。我們的可持續發展戰略包括對綠色能源生產的投資，這可以減少我們的費用和碳足跡。我們的兩間生物質能工廠降低了我們的成本並改善了本季度的業績。我們還在不同時期購買了一些歐洲能源，以減少未來的成本波動。近期意大利能源補貼被延長至 2023 年第二季度，但補貼力度有所降低。
第一季度，全球瓷類業務分部報告的淨銷售額下降了 0.5%，以不變匯率按天計算降幅為 1.2%。該分部報告的營業毛利為 6.0%，經調整為 6.3%，此為有利的定價和產品組合以及生產率提高，在抵銷通貨膨脹、銷量下降和臨時停產等影響後的結果。我們 2023 年推出的產品具有新尺寸、獨特視覺效果和拋光飾面，正在改善我們的產品組合。我們將減少產量，以適應市場競爭日益激烈的需求。由於我們在商用領域的銷售額增加，我們的瓷類產品在美國的業績優於其他地區的市場。我們更加可靠的美國國內生產正對我們的銷量產生有利影響，特別是對我們所提供的對標歐洲產品的優質系列。為了增加我們的石英檯面產量，我們正在擴大與國民賬戶、承包商以及廚房和浴室零售商相關的業務。在我們的歐洲瓷類產品業務中，我們的平均售價保持在高於預期的水平，儘管我們的銷量因住宅改造放緩而有所下降。我們的其他地區瓷類產品市場也隨著家庭支出的減少和客戶存貨的大幅減少而下降，儘管我們在這些地區的銷售趨勢隨著我們在此期間的進展而發生季節性的改善。
第一季度，我們的全球其他地區地板業務分部的淨銷售額據報告下降了 9.7%，以不變匯率按天計算降幅為 5.5%。該分部報告的營業毛利為 9.5%，經調整為 12.6%，此為有利的定價和產品組合，在抵銷通貨膨脹、銷量下降和臨時停產後的結果。由於高能源價格和通貨膨脹影響了消費者預算，我們的歐洲業務受到壓縮。與上一季度相比，該分部的業務有所改善，因為我們增加了促銷活動以加強銷售、停工情況減少、成本降低以及為預算更有限的消費者提供了更多產品選擇。隨著投入成本的下降，我們預計市場競爭壓力將增加。本季度層壓板和 LVT 銷量均有所下降，我們將控制成本和產量進行應對。我們已經開始將我們的住宅 LVT 從柔性轉換為剛性，並準備重組業務。因消費者尋求成本更低的改造選項，我們的乙烯基板材銷量隨之增加。對於我們新收購的東歐乙烯基地板業務，我們將改進產品供應並提高工廠的產量和效率。我們的面板業務隨著渠道的市場和存貨減少而放緩。由於更強勁的定價、更低的投入成本以及我們的生物質能源生產帶來的好處，我們的利潤率高於預期。在所收購的法國面板業務和德國夾層地板業務之間，我們在實現預計的協同增效方面取得了進展。由於能源效率已成為更重要的優先事項，我們的隔熱品類在該分部業績表現最佳，我們的聚氨酯產品具有絕佳的耐熱性能。我們整合了在愛爾蘭和英國收購的隔熱產品業務，我們的新工廠將會提前完成產能爬坡。在澳大利亞和紐西蘭，我們的業績因利率較高和銷量較低而下降。我們正在選擇性地推出促銷活動以推動銷售，並提高價格以抵銷上漲的成本。
第一季度，我們的北美地板業務分部銷售額下降了 11.1%。該分部報告的營業毛利為負 0.2%，經調整營業毛利為正 0.5%，此為有利的定價和產品組合以及生產率提高，在抵銷通貨膨脹、銷量下降、臨時停產和增加的營銷投資等影響後的結果。該分部一直受到嚴重通貨膨脹、更高利率和更嚴格貸款的挑戰，這些因素削弱了房地產市場和我們所在的行業。因此，我們的客戶將更嚴格地管理他們的存貨量，而我們將會使生產與需求保持一致。隨著我們的投入成本的改進和工廠利用率的提高，我們的利潤率應該會在第二季度擴大。我們的重組舉措正在按計劃實施，並將降低我們在住宅和商用軟性表面品類中的成本。大多數業務渠道的新建和改建項目仍在繼續，商用產品銷售保持穩健。我們去年完成的商用地板配件業務收購補充了我們的產品供應類別並有利於我們的業務。住宅軟性表面產品的銷售額下降幅度超過了我們的其他品類。多戶型住宅產品業務仍然是住宅產品業務中最強勁的品類，我們將擴大對該業務渠道的參與。隨著行業放緩和海運成本下降，美國 LVT 市場的競爭日益激烈。由於美國要求作為遵守強迫勞動保護法的一部分提供供應鏈合規證明，因此從亞洲的進口將中斷。我們的西海岸 LVT 工廠將繼續擴產，隨著我們今年的推進，產量將會增加。因消費者尋求更多以預算為導向的選項，乙烯基地板銷售表現出色。本季度，我們的層壓板作為防水材料選擇的接受度提高，零售銷售額有所增長，但其他渠道的銷量有所下降。
我們行業的營運環境與一年前完全不同。全球來看，各國央行都在加息以減緩經濟增速並降低通貨膨脹。由於新房銷售和住宅改建被推遲，這些措施降低了我們的行業銷量。商用業務分部仍然強於住宅分部，儘管隨著時間的推移，更高的利率和更嚴格的貸款要求可能會影響商用投資。我們透過專注於業績更優的渠道、推出差異化產品以及提供更好的服務和價值，使我們的銷售額和分銷量最大化。我們將積極管理我們的費用和成本結構以優化我們的業績。我們預計整個市場的行業銷量和定價將繼續面臨壓力。我們預計需求的季節性增長以及能源和材料成本的降低將改善我們未來的業績。鑑於這些因素，我們預計，扣除重組、收購和其他費用後，第二季度經調整 EPS 將在 2.56 美元至 2.66 美元之間。
這種行業低迷的情況前所未有，就業率居高不下，企業繼續投資，房屋估值保持不變。我們將在短期內實行保守管理，同時透過產品創新、產能擴張和收購來為長期增長進行投資。我們穩健的資產負債表使我們能夠度過當前的低迷時期，並為隨後的行業反彈做好準備。從長遠來看，我們所有的地區都需要翻新老舊房屋和建設大量新房，以滿足市場需求。憑藉我們在各地區、市場和產品方面的實力，我們預計會在房地產市場和經濟復甦時抓住更多機會。
關於 MOHAWK INDUSTRIES
Mohawk Industries 是全球領先的地板製造商，其產品旨在改善全球的住宅和商用空間。Mohawk 的垂直整合製造和分銷流程為其地毯、地墊、瓷磚、層壓板、木材、石材和乙烯基地板產品帶來競爭優勢。公司行業領先的創新催生了產品和技術，使其品牌在市場上脫穎而出，並滿足所有改建和新建工程的要求。公司旗下品牌備受業內認可，包括 American Olean、Daltile、Durkan、Eliane、Feltex、Godfrey Hirst、IVC、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step 和 Unilin。過去十年，Mohawk 已從一間美國地毯製造商轉變為全球最大的地板公司，業務遍及澳大利亞、巴西、加拿大、歐洲、馬來西亞、墨西哥、紐西蘭、俄羅斯和美國。
上文各段落的若干陳述，特別是預期未來業績、業務前景、增長和經營策略以及類似事項，以及包含「可以」、「應該」、「相信」、「預期」、「預計」和「估計」等詞語的陳述或類似表述構成「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包含的前瞻性陳述安全港的保護。 無法保證前瞻性陳述的準確性，因為它們基於許多假設，涉及諸多風險和不明朗因素。以下重要因素可能導致未來結果不同：經濟或行業狀況的變化；競爭；運費、原材料價格和其他投入成本的上漲和下降；消費市場的擴張和收縮；貨幣價格波動；能源成本和供應；資本支出的時機和實施情況；公司產品價格上漲的時機和實施情況；減值費用；收購整合；國際業務；推出新產品；營運合理化；稅收和稅收改革；產品和其他權利要求；訴訟；與 2019 冠狀病毒病大流行相關的風險和不明朗因素；公司開展業務的司法管轄區的監管和政治變化；以及 Mohawk 的 SEC 報告和公告中識別的其他風險。
電話會議時間：2023 年 4 月 28 日，星期五，東部時間上午 11:00
如需透過互聯網參加電話會議，請造訪 http://ir.mohawkind.com/events/event-details/mohawk-industries-inc-1st-quarter-2023-earnings-call。如需透過電話參加電話會議，請前往 https://dpregister.com/sreg/10177490/f8f85704c6 提前註冊以獲取唯一個人識別碼，或在電話會議當天撥打 1-833-630-1962（美國／加拿大）和 1-412-317-1843（國際／本地）獲得接線員的幫助。電話會議重播內容可在 2023 年 5 月 26 日之前收聽，方法是：撥打 1-877-344-7529（美國／加拿大）或撥打 1-412-317-0088 （國際／本地）並輸入訪問代碼 #6741654。
| 聯絡方式： | James Brunk，財務總監 | |
| (706) 624-2239 |
| MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | ||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
| (Unaudited) | ||||||
| Three Months Ended | ||||||
| (Amounts in thousands, except per share data) | April 1, 2023 | April 2, 2022 | ||||
| Net sales | $ | 2,806,223 | 3,015,663 | |||
| Cost of sales | 2,162,781 | 2,213,535 | ||||
| Gross profit | 643,442 | 802,128 | ||||
| Selling, general and administrative expenses | 517,652 | 481,327 | ||||
| Operating income | 125,790 | 320,801 | ||||
| Interest expense | 17,137 | 11,481 | ||||
| Other expense (income), net | (566 | ) | 2,438 | |||
| Earnings before income taxes | 109,219 | 306,882 | ||||
| Income tax expense | 28,943 | 61,448 | ||||
| Net earnings including noncontrolling interests | 80,276 | 245,434 | ||||
| Net earnings attributable to noncontrolling interests | 38 | 105 | ||||
| Net earnings attributable to Mohawk Industries, Inc. | $ | 80,238 | 245,329 | |||
| Basic earnings per share attributable to Mohawk Industries, Inc. | $ | 1.26 | 3.79 | |||
| Weighted-average common shares outstanding – basic | 63,582 | 64,686 | ||||
| Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 1.26 | 3.78 | |||
| Weighted-average common shares outstanding – diluted | 63,846 | 64,970 | ||||
| Other Financial Information | ||||||
| Three Months Ended | ||||||
| (Amounts in thousands) | April 1, 2023 | April 2, 2022 | ||||
| Net cash provided by operating activities | $ | 257,276 | 54,954 | |||
| Less: Capital expenditures | 128,493 | 129,470 | ||||
| Free cash flow | $ | 128,783 | (74,516 | ) | ||
| Depreciation and amortization | $ | 169,909 | 141,415 | |||
| MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | ||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
| (Unaudited) | ||||
| (Amounts in thousands) | April 1, 2023 | April 2, 2022 | ||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 572,858 | 230,559 | |
| Short-term investments | 150,000 | 310,000 | ||
| Receivables, net | 2,052,362 | 2,044,698 | ||
| Inventories | 2,729,876 | 2,513,244 | ||
| Prepaid expenses and other current assets | 556,043 | 466,238 | ||
| Total current assets | 6,061,139 | 5,564,739 | ||
| Property, plant and equipment, net | 4,945,952 | 4,552,612 | ||
| Right of use operating lease assets | 396,064 | 384,740 | ||
| Goodwill | 2,022,457 | 2,579,385 | ||
| Intangible assets, net | 893,064 | 883,527 | ||
| Deferred income taxes and other non-current assets | 444,781 | 421,716 | ||
| Total assets | $ | 14,763,457 | 14,386,719 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| Current liabilities: | ||||
| Short-term debt and current portion of long-term debt | $ | 1,056,473 | 1,546,463 | |
| Accounts payable and accrued expenses | 2,155,412 | 2,220,347 | ||
| Current operating lease liabilities | 106,488 | 104,823 | ||
| Total current liabilities | 3,318,373 | 3,871,633 | ||
| Long-term debt, less current portion | 2,265,138 | 1,088,401 | ||
| Non-current operating lease liabilities | 304,123 | 293,239 | ||
| Deferred income taxes and other long-term liabilities | 770,117 | 845,843 | ||
| Total liabilities | 6,657,751 | 6,099,116 | ||
| Total stockholders’ equity | 8,105,706 | 8,287,603 | ||
| Total liabilities and stockholders’ equity | $ | 14,763,457 | 14,386,719 | |
| Segment Information | |||||||
| As of or for the Three Months Ended | |||||||
| (Amounts in thousands) | April 1, 2023 | April 2, 2022 | |||||
| Net sales: | |||||||
| Global Ceramic | $ | 1,059,334 | 1,064,757 | ||||
| Flooring NA | 953,417 | 1,071,910 | |||||
| Flooring ROW | 793,472 | 878,996 | |||||
| Consolidated net sales | $ | 2,806,223 | 3,015,663 | ||||
| Operating income (loss): | |||||||
| Global Ceramic | $ | 63,317 | 100,338 | ||||
| Flooring NA | (2,013 | ) | 95,324 | ||||
| Flooring ROW | 75,245 | 134,650 | |||||
| Corporate and intersegment eliminations | (10,759 | ) | (9,511 | ) | |||
| Consolidated operating income | $ | 125,790 | 320,801 | ||||
| Assets: | |||||||
| Global Ceramic | $ | 5,499,366 | 5,240,214 | ||||
| Flooring NA | 4,265,140 | 4,220,757 | |||||
| Flooring ROW | 4,314,799 | 4,413,013 | |||||
| Corporate and intersegment eliminations | 684,152 | 512,735 | |||||
| Consolidated assets | $ | 14,763,457 | 14,386,719 | ||||
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.
| Three Months Ended | |||||||
| (Amounts in thousands, except per share data) | April 1, 2023 | April 2, 2022 | |||||
| Net earnings attributable to Mohawk Industries, Inc. | $ | 80,238 | 245,329 | ||||
| Adjusting items: | |||||||
| Restructuring, acquisition and integration-related and other costs | 32,123 | 1,918 | |||||
| Inventory step-up from purchase accounting | 3,305 | — | |||||
| Release of indemnification asset | — | 7,263 | |||||
| Income taxes – reversal of uncertain tax position | — | (7,263 | ) | ||||
| Income tax effect of adjusting items | (3,723 | ) | (1,684 | ) | |||
| Adjusted net earnings attributable to Mohawk Industries, Inc. | $ | 111,943 | 245,563 | ||||
| Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 1.75 | 3.78 | ||||
| Weighted-average common shares outstanding – diluted | 63,846 | 64,970 | |||||
| Reconciliation of Total Debt to Net Debt Less Short-Term Investments | ||
| (Amounts in thousands) | April 1, 2023 | |
| Short-term debt and current portion of long-term debt | $ | 1,056,473 |
| Long-term debt, less current portion | 2,265,138 | |
| Total debt | 3,321,611 | |
| Less: Cash and cash equivalents | 572,858 | |
| Net debt | 2,748,753 | |
| Less: Short-term investments | 150,000 | |
| Net debt less short-term investments | $ | 2,598,753 |
| Reconciliation of Net Earnings (Loss) to Adjusted EBITDA | |||||||||||||||
| Trailing Twelve | |||||||||||||||
| Three Months Ended | Months Ended | ||||||||||||||
| (Amounts in thousands) | July 2, 2022 |
October 1, 2022 |
December 31, 2022 |
April 1, 2023 |
April 1, 2023 |
||||||||||
| Net earnings (loss) including noncontrolling interests | $ | 280,510 | (533,713 | ) | 33,552 | 80,276 | (139,375 | ) | |||||||
| Interest expense | 12,059 | 13,797 | 14,601 | 17,137 | 57,594 | ||||||||||
| Income tax expense | 78,176 | 15,569 | 2,917 | 28,943 | 125,605 | ||||||||||
| Net earnings attributable to noncontrolling interests | (79 | ) | (256 | ) | (96 | ) | (38 | ) | (469 | ) | |||||
| Depreciation and amortization(1) | 141,569 | 153,466 | 159,014 | 169,909 | 623,958 | ||||||||||
| EBITDA | 512,235 | (351,137 | ) | 209,988 | 296,227 | 667,313 | |||||||||
| Restructuring, acquisition and integration-related and other costs | 1,801 | 21,375 | 33,786 | 9,104 | 66,066 | ||||||||||
| Inventory step-up from purchase accounting | 143 | 1,401 | 1,218 | 3,305 | 6,067 | ||||||||||
| Impairment of goodwill and indefinite-lived intangibles | — | 695,771 | — | — | 695,771 | ||||||||||
| Legal settlements, reserves and fees, net of insurance proceeds | — | 45,000 | 9,231 | — | 54,231 | ||||||||||
| Adjusted EBITDA | $ | 514,179 | 412,410 | 254,223 | 308,636 | 1,489,448 | |||||||||
| Net debt less short-term investments to adjusted EBITDA | 1.7 | ||||||||||||||
(1)Includes accelerated depreciation of $13,085 for Q3 2022 and $15,915 for Q4 2022 in addition to $23,019 for Q1 2023.
| Reconciliation of Net Sales to Adjusted Net Sales | ||||||
| Three Months Ended | ||||||
| (Amounts in thousands) | April 1, 2023 | April 2, 2022 | ||||
| Mohawk Consolidated | ||||||
| Net sales | $ | 2,806,223 | 3,015,663 | |||
| Adjustment for constant shipping days | (948 | ) | — | |||
| Adjustment for constant exchange rates | 30,960 | — | ||||
| Adjusted net sales | $ | 2,836,235 | 3,015,663 | |||
| Global Ceramic | ||||||
| Net sales | $ | 1,059,334 | 1,064,757 | |||
| Adjustment for constant shipping days | (948 | ) | — | |||
| Adjustment for constant exchange rates | (6,187 | ) | — | |||
| Adjusted net sales | $ | 1,052,199 | 1,064,757 | |||
| Flooring ROW | |||||
| Net sales | $ | 793,472 | 878,996 | ||
| Adjustment for constant exchange rates | 37,147 | — | |||
| Adjusted net sales | $ | 830,619 | 878,996 | ||
| Reconciliation of Gross Profit to Adjusted Gross Profit | |||||||
| Three Months Ended | |||||||
| (Amounts in thousands) | April 1, 2023 | April 2, 2022 | |||||
| Gross Profit | $ | 643,442 | 802,128 | ||||
| Adjustments to gross profit: | |||||||
| Restructuring, acquisition and integration-related and other costs | 29,056 | 938 | |||||
| Inventory step-up from purchase accounting | 3,305 | — | |||||
| Adjusted gross profit | $ | 675,803 | 803,066 | ||||
| Adjusted gross profit as a percent of net sales | 24.1 | % | 26.6 | % | |||
| Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses | |||||||
| Three Months Ended | |||||||
| (Amounts in thousands) | April 1, 2023 | April 2, 2022 | |||||
| Selling, general and administrative expenses | $ | 517,652 | 481,327 | ||||
| Adjustments to selling, general and administrative expenses: | |||||||
| Restructuring, acquisition and integration-related and other costs | (4,058 | ) | (980 | ) | |||
| Adjusted selling, general and administrative expenses | $ | 513,594 | 480,347 | ||||
| Adjusted selling, general and administrative expenses as a percent of net sales | 18.3 | % | 15.9 | % | |||
| Reconciliation of Operating Income to Adjusted Operating Income | |||||||
| Three Months Ended | |||||||
| (Amounts in thousands) | April 1, 2023 | April 2, 2022 | |||||
| Mohawk Consolidated | |||||||
| Operating income | $ | 125,790 | 320,801 | ||||
| Adjustments to operating income: | |||||||
| Restructuring, acquisition and integration-related and other costs | 33,114 | 1,918 | |||||
| Inventory step-up from purchase accounting | 3,305 | — | |||||
| Adjusted operating income | $ | 162,209 | 322,719 | ||||
| Adjusted operating income as a percent of net sales | 5.8 | % | 10.7 | % | |||
| Global Ceramic | |||||||
| Operating income | $ | 63,317 | 100,338 | ||||
| Adjustments to segment operating income: | |||||||
| Restructuring, acquisition and integration-related and other costs | 637 | — | |||||
| Inventory step-up from purchase accounting | 2,941 | — | |||||
| Adjusted segment operating income | $ | 66,895 | 100,338 | ||||
| Adjusted segment operating income as a percent of net sales | 6.3 | % | 9.4 | % | |||
| Flooring NA | |||||||
| Operating (loss) income | $ | (2,013 | ) | 95,324 | |||
| Adjustments to segment operating (loss) income: | |||||||
| Restructuring, acquisition and integration-related and other costs | 6,990 | 105 | |||||
| Adjusted segment operating income | $ | 4,977 | 95,429 | ||||
| Adjusted segment operating income as a percent of net sales | 0.5 | % | 8.9 | % | |||
| Flooring ROW | |||||||
| Operating income | $ | 75,245 | 134,650 | ||||
| Adjustments to segment operating income: | |||||||
| Restructuring, acquisition and integration-related and other costs | 24,497 | 1,813 | |||||
| Inventory step-up from purchase accounting | 364 | — | |||||
| Adjusted segment operating income | $ | 100,106 | 136,463 | ||||
| Adjusted segment operating income as a percent of net sales | 12.6 | % | 15.5 | % | |||
| Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes | |||||||
| Three Months Ended | |||||||
| (Amounts in thousands) | April 1, 2023 | April 2, 2022 | |||||
| Earnings before income taxes | $ | 109,219 | 306,882 | ||||
| Net earnings attributable to noncontrolling interests | (38 | ) | (105 | ) | |||
| Adjustments to earnings including noncontrolling interests before income taxes: | |||||||
| Restructuring, acquisition and integration-related and other costs | 32,123 | 1,918 | |||||
| Inventory step-up from purchase accounting | 3,305 | — | |||||
| Release of indemnification asset | — | 7,263 | |||||
| Adjusted earnings including noncontrolling interests before income taxes | $ | 144,609 | 315,958 | ||||
| Reconciliation of Income Tax Expense to Adjusted Income Tax Expense | |||||||
| Three Months Ended | |||||||
| (Amounts in thousands) | April 1, 2023 | April 2, 2022 | |||||
| Income tax expense | $ | 28,943 | 61,448 | ||||
| Income taxes – reversal of uncertain tax position | — | 7,263 | |||||
| Income tax effect of adjusting items | 3,723 | 1,684 | |||||
| Adjusted income tax expense | $ | 32,666 | 70,395 | ||||
| Adjusted income tax rate | 22.6 | % | 22.3 | % | |||
公司根據美國公認會計原則 (GAAP) 編制和列報的簡明綜合財務報表，採用了若干非 GAAP 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。本公司認為，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 收入指標有助於確定增長趨勢，並將收入與前期和未來期間進行比較，非 GAAP 盈利能力指標有助於了解公司業務的長期盈利趨勢，並將其利潤與前期和未來時期進行比較。
公司將若干項目排除在其非 GAAP 收入指標之外，因為這些項目在不同時期可能會有很大差異，並且可能掩蓋潛在的業務趨勢。公司的非 GAAP 收入指標中不包括的項目有：外幣交易和換算。
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。公司非 GAAP 盈利能力指標中剔除的項目包括：重組、收購和整合相關及其他成本、法律和解、準備金和費用、扣除保險收益、商譽減值和壽命不確定的無形資產、收購購買會計，包括購買會計存貨增加、補償資產的釋放和不確定稅收狀況的逆轉。
source https://netdace.com/globenewswire/mohawk-industries-%e5%85%ac%e4%bd%88%e7%ac%ac%e4%b8%80%e5%ad%a3%e5%ba%a6%e6%a5%ad%e7%b8%be/