喬治亞洲卡爾霍恩, Nov. 02, 2021 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2021 年第三季度的淨收益為 2.71 億美元,攤薄後每股收益(EPS)為 3.93 美元。調整後淨收益為 2.72 億美元,每股收益為 3.95 美元,不包括調整、收購及其他費用。2021 年第三季度的淨銷售額為 28 億美元,按報告季增長了 9.4%,按固定貨幣計算為 8.7%。2020 年的第三季度淨銷售額為 26 億美元,淨收益為 2.05 億美元,每股收益為 2.87 美元,調整後淨收益為 2.33 億美元,攤薄後每股收益為 3.26 美元,不包括調整、收購和其他費用。
在截至 2021 年 10 月 2 日的九個月中,淨收益及每股收益分別為 8.44 億美元及 12.11 美元。調整後淨收益為 8.28 億美元,每股收益為 11.89 美元,不包括調整、收購及其他費用。在 2021 年的九個月期間,淨銷售額為 84 億美元,比去年報告增加 22.1%,或按固定貨幣和天數計算增長約為 18%。在截至 2020 年 9 月 26 日的九個月期間,淨銷售額為 69 億美元,淨收益 2.67 億美元,每股收益為 3.75 美元;淨收益及每股收益分別為 3.79 億美元及 5.31 美元,不包括重組、收購及其他費用。
主席兼行政總裁 Jeffrey S. Lorberbaum 在評論 Mohawk Industries 的第三季度業績時表示:「在不斷變化的環境下,我們所有的業務都表現良好。在此期間,冠狀病毒病直接及間接地影響了許多經濟體,造成供應鏈困難,擾亂生產,導致澳洲、紐西蘭和馬來西亞的政府實施封城,並停止製造與零售。儘管受到這些影響及其他不利因素,但我們在大多數地區的第三季度銷售趨勢仍然持續,歐洲的業績錄得正常的夏季季節性業務。在大多數地區的住屋銷售強勁,消費者繼續以強勁的速度進行裝修投資。年復一年,由於對冠狀病毒病的憂慮而推遲了一些項目的時間,雖然速度較慢,但商業行業的表現仍有所改善。我們提高組織靈活性、降低產品及營運複雜性的策略,以及調整價格與成本的一致性來改善我們的業績。
「即使有更大的外部限制,我們仍在高水平營運,並成功地管轄了整個企業的許多障礙。勞動力、材料和運輸的供應並沒有像預期的那樣改善,而是變得更具挑戰性,且導致營運期間的成本更高。尤其是化學品供應緊張,降低了我們的石塑地板 (LVT)、地毯、層壓板及木板的產量。在近期內,我們預計這些外部壓力不會發生重大變化。由於供應短缺、政府法規和政治問題,歐洲天然氣成本目前比去年初高出約四倍。這為我們的歐洲業務帶來了暫時的挑戰,因為在氣體、電力和材料上反映出更高的成本。
「我們的大多數業務都有大量訂單積壓,而我們計劃在第四期保持高水平營運,以改善我們的服務與效率。目前,我們一些增長最快的產品受到材料及產能所限制。我們已啟動了額外的投資以增加這些產品的產量,並增加我們的銷售和服務。因建築材料和設備需要更長的交貨時間,這些項目也需延期完成。
「我們在 2021 年的業績顯著改善,在過去 12 個月,我們締造了超過 19 億美元的「稅息折舊及攤銷前利潤」(EBITDA)。考慮到這個和目前的估值,我們的董事會將我們的股票購買計劃增加了 5 億美元。自第二季度末以來,我們已以每股 193 美元的平均價格買入了約 2.5 億美元的股票。憑藉我們目前的低槓桿率,我們有資金進行額外的投資和收購,以擴大公司的銷售和盈利能力。
「根據報告,本季度我們的世界地板部門的銷售額增加了約 13%,以及按固定貨幣計算增長為 11%。由於價格和組合改善抵消了通貨膨脹,該部門的營業利潤率為 17.4%,期間恢復正常的季節性和冠狀病毒病限制。在本季度,我們的產品類別和地區的銷售額強勁,這不包括受政府封城影響的產品類別與地區。這些冠狀病毒病的限制現已解除,我們正在擴大生產以滿足需求。我們的層壓板系列繼續帶來強勁的銷售增長,消費者喜歡我們專有的防水產品,因為其性能和像真度高的視覺效果。我們在歐洲增加了新的層壓板容量以滿足需求,並正在開展其他項目以支持進一步的銷售增長。正如預期,由於材料短缺和產量下降,我們的石塑地板 (LVT) 銷售額在此期間下降。我們透過改善產品組合並提高價格以過渡通貨膨脹,並將影響降至最低。隨著我們的分銷擴大,我們的俄羅斯乙烯基板材業務表現良好,銷售額不斷增長。我們已經收購了一家歐洲薄木片廠,以改善我們的實木地板供應產量和成本。隨著我們實施另一次加價以抵消不斷上升的材料通脹,公司的歐洲絕緣面板的銷售有所增長。我們還收購了愛爾蘭的絕緣材製造商,並開始將其業務與我們的現有業務整合起來。隨著我們增加產品組合和定價,我們的面板業務有所增長,利潤率亦擴大。我們增加了一部新印刷機,這將提高我們的產能,並為我們的產品添加更多與眾不同的功能。在第四季度,我們將完成對法國的中密度纖維板 (MDF) 製造商的收購,以擴大我們在西歐的產能。公司是以生物為本的樹脂先驅,這將提高我們的可持續發展地位。
根據報告,本季度我們的北美地板部門的銷售額增加了 6.9%,營業利潤率保持不變,從 8% 增加到約 11%,這主要是由於有利的價格和組合以及生產力的提高,部分被通貨膨脹所抵消。鑑於在此期間影響我們的銷售和生產的材料、運輸和勞動力限制,北美地板有著強勁的業績。由於通貨膨脹壓力加劇,我們在大多數產品類別中實施了額外的價格上調。我們將繼續精簡產品組合,並降低營運複雜性,從而提高效率與品質。在地毯方面,住宅受到材料和勞動力的限制,這影響了我們的生產及成本。商業銷售有所改善,但隨著冠狀病毒病的病例增加,其增長速度亦有所放緩。在住宅和商業製造方面,我們在更高效的資產投資,以降低成本、提高造型並減少勞動力需求。儘管我們的銷售受到產能的限制,但我們的層壓板和木材業務繼續增長。我們新的層壓板生產線應於今年年底前投入運作,以擴大我們的銷售並提供更先進的功能。我們的新高性能 UltraWood 系列正在增加我們的木材產品組合,新工廠的生產力隨著產量的增加而有所改進。在此期間,我們的 LVT 銷售增加,即使材料供應限制了我們所採購的產品之生產及延誤運輸。透過簡化流程,我們改善了 LVT 組合且增強了功能,並降低了公司的成本。我們還增加了乙烯基板材工廠的產量,以滿足我們系列不斷增長的銷售。
「我們全球陶瓷部門銷售額在該季度按報告增長了 9.6%,按固定貨幣計算増長 9.1%。根據報告,該部門的經營利潤率從 8% 增加至大約 12%,主要是由於定價和組合改善以及有利的生產力,部分由通貨膨脹抵消。在此期間,我們的美國陶瓷業務在住宅部門保持強勁,而商務正持續改善。我們正在透過將產品投入再造工程、利用替代材料並加強我們的物流策略,以降低製造成本。我們正在推出具有新印刷技術、紋理飾面和拋光表面的更高價值產品,以提供優質進口瓷磚的替代品。隨著生產在此期間恢復,我們的石英檯面銷售繼續顯著增長,而我們的高端視覺產品的銷售額增長速度更快。隨著我們提高價格以抵消墨西哥和巴西的通貨膨脹,這兩國的陶瓷業務正在增長。我們正在精煉產品的供應、改善效率及提高產量。在這兩個國家,我們正在投入新的資產,以擴大我們的生產並增強產品供應。由於假期時間表恢復正常,我們的歐洲陶瓷業務銷售保持強勁。價格、產品組合和生產力上升提高了我們的業績,儘管已遠遠被通貨膨脹的上升所抵消。在此期間,由於預期的短缺,歐洲的天然氣和電力價格升至前所未有的水平。我們的利潤率將受到負面影響,直至我們的價格在未來與能源成本保持一致。我們正在提升生產線,以進一步提高造型和改善效率。由於組合的增強,俄羅斯陶瓷業務的銷售和利潤率有所增加,而物價上漲抵消了更高的通貨膨脹。較低的庫存和產能限制影響了我們在此期間的銷量,我們將繼續管理自家的組合,直到我們的新產能投入運作為止。
在整個 2021 年,Mohawk 憑藉更高的銷售增長、利潤率擴張和強勁的現金產生,取得了非凡的業績。在第四季度,我們預計行業季節性將更為典型,與去年異常高的需求情況不同。在此期間,我們將保持高水平運作,以支援我們的銷售、改善服務並增加存貨。我們在某些類別中的銷售受到製造產能的限制,而我們正在增加投資以擴大生產這些不斷增長的類別。我們將繼續實施額外的價格上調,並管理我們業務中的人員安排、供應和運輸限制。我們正在保持強勢的成本管理、利用技術並加強在整個企業上的策略。在 Ceramic Europe,創紀錄的天然氣價格使第四季度的淨成本增加了約 2,500 萬美元,該行業需要一段時間調整以適應更高的成本。此外,我們的第四季度日曆的天數較上年少 6%。考慮到這些因素,我們預計不計任何重組費用,第四季度調整後的每股收益將在 2.80 美元至 2.90 美元之間。
「儘管通貨膨脹和材料供應存在暫時性挑戰,我們的長期前景仍然樂觀,預計新房建設和住宅裝修將保持強勢,隨著企業投資與增長,商務部門亦在改善。明年,我們的銷售應該會隨著產能擴張及推出創新的新產品而有所增長。我們優化業績的策略,會隨著經濟和供應鏈條件的變化而不斷發展。我們的資產負債表是我們歷史上最強勁的,其且支持增加投資和策略收購,以在最大程度上提升我們的增長。」
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及技術使我們的品牌在市場上脫穎而出,並滿足所有改造及新建工程要求。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 及 Unilin。在過去的十年中,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、俄羅斯及美國開展業務。
前面幾段中的某些陳述,特別是預測未來業績、業務前景、增長及經營策略以及類似事項以及包括「可能」、「應該」、「相信」、「預料」、「預期」及「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、涉及風險及不確定性。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 2021 年 10 月 29 日(星期五)上午 11 時(美國東部時間)
;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:4259806 直至 2021 年 11 月 29 日都可以致電 1-855-859-2056(美國/本地)及 1-404-537-3406(國際/本地)並輸入會議驗證碼 4259806 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) | October 2,2021 | September 26, 2020 | October 2,2021 | September 26, 2020 | ||||||||||
Net sales | $ | 2,817,017 | 2,574,870 | 8,439,876 | 6,910,433 | |||||||||
Cost of sales | 1,979,702 | 1,868,671 | 5,908,585 | 5,217,827 | ||||||||||
Gross profit | 837,315 | 706,199 | 2,531,291 | 1,692,606 | ||||||||||
Selling, general and administrative expenses | 477,341 | 443,455 | 1,449,378 | 1,339,338 | ||||||||||
Operating income | 359,974 | 262,744 | 1,081,913 | 353,268 | ||||||||||
Interest expense | 14,948 | 14,854 | 45,083 | 36,481 | ||||||||||
Other (income) expense, net | 21 | (726 | ) | (13,374 | ) | 5,990 | ||||||||
Earnings before income taxes | 345,005 | 248,616 | 1,050,204 | 310,797 | ||||||||||
Income tax expense | 73,821 | 43,163 | 205,756 | 43,467 | ||||||||||
Net earnings including noncontrolling interests | 271,184 | 205,453 | 844,448 | 267,330 | ||||||||||
Net earnings (loss) attributable to noncontrolling interests | 206 | 336 | 378 | (44 | ) | |||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 270,978 | 205,117 | 844,070 | 267,374 | |||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | ||||||||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | $ | 3.95 | 2.88 | 12.16 | 3.76 | |||||||||
Weighted-average common shares outstanding – basic | 68,541 | 71,197 | 69,389 | 71,190 | ||||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | ||||||||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 3.93 | 2.87 | 12.11 | 3.75 | |||||||||
Weighted-average common shares outstanding – diluted | 68,864 | 71,378 | 69,683 | 71,362 | ||||||||||
Other Financial Information | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Net cash provided by operating activities | $ | 498,739 | 598,499 | 1,096,735 | 1,361,994 | |||||||||
Less: Capital expenditures | 147,740 | 69,143 | 375,179 | 265,414 | ||||||||||
Free cash flow | $ | 350,999 | 529,356 | 721,556 | 1,096,580 | |||||||||
Depreciation and amortization | $ | 148,618 | 151,342 | 448,299 | 450,952 | |||||||||
Condensed Consolidated Balance Sheet Data | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
October 2,2021 | September 26, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 1,128,027 | 781,238 | |||||||||||
Short-term investments | – | 407,784 | ||||||||||||
Receivables, net | 1,880,476 | 1,710,961 | ||||||||||||
Inventories | 2,215,630 | 1,841,973 | ||||||||||||
Prepaid expenses and other current assets | 421,944 | 410,031 | ||||||||||||
Total current assets | 5,646,077 | 5,151,987 | ||||||||||||
Property, plant and equipment, net | 4,442,339 | 4,405,243 | ||||||||||||
Right of use operating lease assets | 385,606 | 303,050 | ||||||||||||
Goodwill | 2,612,201 | 2,574,641 | ||||||||||||
Intangible assets, net | 911,271 | 918,778 | ||||||||||||
Deferred income taxes and other non-current assets | 452,806 | 430,515 | ||||||||||||
Total assets | $ | 14,450,300 | 13,784,214 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term debt and current portion of long-term debt | $ | 588,669 | 356,130 | |||||||||||
Accounts payable and accrued expenses | 2,209,942 | 1,933,206 | ||||||||||||
Current operating lease liabilities | 103,132 | 97,778 | ||||||||||||
Total current liabilities | 2,901,743 | 2,387,114 | ||||||||||||
Long-term debt, less current portion | 1,710,207 | 2,282,781 | ||||||||||||
Non-current operating lease liabilities | 292,806 | 214,654 | ||||||||||||
Deferred income taxes and other long-term liabilities | 793,095 | 732,596 | ||||||||||||
Total liabilities | 5,697,851 | 5,617,145 | ||||||||||||
Total stockholders’ equity | 8,752,449 | 8,167,069 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 14,450,300 | 13,784,214 | |||||||||||
Segment Information | Three Months Ended | As of or for the Nine Months Ended | ||||||||||||
(Amounts in thousands) | October 2,2021 | September 26, 2020 | October 2,2021 | September 26, 2020 | ||||||||||
Net sales: | ||||||||||||||
Global Ceramic | $ | 998,444 | 911,303 | 2,967,818 | 2,513,088 | |||||||||
Flooring NA | 1,050,453 | 982,292 | 3,100,892 | 2,630,710 | ||||||||||
Flooring ROW | 768,120 | 681,275 | 2,371,166 | 1,766,635 | ||||||||||
Consolidated net sales | $ | 2,817,017 | 2,574,870 | 8,439,876 | 6,910,433 | |||||||||
Operating income (loss): | ||||||||||||||
Global Ceramic | $ | 118,896 | 73,998 | 343,135 | 88,166 | |||||||||
Flooring NA | 118,625 | 74,313 | 315,866 | 65,035 | ||||||||||
Flooring ROW | 133,595 | 129,135 | 456,787 | 234,429 | ||||||||||
Corporate and intersegment eliminations | (11,142 | ) | (14,702 | ) | (33,875 | ) | (34,362 | ) | ||||||
Consolidated operating income | $ | 359,974 | 262,744 | 1,081,913 | 353,268 | |||||||||
Assets: | ||||||||||||||
Global Ceramic | $ | 5,174,981 | 5,111,492 | |||||||||||
Flooring NA | 3,960,037 | 3,626,339 | ||||||||||||
Flooring ROW | 4,276,310 | 3,928,243 | ||||||||||||
Corporate and intersegment eliminations | 1,038,972 | 1,118,140 | ||||||||||||
Consolidated assets | $ | 14,450,300 | 13,784,214 |
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 | ||||||||||||||||||||||||||||||||||
October 2,2021 | September 26, 2020 | October 2,2021 | September 26, 2020 | ||||||||||||||||||||||||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 270,978 | 205,117 | 844,070 | 267,374 | ||||||||||||||||||||||||||||||
Adjusting items: | |||||||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 1,270 | 32,168 | 19,242 | 144,434 | |||||||||||||||||||||||||||||||
Resolution of foreign non-income tax contingencies | – | – | (6,211 | ) | – | ||||||||||||||||||||||||||||||
One-time tax planning election | – | – | (26,731 | ) | – | ||||||||||||||||||||||||||||||
Income taxes | (203 | ) | (4,342 | ) | (2,015 | ) | (33,144 | ) | |||||||||||||||||||||||||||
Adjusted net earnings attributable to Mohawk Industries, Inc. | $ | 272,045 | 232,943 | 828,355 | 378,664 | ||||||||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 3.95 | 3.26 | 11.89 | 5.31 | ||||||||||||||||||||||||||||||
Weighted-average common shares outstanding – diluted | 68,864 | 71,378 | 69,683 | 71,362 | |||||||||||||||||||||||||||||||
Reconciliation of Total Debt to Net Debt | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
October 2,2021 | |||||||||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 588,669 | |||||||||||||||||||||||||||||||||
Long-term debt, less current portion | 1,710,207 | ||||||||||||||||||||||||||||||||||
Total debt | 2,298,876 | ||||||||||||||||||||||||||||||||||
Less: Cash and cash equivalents | 1,128,027 | ||||||||||||||||||||||||||||||||||
Net Debt | $ | 1,170,849 | |||||||||||||||||||||||||||||||||
Reconciliation of Operating Income to Adjusted EBITDA | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Trailing Twelve | ||||||||||||||||||||||||||||||||||
Three Months Ended | Months Ended | ||||||||||||||||||||||||||||||||||
December 31, 2020 | April 3, 2021 | July 3,2021 | October 2,2021 | October 2,2021 | |||||||||||||||||||||||||||||||
Operating income | $ | 282,733 | 317,515 | 404,424 | 359,974 | 1,364,646 | |||||||||||||||||||||||||||||
Other income | 6,742 | 2,227 | 11,168 | (21 | ) | 20,116 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (176 | ) | (4 | ) | (168 | ) | (206 | ) | (554 | ) | |||||||||||||||||||||||||
Depreciation and amortization (1) | 156,555 | 151,216 | 148,466 | 148,618 | 604,855 | ||||||||||||||||||||||||||||||
EBITDA | 445,854 | 470,954 | 563,890 | 508,365 | 1,989,063 | ||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 15,947 | 6,059 | (2,737 | ) | 1,208 | 20,477 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 461,801 | 477,013 | 561,153 | 509,573 | 2,009,540 | |||||||||||||||||||||||||||||
Net Debt to Adjusted EBITDA | 0.6 | ||||||||||||||||||||||||||||||||||
(1) Includes $62 of accelerated depreciation in Q3 2021 with $6,435 in Q4 2020 and $5,818 in Q1 2021 and $2,620 in Q2 2021. | |||||||||||||||||||||||||||||||||||
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
October 2,2021 | September 26, 2020 | October 2,2021 | September 26, 2020 | ||||||||||||||||||||||||||||||||
Net sales | $ | 2,817,017 | 2,574,870 | 8,439,876 | 6,910,433 | ||||||||||||||||||||||||||||||
Adjustment to net sales on constant shipping days | – | – | (131,365 | ) | – | ||||||||||||||||||||||||||||||
Adjustment to net sales on a constant exchange rate | (19,035 | ) | – | (180,752 | ) | – | |||||||||||||||||||||||||||||
Net sales on a constant exchange rate and constant shipping days | $ | 2,797,982 | 2,574,870 | 8,127,759 | 6,910,433 | ||||||||||||||||||||||||||||||
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Global Ceramic | October 2,2021 | September 26, 2020 | |||||||||||||||||||||||||||||||||
Net sales | $ | 998,444 | 911,303 | ||||||||||||||||||||||||||||||||
Adjustment to segment net sales on a constant exchange rate | (3,967 | ) | – | ||||||||||||||||||||||||||||||||
Segment net sales on a constant exchange rate | $ | 994,477 | 911,303 | ||||||||||||||||||||||||||||||||
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Flooring ROW | October 2,2021 | September 26, 2020 | |||||||||||||||||||||||||||||||||
Net sales | $ | 768,120 | 681,275 | ||||||||||||||||||||||||||||||||
Adjustment to segment net sales on a constant exchange rate | (15,069 | ) | – | ||||||||||||||||||||||||||||||||
Segment net sales on a constant exchange rate | $ | 753,051 | 681,275 | ||||||||||||||||||||||||||||||||
Reconciliation of Gross Profit to Adjusted Gross Profit | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
October 2,2021 | September 26, 2020 | ||||||||||||||||||||||||||||||||||
Gross Profit | $ | 837,315 | 706,199 | ||||||||||||||||||||||||||||||||
Adjustments to gross profit: | |||||||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 778 | 23,585 | |||||||||||||||||||||||||||||||||
Adjusted gross profit | $ | 838,093 | 729,784 | ||||||||||||||||||||||||||||||||
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
October 2,2021 | September 26, 2020 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 477,341 | 443,455 | ||||||||||||||||||||||||||||||||
Adjustments to selling, general and administrative expenses: | |||||||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | (521 | ) | (8,764 | ) | |||||||||||||||||||||||||||||||
Adjusted selling, general and administrative expenses | $ | 476,820 | 434,691 | ||||||||||||||||||||||||||||||||
Reconciliation of Operating Income to Adjusted Operating Income | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
October 2,2021 | September 26, 2020 | ||||||||||||||||||||||||||||||||||
Operating income | $ | 359,974 | 262,744 | ||||||||||||||||||||||||||||||||
Adjustments to operating income: | |||||||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 1,299 | 32,349 | |||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 361,273 | 295,093 | ||||||||||||||||||||||||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Global Ceramic | October 2,2021 | September 26, 2020 | |||||||||||||||||||||||||||||||||
Operating income | $ | 118,896 | 73,998 | ||||||||||||||||||||||||||||||||
Adjustments to segment operating income: | |||||||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 212 | 20,129 | |||||||||||||||||||||||||||||||||
Adjusted segment operating income | $ | 119,108 | 94,127 | ||||||||||||||||||||||||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Flooring NA | October 2,2021 | September 26, 2020 | |||||||||||||||||||||||||||||||||
Operating income | $ | 118,625 | 74,313 | ||||||||||||||||||||||||||||||||
Adjustments to segment operating income: | |||||||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 1,396 | 5,953 | |||||||||||||||||||||||||||||||||
Adjusted segment operating income | $ | 120,021 | 80,266 | ||||||||||||||||||||||||||||||||
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Flooring ROW | October 2,2021 | September 26, 2020 | |||||||||||||||||||||||||||||||||
Operating income | $ | 133,595 | 129,135 | ||||||||||||||||||||||||||||||||
Adjustments to segment operating income: | |||||||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | (228 | ) | 2,019 | ||||||||||||||||||||||||||||||||
Adjusted segment operating income | $ | 133,367 | 131,154 | ||||||||||||||||||||||||||||||||
Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
October 2,2021 | September 26, 2020 | ||||||||||||||||||||||||||||||||||
Earnings before income taxes | $ | 345,005 | 248,616 | ||||||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | (206 | ) | (336 | ) | |||||||||||||||||||||||||||||||
Adjustments to earnings including noncontrolling interests before income taxes: | |||||||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related and other costs | 1,270 | 32,168 | |||||||||||||||||||||||||||||||||
Adjusted earnings including noncontrolling interests before income taxes | $ | 346,069 | 280,448 | ||||||||||||||||||||||||||||||||
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
October 2,2021 | September 26, 2020 | ||||||||||||||||||||||||||||||||||
Income tax expense | $ | 73,821 | 43,163 | ||||||||||||||||||||||||||||||||
Income tax effect of adjusting items | 203 | 4,342 | |||||||||||||||||||||||||||||||||
Adjusted income tax expense | $ | 74,024 | 47,505 | ||||||||||||||||||||||||||||||||
Adjusted income tax rate | 21.4 | % | 16.9 | % | |||||||||||||||||||||||||||||||
The Company supplements its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, with certain non-GAAP financial measures. As required by the Securities and Exchange Commission rules, the tables above present a reconciliation of the Company’s non-GAAP financial measures to the most directly comparable US GAAP measure. Each of the non-GAAP measures set forth above should be considered in addition to the comparable US GAAP measure, and may not be comparable to similarly titled measures reported by other companies. The Company believes these non-GAAP measures, when reconciled to the corresponding US GAAP measure, help its investors as follows: Non-GAAP revenue measures that assist in identifying growth trends and in comparisons of revenue with prior and future periods and non-GAAP profitability measures that assist in understanding the long-term profitability trends of the Company’s business and in comparisons of its profits with prior and future periods. | |||||||||||||
The Company excludes certain items from its non-GAAP revenue measures because these items can vary dramatically between periods and can obscure underlying business trends. Items excluded from the Company’s non-GAAP revenue measures include: foreign currency transactions and translation and the impact of acquisitions. | |||||||||||||
The Company excludes certain items from its non-GAAP profitability measures because these items may not be indicative of, or are unrelated to, the Company’s core operating performance. Items excluded from the Company’s non-GAAP profitability measures include: restructuring, acquisition and integration-related and other costs, acquisition purchase accounting, including inventory step-up, release of indemnification assets and the reversal of uncertain tax positions. |
聯絡人:
James Brunk | 財務總監 | 電話:(706) 624-2239