Mohawk Industries第一季度业绩报告

乔治亚州卡尔豪恩, April 29, 2019 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc.（NYSE：MHK）今天宣布，2019年第一季度净收益为1.22亿美元，摊薄每股收益（EPS）为1.67美元。调整后净收益为1.54亿美元，每股收益为2.13美元，不包括重组、收购和其他费用。2019年第一季度的净销售额为24.4亿美元，季度增长1％，按固定货币和天数计算增长6％。2018年第一季度净销售额为24.1亿美元，净收益为2.09亿美元，每股收益为2.78美元，调整后净收益为2.25亿美元，每股收益为3.01美元，不包括重组、收购和其他费用。

Mohawk Industries, Inc.主席兼首席执行官Jeffrey S. Lorberbaum在谈到第一季度业绩时表示，“尽管大多数地区经济疲软和美元走强降低了我们的业绩，但我们在第一季度的业绩仍达到了我们预期的高端。 虽然美国房地产市场开始疲软和高投入导致成本增加，但进入第二季度后，两者都显示出改善的迹象。在全球范围内，不均衡的需求影响了交易量，增加了价格和组合压力。我们降低了生产率以平衡库存与客户需求，并管控我们的营运资金。我们最近在澳大利亚、新西兰和巴西的收购项目正在步入正轨，我们对提升在上述地区的市场影响力和改善成本的能力持乐观态度。”

“我们每个企业都在采取具体行动来适应当前的环境。我们正在推出新产品以差异化我们的产品线并提高利润率，提高价格以抵消更高的能源和材料成本。 我们替换了高成本资产，整合了低效率运营，增强了制造流程并降低了管理费用。”

本季度，我们Global Ceramic（全球瓷产品）部门报告销售额增长2.5％，按固定货币和天数计算增长7％。该业务部门报告经营利润率为9％，不包括其他费用则为10％，由于通货膨胀、临时停工成本以及生产力被营销投资部分抵消，因此同比有所下降。在美国，我们上调了多个类别的价格，以应对通货膨胀和更高的运输成本。我们通过防滑、更加耐用和抗菌技术等独特功能提升产品价值。我们正在测试快速安装技术并开创了新的瓷屋顶系统。我们新的石英台板工厂的启动正在按计划进行，这将对我们的石材和石英采买计划形成补充。 为减少运营费用，我们增强了材质配方，改进了制造效率、维护成本和货运策略，并降低了行政和销售费用。在墨西哥，我们通过扩展客户群、加大瓷产品供应和支持我们品牌的专卖店来实现增长。我们上调了价格，以弥补天然气、电力和运输成本的上涨。在巴西，我们最近也上调了价格，以抵消受政府调控的天然气成本大幅上涨。我们正在升级高端瓷产品组合并重新启动一条闲置生产线。市场疲软对欧洲市场带来更大压力，推动我们销售额的是商用、户外和瓷板产品以及中端较高档产品。我们正在调整欧洲工厂的产品生产，并减少人员来改善我们的成本、分销和服务。在俄罗斯，我们的销售额有显著增长，产品结构得到改善，我们正在提高价格以弥补通胀。在此期间，我们完成了瓷砖地板和墙砖的扩展以支持进一步增长，并开始建设更多板坯生产和优质卫生洁具的生产，以增加我们的产品种类。

本季度，我们的北美地板部门报告销售额减少3％，按固定天数计算减少1.4％。该部门报告营业利润率为0.1％，调整后为3.4％。如我们预期，由于销量下降、库存减少、高材料成本和LVT制造偏差，该部门的营业收入有所下降。随着零售活动的增加和住房市场的改善，进入第二季度后，该部门的业务有所改善。我们的新ColorMax技术融合了大地色调，被全美贸易展评为最佳地毯创新。我们实施的地毯价格上涨因产品组合减少而被部分抵消。得益于新产品发布和渠道细分，本季度我们的商用业务实现了提升。近期在先进层压板制造技术方面的投资让我们得以扩大市场并提升产品组合。我们的LVT继续大幅增长，产品种类完备，各主要品牌可提供不同功能。我们替换了高成本资产，并正在整合五个运营机构和两处仓库，这将减少我们的管理费用和成本结构。我们正在加强规划策略，提高产量并减少工艺偏差，以促进这种调整。

本季度，我们的Flooring Rest of the World（世界其他地区地板）业务的销售额报告增长6％，按固定货币和天数计算增长16％。该业务部门报告经营利润率为14.5％，调整后为15.3％，原因是销量增长和通货膨胀率下降被价格、产品组合和生产率部分抵消。欧洲经济一直在放缓，给我们的收入和利润带来压力。我们一直在提高特定产品的价格，以抵消持续通货膨胀和货币变化的影响。随着我们新的LVT、乙烯基板、层压板和地毯块业务的增长，该业务部门受到启动成本和吸收不足的影响。在层压板方面，我们凭借独特的技术领先欧洲市场，让我们的产品成为木材的首选替代品。我们对欧洲的各层压板工厂实行了专门化定位，以使其专注生产高端产品或批量产品，从而改善效率和成本。我们的LVT制造已大幅改善，我们正在针对各个品牌推出更加坚硬的LVT系列。随着产量的提高，我们正在改良设备以解除流程限制。我们新的俄罗斯乙烯基板材厂在数量和产量方面都领先于计划。随着去年的材料短缺问题得到解决和成本下降，我们的隔音产品业绩得到改善。由于继续加强指定性及交易性销售，我们在比利时的新地毯块工厂运作良好。随着经济和房屋销售放缓，澳大利亚和新西兰市场面临压力。我们通过价格上调以抵消增加的成本，这主要来自当地货币疲软、关闭高成本挤压资产，以及从我们的美国营运地点和其他来源供应纱线。我们正在推出具有款式和性能更佳的新地毯产品，并增加我们的硬面系列产品，以扩大我们在地板市场的份额。

我们所有的企业都在采取行动以提高业绩，重点关注改善LVT制造、美国地毯性能、管理陶瓷领域的不利因素以及提高我们新投资的利用率。在美国，地板销售最初疲软，最近开始得到改善。在美国之外，大多数市场出现疲软，我们正在根据需要进行调整。在整个企业范围内，我们正在提升产品、降低成本并扩大新工厂以扩展我们的产品组合。我们将继续实现价格上调以抵消通胀并恢复我们的利润率。我们的LVT销售正在大幅增长，我们正在进行设备改造来提高今年的产量和生产率。我们正在重组美国地毯和层压板资产，以及重新调整我们的欧洲陶瓷业务，以改善成本和绩效。随着我们将收购项目整合到企业之中，相关工作正在带来积极效果。考虑到所有这些因素，我们对第二季度的每股盈利预测为2.81美元至2.91美元，这不包括任何一次性费用。

我们正在投资于新产品和新地点，以推动增长并加强组织，从而改善执行。我们正在采取必要措施，以适应当前情况并实现长期的更大盈利能力。

关于MOHAWK INDUSTRIES
Mohawk Industries是全球领先的地板制造商，致力于创造可提升全球住宅和商业空间的优质产品。Mohawk的垂直整合生产和分销流程在生产地毯、块毯、瓷砖、复合地板、木质地板、石材地板和塑胶地板方面提供了竞争优势。依托业内领先的创新方式，我们的产品和技术令公司品牌在市场上脱颖而出，满足各种改造和新建需求。我们公司旗下的品牌在业内受到最广泛的认可，包括：American Olean、Daltile、Durkan、Eliane、Feltex、Godfrey Hirst、IVC、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step和Unilin。过去十年里，Mohawk已从一家美国地毯生产商成功转型为全球最大的地板公司，业务遍及澳大利亚、巴西、加拿大、欧洲、印度、马来西亚、墨西哥、新西兰、俄罗斯和美国等地。

前面几段陈述中的某些内容，特别是预测未来业绩、业务前景、增长、经营策略以及类似事项和包括“可能”、“应该”、“相信”、“预期”、“预测”、“估计”或类似表达词语的内容均构成“前瞻性陈述”。针对以上陈述，Mohawk有权要求1995年《私人证券诉讼改革法案》中关于前瞻性陈述的安全港保护。 前瞻性陈述建立于诸多涉及风险和不确定性的假设基础上，因此我们无法保证其准确性。以下重要因素的改变可能导致未来业绩发生变化：经济或行业状况、竞争、原材料价格、其他投入成本的通货膨胀和通货紧缩、消费市场的通货膨胀和通货紧缩、能源成本和供应、资本支出的时间和水平、公司产品价格上涨的时间和实施、减值费用、收购整合、国际业务、推出新产品、运营合理化、税收和税收改革、产品和其他索赔、诉讼、以及Mohawk提交给美国证券交易委员会的报告和公告中提及的其他风险。

电话会议于美国东部时间2019年4月26日星期五上午11:00举行
电话号码为1-800-603-9255（美国/加拿大），或电话号码为1-706-634-2294（国际/本地）。会议代码：4699130。重播将持续到2019年5月26日，请拨打1-855-859-2056（美国/本地），或拨打1-404-537-3406（国际/本地），并输入会议代码4699130。

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	%

公司对其依照美国公认会计原则（GAAP）编制和列报的简明合并财务报表以某些非GAAP财务指标进行补充。根据美国证券交易委员会的规定，上表显示了公司非GAAP财务指标与最直接可比的美国GAAP指标的对账。除了可比美国公认会计准则指标外，还应考虑上述每项非公认会计准则指标，且上述指标与其他公司报告中类似名称的指标或不具有可比性。公司认为，如果与相应的美国公认会计准则指标相结合，则这些非GAAP指标可在以下方面帮助投资者：非GAAP收入指标有助于识别增长趋势以及与前期和未来时期进行收入对比；非GAAP盈利能力有助于了解公司业务的长期盈利趋势以及与前期和未来期间的利润比较。

公司在其非GAAP收入指标中排除了某些项目，因为这些项目在不同时期之间会发生很大的变化，并且可能掩盖潜在的业务趋势。未计入公司非GAAP收入指标中的项目包括：外币交易和转换以及收购的影响。

公司在非GAAP盈利指标中排除了某些项目，因为这些项目可能与公司的核心经营业绩无关且不具有指示性。未计入公司非GAAP盈利指标的项目包括：重组、收购和整合等及其他成本、收购采购会计法及包括库存增加、补偿资产的释放以及不确定税务状况的逆转。

 联系人：Glenn Landau，首席财务官，电话：（706）624-2025