乔治亚州卡尔豪恩, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc.（NYSE：MHK）今天宣布，2019年第三季度净收益为1.56亿美元，摊薄每股收益（EPS）为2.15美元。调整后净收益为1.99亿美元，每股收益为2.75美元，不包括重组、收购和其他费用。2019年第三季度的报告净销售额为25亿美元，下降1.0％，但按固定货币和天数计算则持平。2018年第三季度净销售额为25亿美元，净收益为2.27亿美元，每股收益为3.02美元，调整后净收益为2.46亿美元，每股收益为3.29美元，不包括重组、收购和其他费用。
截至2019年9月28日的九个月期间，净收益和每股收益分别为4.80亿美元和6.61美元。净收益为5.64亿美元，不包括重组、收购和其他费用。每股收益为7.77美元。在2019年的这九个月期间，报告净销售额为75亿美元，与上年同期持平，按固定货币和天数计算增长了3％。在截至2018年9月29日的九个月期间，净销售额为75亿美元，净收益为6.32亿美元，每股收益为8.42美元; 不包括重组、收购和其他费用，净收益和每股收益分别为7.35亿美元和9.80美元。
董事长兼首席执行官Jeffrey S. Lorberbaum在评价Mohawk Industries第三季度的业绩时表示，尽管我们对业绩不满意，但我们第三季度的经营业绩符合我们的预期。正如预期那样，由于零售需求疲软、LVT的影响、美元走强以及陶瓷业库存过剩，我们的美国业务在此期间遭遇最大的挑战。我们其他主要市场走势减弱，创造了更具竞争力的环境。我们期望当前状况持续下去，并将根据需要进一步调整我们的策略。
我们正在采取多项举措来改善我们的业务，其中最重要的举措是将陶瓷生产与美国需求保持一致，重新调整我们北美的地毯业务，优化我们的LVT制造并增加我们的新工厂。此外，我们将进入新产品类别，引入创新产品延伸并优化我们最近在澳大利亚，新西兰和巴西的收购。在销售人员与市场营销方面，我们将加大投入，以增加我们在新产品和现有产品的渗透性。我们将继续简化业务流程以提高效率，并利用自动化和流程强化来降低成本。
“我们本季度的自由现金流同比增长，我们的资产负债表依然强劲。自第三季度伊始，我们根据股票购买计划购买了74万股约9,100万美元的股票。
“本季度，我们的全球瓷产品部门报告销售额增长3.5％，按固定货币和天数计算增长4％。该业务部门报告经营利润率为9％，同比呈现下降，这主要是由于通货膨胀和低生产率被生产力抵消了一部分。我们的全球陶瓷业务正面临经济放缓的趋势，而过剩的产能正在加剧竞争。美国陶瓷市场受到产品组合下降、消费者转向LVT和渠道库存过多的影响。近来，美国对从中国进口的商品征收104%的关税，预计进一步还会征收反倾销税。我们预计美国陶瓷市场仍旧疲软，而我们将采取措施改善销售和成本。我们将扩大石材外观和抛光瓷砖的供应，推出以价值为导向的收藏品。我们将有限推出我们的新款易贴装瓷砖，并会在今年初更广泛的推广。我们将为于我们的陶瓷屋顶和厚景观瓷砖开拓新的市场。我们在田纳西州的工作台面工厂正在扩建，工艺和配方正加以改善，新的产品也在创造中。尽管墨西哥经济放缓，但我们通过扩大产品供应，增加客户群完成行业领跑。我们以优质品牌和领先产品超过了巴西陶瓷市场，而且我们将装配一条新的陶瓷生产线。在欧洲，由于我们增加了低价位瓷砖的销量，需求下降正在冲击产品定价，压缩利润空间。我们将通过增加商业技术瓷砖，陶瓷板以及室外产品来补强我们的高价值产品。我们的俄罗斯陶瓷业务是市场领军者，而且得益于我们的全国分销系统，自有和特许经营的商店以及项目规格团队，我们的市场的份额不断增加。
“本季度报告我们的北美业务销售额下降了4%，营业利润为8%。该部门的运营收入主要因销量较低、通胀而出现下滑。该部门已按产品类别进行重组以提升销售，产品和执行力。聚酯地毯继续在疲软的市场中获得份额，这减少了我们整体的产品组合。我们已完成再生聚酯纤维的扩展，以保障该类产品的持续增长。我们家用地毯制造业的重组会在第四季度基本完成，并将会改善我们的成本，质量和服务。我们将取消成本较高的挤出和染色资产业务，巩固纱线与植绒业务。我们增加了自动化程度，升级了资产，以降低我们的底布和纱线成本。我们的商用业务继续领先于家用业务，其中地垫和LVT增长最快。我们将扩大我们的销售组织，增加地垫的生产。在此期间，LVT的销售额超过了其他种类产品，而且我们的运营提高了产量，速度和成本。9月份，我们创造了硬LVT生产记录，并且我们的软LVT生产线的运转与我们欧洲的业务旗鼓相当。随着我们在公寓和家庭中心渠道地位的提升，我们生产的塑胶板材销量继续增加。我们扩展了防水层压板产品，而且我们的RevWood系列正凭其出色的耐刮擦和抗凹陷性，先进的视觉效果和较高的价值而不断发展。
“本季度，我们的世界其他地区地材业务的销售额报告减少2%，按固定标准算增长2.5%。该业务部门报告经营利润率为14%，原因是销量增长和通货膨胀率下降被价格和产品组合抵消。在经济发展较缓慢的环境下，该业务部门在产品创新，成本改善，新业务和收购的推动下取得了可观的业绩。我们的新LVT、塑胶板材、层压板和地垫业务正不断提升，以达到我们预期的水平。层压板方面，我们跑赢了市场，因为我们新的优质产品既获得了动力又改善了我们的产品组合。我们已推出Signature系列，该系列为最逼真的视觉效果和纹设立了标准，并且我们将防水技术运用到了大多数层压产品中。我们的俄罗斯层压板业务扩展正以预期的水平进行，我们的销售额也正在增长。随着我们LVT产量的增加，我们将扩大我们的销售组织，并推出新的套准压花硬质产品系列。我们将继续提升生产线速度、产量并改进配方，以降低成本。随着我们新的俄罗斯工厂销量扩大和产量增加，我们的塑胶板材业务得以改善。我们的保温材料业务表现良好，销售价格和材料成本下降，销售量创历史新高。我们的面板业务放缓，降低了我们的产品定价和数量，但部分被产品组合与材料成本抵消。在澳大利亚和新西兰，我们的收购整合基本完成。为提升我们的地位，我们正在升级我们的软硬表面产品，投资于我们的零售和商业销售，并且关闭我们在澳大利亚的高成本资产。
“我们看到当前市场状况仍在持续，而我们将采取措施以便未来更好的定位我们的业务。我们将加大对销售和市场营销的资金投入，以扩大我们的产品布局，提高新工厂的使用率。我们的绿地项目将会随着销售额和成本的改善展开。我们的LVT产量正在提升，增加分销将相继进行。我们的美国和欧洲的陶瓷业务受市场需求较低的影响，我们将减少库存量，增加产品供应，进入新产品类别。我们的美国地毯业务重组将于今年基本完成，有益于来年我们的成本降低。考虑到所有这些因素，我们对2019年第四季度的每股盈利预测为2.13美元至2.23美元，这不包括任何一次性费用。
“来年，我们的业务将从我们的新产品，初创企业较高的使用率以及2019年期间我们采取削减成本的措施当中 我们的业绩和资产应伴随大量现金产生得以改善，以便利用未来的机遇。我们拥有一支强大的全球管理团队，他们旨在提高我们的业绩和优化我们的长期盈利能力。我们将根据需要调整业务战略来适应未来的形势。”
关于MOHAWK INDUSTRIES
Mohawk Industries是全球领先的地材制造商，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之上，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10月25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ID：9847415. 重播将持续到2019年11月24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9847415。
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES (Unaudited)
Condensed Consolidated Statement of Operations Data 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 and note receivable [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, 2019Operating 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 and note receivable - - - 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 and note receivable 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%
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。
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