Mohawk Industries发布第一季度业绩报告

乔治亚州卡尔豪恩, May 07, 2020 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc.（NYSE：MHK）今天宣布，2020年第一季度净收益为1.11亿美元，摊薄每股收益（EPS）为1.54美元。调整后净收益为1.19亿美元，每股收益为1.66美元，不包括重组、收购和其他费用。2020年第一季度的报告净销售额为23亿美元，下降6.4％，按固定货币和天数计算则下降3.5%。2019年第四季度净销售额为24亿美元，净收益为1.22亿美元，每股收益为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。

董事长兼首席执行官Jeffrey S.Lorberbaum在评价Mohawk Industries第一季度业绩时说：“世界在第一季度发生了变化，现在我们正在应对前所未有的局面。进入今年以来，Mohawk作为世界领先的地材公司在所有产品类别中都拥有举足轻重的地位，产品在18个国家/地区生产，销往170多个国家/地区。2019年，我们实现了14亿美元的经营现金流，拥有稳健的资产负债表，而1.6倍的杠杆则接近我们的历史最低位。我们近期获得了5亿美元的定期贷款，在本月支付3亿欧元的票据后，贷款将让我们的流动性扩大到13亿美元。在2020年没有其他到期的情况下，我们的流动性可以挺过经济衰退，并在经济复苏时加强我们的头寸。我们正在减少资本支出，削减非必需开销，并暂停股份收购，直到环境有所改观。”

在这次新冠疫情爆发前，得益于我们在2019年实施的举措，我们的季度业绩与计划相一致。随着这一阶段事态的进展，政府为减少病毒扩散而采取的行动影响到我们所有的市场，某些地区市场关闭了零售和制造业务。在我们的所有市场，需求大幅下降，到目前为止住宅改造业务受影响最大，DIY产品则表现最好，这是因为有些人在居家隔离期间开始进行家居施工。

为响应这次全球事件，我们建立了公司、部门和事业部层级团队，随着事态变化管理我们的各项举措。我们努力确保员工安全、增加居家工作，并根据需要调整战略。随着需求下降，我们大幅降低了产量，并每周进行调整来适应不断变化的环境。即使在启动了强制封城的地区，我们也在将产品从仓库运送到仍在营业的客户。我们通过实施裁员和休假来降低成本，尽可能利用政府援助，并在获得权限时吸收劳动力成本。原材料和能源成本的降低为我们带来了一些裨益，但其他方面不利因素的影响则要大得多。我们将支出和投资限制在经营业务的必需水平，并加强报告以管理主要的重点领域，包括库存数量、员工人数、应收账款和应付账款。

我们的每一个部门和各个事业部都有强有力的负责人，他们在各自的职业生涯中都曾多次成功度过困境。我们的整个全球团队都在采取非同寻常的措施来支持我们的客户并保护我们的员工和业务。我们的组织能够灵活适应多变情况，我们运用从9-11事件和最近一次大衰退中吸取到的经验教训，来指导我们度过时艰。

本季度，我们的全球瓷砖部门报告销售额下降6％，按固定货币和天数计算下降2％。该部门报告的经营利润率为6%，同比下降的主要原因是销量较低、价格和产品组合不利以及由于新冠疫情而导致的计划外封城成本，其中部分成本由生产率和较低的启动成本所抵消。这个部门的各个业务经营地区受疫情影响的时间点不尽相同，意大利首当其冲。在每个地区，我们都在根据需求降低产量、削减我们的成本结构并适应每个国家/地区各不相同的政府计划。我们的美国瓷砖业务中新住宅和商业性销售的占比较高，这些项目仍在进行，因此需求下降的速度较慢。整个2月份，美国陶瓷进口比上一年降低了18%，平均进口价格上涨5%。随着我们开始将新的系列产品引入不同的渠道，我们的无缝陶瓷生产持续增长。随着我们的生产率和成本持续改善，我们正在增加高端石英台面的产量。在墨西哥，我们的第一季度销售略好于去年，而产品组合由于竞争加剧、通胀上升以及扩大商业分销的投资而有所减少。虽然墨西哥政府在4月关停了制造业，但我们仍做到了从库存发货。在巴西，尽管疫情在该季度将近结束时产生了负面影响，我们还是取得了良好的业绩。我们的欧洲陶瓷业务在疫情爆发造成停产前都在按计划进行，向客户发货没有中断。在我们的俄罗斯业务方面，由于客户在更高的通胀预期下扩大了库存水平，我们的销量强于预期。俄罗斯许多地区现在已封城，许多商店和建筑工地均被关闭。

本季度，我们的北美地材部门报告销售额下降8%，考虑本季度少一天的因素并除掉无盈利的木制品和报告经营利润率为4%的其他产品退出后约为5.5%，剔除重组和其他费用后为5%。该部门的营业收入有所增加的主要原因是生产率提高和通胀降低，而这些有利因素被销量、价格、产品组合和新冠疫情的影响而部分抵消。我们正在减少所有事业部的产量并实施裁员和休假，以适应需求的突然下滑。该部门销售额中改造工程的百分比较高，我们许多零售商都没有复工。许多销售我们地垫系列产品的零售商也都已停业。建筑商、多家庭住宅、教育和政府部门在建项目继续进行，因此我们的地毯销售在这些领域的表现最佳。本季度，LVT和PVC地板革在这个部门的表现最好。我们的LVT业务运营得到了改善，每日产出更高，生产运行时间增加。为了改善利润率和产品组合，我们的高端品牌推出了具有更佳设计和性能的系列产品。与弹性地材类似，我们先进的层压板产品也提供了一种具有真实观感、防水技术以及更佳耐用性的DIY替代方案。在我们的木地板业务方面，我们对制造厂进行了重组，提高了生产效率和产量，增加了我们的利润率。

本季度，我们的世界其他地区地材部门报告销售额下降5％，按固定货币和天数计算则实现持平。该业务部门报告经营利润率为13%，不包括重组和其他费用则为14%，原因是降价以及产品组合和销量的减少及新冠疫情造成的封城成本，这些影响由于通胀降低和生产率提高而被部分抵消。我们所有品类的产品都继续确保从库存中发货，以支持仍在运营的客户。在一季度，硬质LVT、PVC地板革和方块地毯等我们近期做出投资的产品类别在困难的环境下仍然实现了增长。因为获得了其他产品类别的市场份额，LVT的表现十分突出。我们的OVC地板革业务取得了增长，这是由于向该区域外的出口以及俄罗斯地区销量增加，我们在俄罗斯的新工厂运营状况良好。在本季度结束之际，我们层压板业务的销量与其他业务一样遭遇下滑，下降主要出现在受这次疫情爆发影响最大的国家。我们完成了在捷克共和国的木地板工厂的关闭流程，这将使我们的马来西亚运营部门在强制停工结束后重新开始运营时降低成本。我们在法国和爱尔兰的保温材料工厂已停止生产，我们的其他工厂正在减少生产，并开始暂时性解除与工人的雇佣合同。我们的板材业务受到与其他事业部类似的影响，我们正在进行开工和停产调整并采取了临时裁员措施。在澳大利亚和新西兰，我们的销售略有增长，硬地面产品销售增长，而地毯销售的下降给利润率带来压力。我们众多产品线的重大更新得到了积极的反响。3月底，新西兰政府实施了严格的封城措施，我们的运营部门和零售店在整个四月一直关闭。

进入五月后，新冠疫情正在严重干扰世界各地的经济。有些国家已开始探讨放宽限制，而另一些国家则在延长限制期限。目前，除了墨西哥的工厂和宾夕法尼亚州的一家小型工厂外，我们在世界各地的所有工厂都在运行。我们专注于节约现金、调整生产、减少库存，并保持我们的运营能力。我们还在减少费用和投资，并根据政府的要求和援助作出调整。政府开放商业的速度和后续的消费者反应无法确定。在复苏前景变得更为明朗之前，部分企业推迟了对改造和新建工程的投资。4月底，由于世界各地大多数人居家隔离，我们的销售率比上年降低约35%，我们无法预测其这一指标的恢复速度。鉴于这些情况，我们无法为第二季度提供每股收益预测，我们预计，由于新冠疫情的影响，该季度将出现运营亏损。我们的资产负债表非常强劲，有13亿美元的充足流动性支持我们度过这场危机。我们的业务模式仍然稳固，在每个市场都拥有强大的当地团队，采取必要的措施来应对经济下滑。随着时间的推移，经济将恢复正常，我们对公司业务的长远前景持乐观态度。

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为地毯、地垫、瓷砖、复合地板、木地板、石材和PVC地材生产带来了竞争优势。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工程的需求。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材公司，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有权要求受到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、其他投入成本的上涨和下降、消费市场的膨胀和紧缩、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、与新冠疫情相关的风险及不确定性以及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2020年5月5日星期四上午11:00举行
电话号码为1-800-603-9255（美国/加拿大）和1-706-634-2294（国际/本地）。会议ID号5997678。重播将持续到2020年5月5日，请拨打1-855-859-2056（美国/本地）和1-404-537-3406（国际/本地），并输入会议ID号5997678。

联系人：         Frank Boykin，首席财务官(706) 624-2695

    MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES   (Unaudited)   Condensed Consolidated Statement of Operations DataThree Months Ended(Amounts in thousands, except per share data)March 28, 2020 March 30, 2019    Net sales$2,285,763  2,442,490 Cost of sales 1,669,323  1,817,563 Gross profit 616,440  624,927 Selling, general and administrative expenses 464,957  459,597 Operating income 151,483  165,330 Interest expense 8,671  10,473 Other (income) expense, net 5,679  (3,736)Earnings before income taxes 137,133  158,593 Income tax expense 26,668  37,018 Net earnings including noncontrolling interest 110,465  121,575 Net income (loss) attributable to noncontrolling interest (49) (10)Net earnings attributable to Mohawk Industries, Inc.$110,514  121,585     Basic earnings per share attributable to Mohawk Industries, Inc.   Basic earnings per share attributable to Mohawk Industries, Inc.$1.54  1.68 Weighted-average common shares outstanding - basic 71,547  72,342     Diluted earnings per share attributable to Mohawk Industries, Inc.   Diluted earnings per share attributable to Mohawk Industries, Inc.$1.54  1.67 Weighted-average common shares outstanding - diluted 71,777  72,646             Other Financial Information   (Amounts in thousands)   Depreciation and amortization$145,516  137,291 Capital expenditures$115,632  136,948         Condensed Consolidated Balance Sheet Data   (Amounts in thousands)    March 28, 2020 March 30, 2019ASSETS   Current assets:   Cash and cash equivalents$263,086  105,668 Receivables, net 1,644,750  1,743,581 Inventories 2,195,434  2,338,125 Prepaid expenses and other current assets 509,761  501,591 Total current assets 4,613,031  4,688,965 Property, plant and equipment, net 4,472,913  4,674,435 Right of use operating lease assets 331,329  320,800 Goodwill 2,519,979  2,548,997 Intangible assets, net 904,023  950,564 Deferred income taxes and other non-current assets 415,667  421,314 Total assets$13,256,942  13,605,075 LIABILITIES AND STOCKHOLDERS' EQUITY   Current liabilities:   Current portion of long-term debt and commercial paper$1,210,525  1,763,332 Accounts payable and accrued expenses 1,554,085  1,571,273 Current operating lease liabilities 106,673  99,642 Total current liabilities 2,871,283  3,434,247 Long-term debt, less current portion 1,514,000  1,497,975 Non-current operating lease liabilities 238,830  227,595 Deferred income taxes and other long-term liabilities 785,186  868,213 Total liabilities 5,409,299  6,028,030 Total stockholders' equity 7,847,643  7,577,045 Total liabilities and stockholders' equity$13,256,942  13,605,075       Segment InformationAs of or for the Three Months Ended(Amounts in thousands)March 28, 2020 March 30, 2019    Net sales:   Global Ceramic$848,450  898,352 Flooring NA 848,330  921,980 Flooring ROW 588,983  622,158 Intersegment sales -  - Consolidated net sales$2,285,763  2,442,490     Operating income (loss):   Global Ceramic$49,089  84,335 Flooring NA 33,682  649 Flooring ROW 77,227  90,431 Corporate and intersegment eliminations (8,515) (10,085)Consolidated operating income$151,483  165,330     Assets:   Global Ceramic$5,237,631  5,503,807 Flooring NA 3,841,815  4,020,336 Flooring ROW 3,810,348  3,799,591 Corporate and intersegment eliminations 367,148  281,341 Consolidated assets$13,256,942  13,605,075  

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 28, 2020 March 30, 2019  Net earnings attributable to Mohawk Industries, Inc.    $110,514  121,585   Adjusting items:         Restructuring, acquisition and integration-related and other costs     11,965  39,495   Acquisitions purchase accounting , including inventory step-up     -  2,552   Release of indemnification asset     (35) -   Income taxes - reversal of uncertain tax position     35  -   Income taxes     (3,115) (9,152)  Adjusted net earnings attributable to Mohawk Industries, Inc.    $119,364  154,480             Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.    $1.66  2.13   Weighted-average common shares outstanding - diluted     71,777  72,646                                 Reconciliation of Total Debt to Net Debt         (Amounts in thousands)          March 28, 2020        Current portion of long-term debt and commercial paper$1,210,525         Long-term debt, less current portion 1,514,000         Less: Cash and cash equivalents 263,086         Net Debt$2,461,439                   Reconciliation of Operating Income to Adjusted EBITDA       (Amounts in thousands)        Trailing Twelve Three Months Ended Months Ended June 29, 2019 September 28, 2019 December 31, 2019 March 28, 2020 March 28, 2020Operating income$266,860  240,220   154,814  151,483  813,377 Other (expense)/income 3,048  (52,713)  9,522  (5,679) (45,822)Net (income) loss attributable to noncontrolling interest (213) (151)  (6) 49  (321)Depreciation and amortization (1) 140,482  144,920   153,759  145,516  584,677 EBITDA 410,177  332,276   318,089  291,369  1,351,911 Restructuring, acquisition and integration-related and other costs 8,840  1,542   49,802  10,376  70,560 Impairment of net investment in a manufacturer and distributor of Ceramic tile in China -  65,172   (5,226) -  59,946 Acquisitions purchase accounting, including inventory step-up 1,164  -   222  -  1,386 Release of indemnification asset -  (659)  603  (35) (91)Adjusted EBITDA$420,181  398,331   363,490  301,710  1,483,712           Net Debt to Adjusted EBITDA        1.7 (1) Includes $1,589 of non-gaap depreciation in Q1 2020.                                       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 28, 2020 March 30, 2019      Net sales$2,285,763  2,442,490       Adjustment to net sales on constant shipping days 37,996  -       Adjustment to net sales on a constant exchange rate 34,051  -       Net sales on a constant exchange rate and constant shipping days 2,357,810  2,442,490       Less: impact of acquisition volume (4,101) -       Net sales on a constant exchange rate and constant shipping days excluding acquisition volume$2,353,709  2,442,490                                     Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days(Amounts in thousands)          Three Months Ended      Global CeramicMarch 28, 2020 March 30, 2019      Net sales$848,450  898,352       Adjustment to net sales on constant shipping days 14,547  -       Adjustment to segment net sales on a constant exchange rate 13,484  -       Segment net sales on a constant exchange rate and constant shipping days$876,481  898,352                           Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days and Exiting of Unprofitable Wood and Other Products    (Amounts in thousands)          Three Months Ended      Flooring NAMarch 28, 2020 March 30, 2019      Net sales$848,330  921,980       Adjustment to net sales on constant shipping days 13,683  -       Adjustment to net sales exiting of unprofitable wood and other products 7,400  -       Segment net sales on constant shipping days and exiting of unprofitable wood and other products$869,413  921,980                                     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      Flooring ROWMarch 28, 2020 March 30, 2019      Net sales$588,983  622,158       Adjustment to net sales on constant shipping days 9,767  -       Adjustment to segment net sales on a constant exchange rate 20,567  -       Segment net sales on a constant exchange rate and constant shipping days 619,317  622,158       Less: impact of acquisition volume (4,101) -       Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume$615,216  622,158                                     Reconciliation of Gross Profit to Adjusted Gross Profit         (Amounts in thousands)          Three Months Ended       March 28, 2020 March 30, 2019      Gross Profit$616,440  624,927       Adjustments to gross profit:         Restructuring, acquisition and integration-related and other costs 11,080  35,602       Acquisitions purchase accounting, including inventory step-up -  2,552       Adjusted gross profit$627,520  663,081                                     Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses    (Amounts in thousands)          Three Months Ended       March 28, 2020 March 30, 2019      Selling, general and administrative expenses$464,957  459,597       Adjustments to selling, general and administrative expenses:         Restructuring, acquisition and integration-related and other costs (895) (3,101)      Adjusted selling, general and administrative expenses$464,062  456,496                                     Reconciliation of Operating Income to Adjusted Operating Income         (Amounts in thousands)          Three Months Ended       March 28, 2020 March 30, 2019      Operating income$151,483  165,330       Adjustments to operating income:         Restructuring, acquisition and integration-related and other costs 11,975  38,703       Acquisitions purchase accounting, including inventory step-up -  2,552       Adjusted operating income$163,458  206,585                                     Reconciliation of Segment Operating Income to Adjusted Segment Operating Income       (Amounts in thousands)          Three Months Ended      Global CeramicMarch 28, 2020 March 30, 2019      Operating income$49,089  84,335       Adjustments to segment operating income:         Restructuring, acquisition and integration-related and other costs (122) 5,263       Acquisitions purchase accounting, including inventory step-up -  204       Adjusted segment operating income$48,967  89,802                                     Reconciliation of Segment Operating Income to Adjusted Segment Operating Income        (Amounts in thousands)          Three Months Ended      Flooring NAMarch 28, 2020 March 30, 2019      Operating income$33,682  649       Adjustments to segment operating income:         Restructuring, acquisition and integration-related and other costs 8,067  30,599       Adjusted segment operating income$41,749  31,248                                     Reconciliation of Segment Operating Income to Adjusted Segment Operating Income        (Amounts in thousands)          Three Months Ended      Flooring ROWMarch 28, 2020 March 30, 2019      Operating income$77,227  90,431       Adjustments to segment operating income:         Restructuring, acquisition and integration-related and other costs 3,969  2,561       Acquisitions purchase accounting, including inventory step-up -  2,348       Adjusted segment operating income$81,196  95,340                                     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 28, 2020 March 30, 2019      Earnings before income taxes$137,133  158,593       Noncontrolling interests 49  10       Adjustments to earnings including noncontrolling interests before income taxes:         Restructuring, acquisition and integration-related and other costs 11,965  39,495       Acquisitions purchase accounting, including inventory step-up -  2,552       Release of indemnification asset (35) -       Adjusted earnings including noncontrolling interests before income taxes$149,112  200,650                                               Reconciliation of Income Tax Expense to Adjusted Income Tax Expense         (Amounts in thousands)          Three Months Ended       March 28, 2020 March 30, 2019      Income tax expense$26,668  37,018       Income taxes - reversal of uncertain tax position (35) -       Income tax effect of adjusting items 3,115  9,152       Adjusted income tax expense$29,748  46,170                 Adjusted income tax rate 20.0% 23.0%                          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.