Mohawk Industries 公佈第一季度業績

文章來源:Intrado   發表時間:2021/05/04 瀏覽次數:2763

喬治亞洲卡爾霍恩, May 02, 2021 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2021 年第一季度的淨盈利為 2.37 億美元,攤薄後每股盈利(EPS)為 3.36 美元。調整後淨盈利為 2.46 億美元,每股盈利為 3.49 美元,不包括調整、收購及其他費用。2021 年第一季度的淨銷售額為 27 億美元,按報告季度下降 16.8%,而按固定貨幣及天數計算為 9.1%。2020 年的第一季度淨銷售額為 23 億美元,淨盈利為 1.11 億美元,每股盈利為 1.54 美元,調整後淨盈利為 1.19 億美元,每股為 1.66 美元,不包括調整、收購及其他費用。

主席兼行政總裁 Jeffrey S. Lorberbaum 在評論 Mohawk Industries 的第一季度業績時表示:「在此期間,我們的業績出色,包括有史以來最高的銷售記錄與第一季度每股收益。在此期間,我們的業務持續增強,沒有反映我們行業的正常季節性。在世界各地,消費者正在繼續投資在自己的房屋上,在大多數改建項目中,新地板起著重要作用。隨著全球經濟的擴張以及企業開始投資以期望恢復正常,我們也開始看到對商業需求的溫和改善。

市場需求隨著時間增強,並且到第二季度我們的積壓訂單仍然強勁。我們的大多數業務都以高生產率運作,儘管我們的庫存仍比我們想要的低。在此期間,我們的生產和營運成本受到我們大多數市場的供應限制,以及曠工、新員工培訓和美國惡劣天氣的影響。我們的利潤率受益於強勁的消費者需求、我們的重組和生產力行動,以及利用對銷售、一般及行政 (SG&A) 成本。我們提高了大多數產品類別和地區的價格,以反映原材料、勞動力、能源及運輸方面的通貨膨脹。全球運輸能力受到限制,這增加了我們的成本並延遲收到我們的進口產品。我們已經看到本地運輸受到類似的限制,並且正在提高運費以作為回應。」

「我們將繼續實行我們的重組計劃,並實現在我們預期的 1 億至 1.1 億美元中節省約 7,500 萬美元。自我們開始了購買計劃以來,在第一季度,我們以平均約 179 美元的價格購買了 1.23 億美元的股票,總價為 6.86 億美元。我們的資產負債表保持強勢,淨債務減去短期投資為 13 億美元,反映出公司的槓桿水平處於歷史低位。

「根據報告,本季度我們的世界地板部門的銷售額增加了 30.7%,以及按固定貨幣和天數計算增長為 14.6%。根據報告,該部門的營業利潤率增長了 780 個基點至 20.7%。增長的原因是銷量增加、有利的價格和產品結構、生產率提高和有利的匯率,但部分被通貨膨脹所抵消。第一季度受益於較低的營銷費用、產品組合和天數的增加,從而為期內帶來更高利潤。在此期間,我們的大多數設施都處於高水平運作,儘管一些供應上的約束限制了我們的利用率。我們預計至少在第二季度仍會持續出現一些材料短缺。我們的層壓板業務是該部門最大的產品類別,隨著我們產品更逼真的視覺效果及更出色的性能獲得了消費者的擁護,層壓板業務持續錄得顯著增長。在第二季度,我們將安裝更多的層壓板製造資產,以支援進一步的增長。我們的 LVT(石塑地板)銷量大幅增長,由於改良了的配方及生產速度的提高,我們的利潤率也有所提升。我們的乙烯基板材銷售受到歐洲零售商對冠狀病毒封城的限制。隨著我們擴大客戶基礎和產品範圍,我們的俄羅斯乙烯基板材業務繼續快速擴張。儘管材料供應和成本增加給我們的利潤帶來壓力,但我們的絶緣材料業務仍繼續增長。我們的木板業務提高了性能,並正在安裝新的三聚氰胺壓機,以增加更高的價值銷售和效率。透過利用我們全面的軟硬表面系列、強大的銷售組織和行業領先的服務,我們在澳洲及新西蘭的銷售與利潤率均獲得顯著增長。

「在本季度,我們的地板北美部門的銷售額按報告增長了 14.3%,按固定匯率計算增長了約 9%,營業利潤率為 8.4%,增長了 410 個基點。該部門的營業收入增加的主要原因是銷量和生產力的提高,但部分被通貨膨脹所抵消。我們的訂單率保持強勁,並且積壓量高於正常水平。當我們管理勞動力短缺和供應緊張的干擾時,我們所有的業務都在最大程度上提高產量。改變零售模式改善了我們優質產品的銷售,從而改善了我們的住宅地毯銷售。隨著新項目投資的增加,我們的商業業務從低谷持續改善。隨著逼真的視覺效果和防水性能在所有渠道中被廣泛應用,我們的層壓板銷量創下了記錄。我們大大提高了國內層壓板的產量,並以我們全球業務的進口作為補充。我們將安裝更多的層壓板生產,以在今年年底之前進一步擴大我們的銷售。隨著我們擴大產品範圍,我們的 LVT 銷售持續增長,並且由於我們實施了與歐洲業務類似的流程,本地製造亦在不斷改善。  我們正在提高優質 Ultrawood 的產量,這是第一款防水天然木地板,還具有行業領先的耐刮耐磨、抗凹痕和抗褪色特性。

「我們全球陶瓷部門銷售額在該季度按報告增長了 9.6%,按固定貨幣和天數計算増長 5.4%。根據報告,該部門的營業利潤率增長了 370 個基點而達到 9.4%,這主要是由於有利的價格和產品組合、更高的銷量和生產率提高,但部分被通貨膨脹所抵消。我們的美國工廠正在以更高的水平運行,並且我們透過重組行動提高了生產率。我們的石英廠正在提高其生產力,我們正在引入更成熟的脈狀系列,這將增加我們的產品組合,並應提高我們的利潤率。在此期間,襲擊西南地區的冰暴中斷了我們的電力和天然氣供應,暫時停止了我們大多數製造工廠的生產。設施已全部恢復,並按預期運作,從而改善了我們的服務。我們的歐洲陶瓷業務表現出色,這得益於生產力、產品組合的改善和消費者需求的增長。儘管受能力限制,我們的俄羅斯、巴西和墨西哥的陶瓷業務仍取得了不錯的業績。在所有三個業務中,我們都在最大程度上提高產量並根據需要分配生產。在巴西和墨西哥,我們今年正在提高產能,以改善我們的銷售和產品組合。在俄羅斯,我們正在優化瓷磚生產,並擴大新的高級衛生潔具工廠,以滿足不斷增長的需求。

「隨著一年的發展,我們預計歷史上的低利率、政府措施和較少的疫情限制將改善我們在全球的市場。疫苗接種計劃應讓人更安全,並減少與冠狀病毒相關的進一步破壞的風險。我們預計目前強勁的住宅趨勢將繼續,第二階段的商業銷售將緩慢改善。在整個企業範圍內,我們將增加產品介紹,以提供更多功能和優勢,以增強我們的產品及利潤。我們執行正在進行的成本節省計劃的同時,亦正在改善製造業務以提高產量和效率。我們的供應商表示,儘管一些營運仍可能面臨未來的供應限制,但從第一季度起物料的供應量應該會有所改善。我們正在某些美國社區管理充滿挑戰的勞動力市場,聯邦的補充失業計劃可能會干擾人員配備,從而在最大程度上提高這些活動的效率。如果原材料、能源和運輸成本繼續上漲,則可能需要在全球進一步提價。考慮到這些因素,我們預計不計任何重組費用,第二季度調整後的每股收益將在 3.57 美元至 3.67 美元之間。

「目前,我們的強勁積壓訂單反映了全球住宅需求的上升水平。我們正在引入新產品創新,以增強我們的產品和客戶銷售,並優化生產以改善我們的服務。我們正在為改善商業項目做準備,期望實現經濟擴張並恢復正常的商業投資。憑藉強大的流動性和歷史上較低的槓桿率,我們將增加資本投資,並利用其他機會進行擴張。」

關於 MOHAWK INDUSTRIES

Mohawk Industries 是全球領先的地板製造商,致力於創造產品來提升全球住宅及商業空間。Mohawk 垂直整合的製造及分銷流程在地毯、小毛毯、瓷磚、層壓板、木材、石材及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:2021 年 4 月 30 日上午 11 時(美國東部時間)

電話號碼:1-800-603-9255(美國/加拿大);1-706-634-2294(國際/本地)。會議識別碼:6084517。直至 2021 年 5 月 30 日都可以經致電 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:6084517 收聽重播。

聯絡人:James Brunk | 財務總監 | 電話:(706) 624-2239

 

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

(Unaudited)

Condensed Consolidated Statement of Operations Data

Three Months Ended

(Amounts in thousands, except per share data)

April 3, 2021

 

March 28, 2020

 

 

 

 

Net sales

$

2,669,026

 

 

2,285,763

 

Cost of sales

 

1,877,257

 

 

1,669,323

 

Gross profit

 

791,769

 

 

616,440

 

Selling, general and administrative expenses

 

474,254

 

 

464,957

 

Operating income

 

317,515

 

 

151,483

 

Interest expense

 

15,241

 

 

8,671

 

Other (income) expense, net

 

(2,227

)

 

5,679

 

Earnings before income taxes

 

304,501

 

 

137,133

 

Income tax expense

 

67,690

 

 

26,668

 

Net earnings including noncontrolling interests

 

236,811

 

 

110,465

 

Net earnings (loss) attributable to noncontrolling interests

 

4

 

 

(49

)

Net earnings attributable to Mohawk Industries, Inc.

$

236,807

 

 

110,514

 

 

 

 

 

Basic earnings per share attributable to Mohawk Industries, Inc.

 

 

 

Basic earnings per share attributable to Mohawk Industries, Inc.

$

3.37

 

 

1.54

 

Weighted-average common shares outstanding - basic

 

70,179

 

 

71,547

 

 

 

 

 

Diluted earnings per share attributable to Mohawk Industries, Inc.

 

 

 

Diluted earnings per share attributable to Mohawk Industries, Inc.

$

3.36

 

 

1.54

 

Weighted-average common shares outstanding - diluted

 

70,474

 

 

71,777

 

 

 

 

 

 

 

 

 

Other Financial Information

 

 

 

(Amounts in thousands)

 

 

 

Net cash provided by operating activities

$

259,605

 

 

194,974

 

Less: Capital expenditures

 

114,735

 

 

115,632

 

Free cash flow

$

144,870

 

 

79,342

 

 

 

 

 

Depreciation and amortization

$

151,216

 

 

145,516

 

 

Condensed Consolidated Balance Sheet Data

 

 

 

(Amounts in thousands)

 

 

 

 

April 3, 2021

 

March 28, 2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

557,262

 

 

263,086

 

Short-term investments

 

782,267

 

 

60,300

 

Receivables, net

 

1,813,858

 

 

1,644,750

 

Inventories

 

1,996,628

 

 

2,195,434

 

Prepaid expenses and other current assets

 

415,997

 

 

449,461

 

Total current assets

 

5,566,012

 

 

4,613,031

 

Property, plant and equipment, net

 

4,432,110

 

 

4,472,913

 

Right of use operating lease assets

 

337,767

 

 

331,329

 

Goodwill

 

2,594,727

 

 

2,519,979

 

Intangible assets, net

 

921,846

 

 

904,023

 

Deferred income taxes and other non-current assets

 

437,611

 

 

415,667

 

Total assets

$

14,290,073

 

 

13,256,942

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Short-term debt and current portion of long-term debt

$

953,913

 

 

1,210,525

 

Accounts payable and accrued expenses

 

1,954,396

 

 

1,554,085

 

Current operating lease liabilities

 

98,982

 

 

106,673

 

Total current liabilities

 

3,007,291

 

 

2,871,283

 

Long-term debt, less current portion

 

1,719,115

 

 

1,514,000

 

Non-current operating lease liabilities

 

248,022

 

 

238,830

 

Deferred income taxes and other long-term liabilities

 

816,613

 

 

785,186

 

Total liabilities

 

5,791,041

 

 

5,409,299

 

Total stockholders' equity

 

8,499,032

 

 

7,847,643

 

Total liabilities and stockholders' equity

$

14,290,073

 

 

13,256,942

 

 

Segment Information

As of or for the Three Months Ended

(Amounts in thousands)

April 3, 2021

 

March 28, 2020

 

 

 

 

Net sales:

 

 

 

Global Ceramic

$

929,871

 

 

848,450

 

Flooring NA

 

969,250

 

 

848,330

 

Flooring ROW

 

769,905

 

 

588,983

 

Consolidated net sales

$

2,669,026

 

 

2,285,763

 

 

 

 

 

Operating income (loss):

 

 

 

Global Ceramic

$

87,804

 

 

47,976

 

Flooring NA

 

81,298

 

 

36,206

 

Flooring ROW

 

159,306

 

 

75,816

 

Corporate and intersegment eliminations

 

(10,893

)

 

(8,515

)

Consolidated operating income (a)

$

317,515

 

 

151,483

 

 

 

 

 

Assets:

 

 

 

Global Ceramic

$

5,161,660

 

 

5,237,631

 

Flooring NA

 

3,731,032

 

 

3,841,815

 

Flooring ROW

 

4,120,381

 

 

3,810,348

 

Corporate and intersegment eliminations

 

1,277,000

 

 

367,148

 

Consolidated assets

$

14,290,073

 

 

13,256,942

 

 

 

 

 

(a)During the second quarter of 2020, the Company revised the methodology it uses to estimate and allocate corporate general and administrative expenses to its operating segments to better align usage of corporate resources allocated to the Company segments.  The updated allocation methodology had no impact on the Company’s consolidated statements of operations.  This change was applied retrospectively, and segment operating income for all comparative periods has been updated to reflect this change.

 

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

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

Net earnings attributable to Mohawk Industries, Inc.

 

 

 

 

$

236,807

 

 

110,514

 

 

 

Adjusting items:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

 

 

 

 

11,877

 

 

11,930

 

 

 

Income taxes

 

 

 

 

 

(2,735

)

 

(3,080

)

 

 

Adjusted net earnings attributable to Mohawk Industries, Inc.

 

 

 

 

$

245,949

 

 

119,364

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.

 

 

 

 

$

3.49

 

 

1.66

 

 

 

Weighted-average common shares outstanding - diluted

 

 

 

 

 

70,474

 

 

71,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total Debt to Net Debt Less Short-Term Investments

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

April 3, 2021

 

 

 

 

 

 

 

 

Short-term debt and current portion of long-term debt

$

953,913

 

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

1,719,115

 

 

 

 

 

 

 

 

 

Total debt

 

2,673,028

 

 

 

 

 

 

 

 

 

Less: Cash and cash equivalents

 

557,262

 

 

 

 

 

 

 

 

 

Net Debt

 

2,115,766

 

 

 

 

 

 

 

 

 

Less: Short-term investments

 

782,267

 

 

 

 

 

 

 

 

 

Net debt less short-term investments

$

1,333,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Operating Income (Loss) to Adjusted EBITDA

(Amounts in thousands)

 

 

 

 

 

 

 

 

Trailing Twelve

 

Three Months Ended

 

Months Ended

 

June 27, 2020

 

September 26, 2020

 

December 31, 2020

 

April 3, 2021

 

April 3, 2021

Operating income (loss)

$

(60,958

)

 

262,744

 

 

 

282,733

 

 

317,515

 

 

802,034

 

Other (expense) income

 

(1,037

)

 

726

 

 

 

6,742

 

 

2,227

 

 

8,658

 

Net (income) loss attributable to noncontrolling interests

 

331

 

 

(336

)

 

 

(176

)

 

(4

)

 

(185

)

Depreciation and amortization (1)

 

154,094

 

 

151,342

 

 

 

156,555

 

 

151,216

 

 

613,207

 

EBITDA

 

92,430

 

 

414,476

 

 

 

445,854

 

 

470,954

 

 

1,423,714

 

Restructuring, acquisition and integration-related and other costs

 

91,940

 

 

26,925

 

 

 

15,947

 

 

6,059

 

 

140,871

 

Adjusted EBITDA

$

184,370

 

 

441,401

 

 

 

461,801

 

 

477,013

 

 

1,564,585

 

 

 

 

 

 

 

 

 

 

 

Net Debt less short-term investments to Adjusted EBITDA

 

 

 

 

 

 

 

 

0.9

 

(1) Includes $5,818 of accelerated depreciation in Q1 2021 with $8,395 in Q2 2020, $5,243 in Q3 2020 and $6,435 in Q4 2020.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days 

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

Net sales

$

2,669,026

 

 

2,285,763

 

 

 

 

 

Adjustment to net sales on constant shipping days

 

(110,948

)

 

-

 

 

 

 

 

Adjustment to net sales on a constant exchange rate

 

(63,899

)

 

-

 

 

 

 

 

Net sales on a constant exchange rate and constant shipping days

$

2,494,179

 

 

2,285,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Ceramic

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Net sales

$

929,871

 

 

848,450

 

 

 

 

 

 

 

Adjustment to segment net sales on constant shipping days

 

(33,930

)

 

-

 

 

 

 

 

 

 

Adjustment to segment net sales on a constant exchange rate

 

(1,421

)

 

-

 

 

 

 

 

 

 

Segment net sales on a constant exchange rate and constant shipping days

$

894,520

 

 

848,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days 

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Flooring NA

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Net sales

$

969,250

 

 

848,330

 

 

 

 

 

 

 

Adjustment to segment net sales on constant shipping days

 

(44,735

)

 

-

 

 

 

 

 

 

 

Segment net sales on constant shipping days

$

924,515

 

 

848,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Flooring ROW

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Net sales

$

769,905

 

 

588,983

 

 

 

 

 

 

 

Adjustment to segment net sales on constant shipping days

 

(32,283

)

 

-

 

 

 

 

 

 

 

Adjustment to segment net sales on a constant exchange rate

 

(62,479

)

 

-

 

 

 

 

 

 

 

Segment net sales on a constant exchange rate and constant shipping days

$

675,143

 

 

588,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Gross Profit to Adjusted Gross Profit

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Gross Profit

$

791,769

 

 

616,440

 

 

 

 

 

 

 

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

10,485

 

 

11,080

 

 

 

 

 

 

 

Adjusted gross profit

$

802,254

 

 

627,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Selling, general and administrative expenses

$

474,254

 

 

464,957

 

 

 

 

 

 

 

Adjustments to selling, general and administrative expenses:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

(1,002

)

 

(895

)

 

 

 

 

 

 

Adjusted selling, general and administrative expenses

$

473,252

 

 

464,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Operating Income to Adjusted Operating Income

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Operating income

$

317,515

 

 

151,483

 

 

 

 

 

 

 

Adjustments to operating income:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

11,487

 

 

11,975

 

 

 

 

 

 

 

Adjusted operating income

$

329,002

 

 

163,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Operating Income to Adjusted Segment Operating Income

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Global Ceramic

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Operating income

$

87,804

 

 

47,976

 

 

 

 

 

 

 

Adjustments to segment operating income:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

1,273

 

 

(122

)

 

 

 

 

 

 

Adjusted segment operating income

$

89,077

 

 

47,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Operating Income to Adjusted Segment Operating Income

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Flooring NA 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Operating income

$

81,298

 

 

36,206

 

 

 

 

 

 

 

Adjustments to segment operating income:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

8,859

 

 

8,067

 

 

 

 

 

 

 

Adjusted segment operating income

$

90,157

 

 

44,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Flooring ROW 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Operating income

$

159,306

 

 

75,816

 

 

 

 

 

 

 

Adjustments to segment operating income:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

1,357

 

 

3,969

 

 

 

 

 

 

 

Adjusted segment operating income

$

160,663

 

 

79,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Earnings before income taxes

$

304,501

 

 

137,133

 

 

 

 

 

 

 

Net (earnings) loss attributable to noncontrolling interests

 

(4

)

 

49

 

 

 

 

 

 

 

Adjustments to earnings including noncontrolling interests before income taxes:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

11,877

 

 

11,930

 

 

 

 

 

 

 

Adjusted earnings including noncontrolling interests before income taxes

$

316,374

 

 

149,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Income Tax Expense to Adjusted Income Tax Expense

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Income tax expense

$

67,690

 

 

26,668

 

 

 

 

 

 

 

Income tax effect of adjusting items

 

2,735

 

 

3,080

 

 

 

 

 

 

 

Adjusted income tax expense

$

70,425

 

 

29,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income tax rate

 

22.3

%

 

20.0

%

 

 

 

 

 

 

 

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.

 

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