Mohawk Industries发布第一季度业绩报告

乔治亚州卡尔豪恩, May 02, 2021 (GLOBE NEWSWIRE) — Mohawk Industries, Inc.（NYSE：MHK）今天宣布，2021年第一季度净收益为2.37亿美元，摊薄每股收益（EPS）为3.36美元。调整后净收益为2.46亿美元，每股收益为3.49美元，不包括重组、收购和其他费用。2021年第一季度的报告净销售额为27亿美元，增长16.8％，按固定货币和天数计增长9.1%。2020年第四季度净销售额为23亿美元，净收益为1.11亿美元，每股收益为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。

董事长兼首席执行官Jeffrey S. Lorberbaum在对Mohawk Industries第一季度业绩发表评论时表示：“我们在这一时期的出色表现包括创纪录的销售额和我们史上最高的第一季度每股收益。在此期间，我们的业务继续得到加强，没有出现我们行业通常的季节性变动。在全球范围内，消费者仍在进行对家居的投入，而新地材是大多数改造项目中的主要组成部分。随着全球经济的扩张以及各企业因为预期情况将恢复正常而开始进行投资，我们在商业用途产品方面也开始看到小幅改善。

“市场需求在第一季度期间不断加强，进入第二季度，我们的积压待配订货情况仍然强劲。我们的大部分企业都在以高生产率运行，但我们的库存仍低于理想水平。在这一季度，我们的生产和运营成本受到我们大部分市场供应限制以及缺勤、新员工培训和美国恶劣天气等因素的影响。我们的利润率则受益于更加强劲的消费者需求、我们的业务重组和生产效率举措，以及对SG&A成本的杠杆作用。我们大多数产品类别和地区的价格都有所上涨，这反映了原材料、劳动力、能源和运输方面的成本增加。全球运输能力受限，增加了我们的成本，延误了我们进口产品的到货时间。我们在本地货运方面也遇到了类似的限制，并正在提高我们的运费以作为回应。”

“我们继续执行重组计划，在预计1亿至1.1亿美元的节约目标方面，我们也已经节省了大约7500万美元。在第一季度，我们以大约179美元的平均价格购买了1.23亿美元的本公司股票；自开始我们的购买计划以来，已总共购买了价值6.86亿美元的股票。我们的资产负债表仍然强劲，减除短期投资的净负债为13亿美元，反映出公司的杠杆水平处于历史低位。

本季度，我们的Flooring Rest of the World（世界其他地区地材）业务的销售额报告增长30.7％，按固定货币和天数计算增长14.6％。该部门报告经营利润率增加了780个基点，达到20.7%。增长原因是销量的增加、有利的价格和产品组合、生产率提高和有利的汇率，但被通货膨胀部分抵消。营销费用降低、有利的产品组合以及工作日的增加带来当期更高的利润率，促进了第一季度的表现。在此期间，我们的大多数设施的生产都保持了高水平，但某些供应限制影响了我们的设施利用率。我们预计至少在第二季度仍会出现一些材料短缺。随着消费者接受我们产品更真实的视觉效果和卓越的性能，作为该部门最大产品类别的复合地板业务继续实现显著增长。在第二季度，我们将设置更多的复合地板制造资产，以支持进一步增长。我们的LVT销售额大幅增长，由于配方的改进和生产速度的提高，利润也相应增加。乙烯基地板革销量因我们欧洲零售商遭遇新冠疫情封锁而受到限制。随着客户群和产品供应的扩大，我们的俄罗斯乙烯基地板革业务继续快速扩张。我们的绝缘地板业务继续增长，但材料供应和成本增加挤压了我们的利润。我们的木质面板产品提高了性能，我们正在安装一台新的三氯氰胺压机，以提升高价值产品销售和效率。通过利用我们全面的软硬表面产品系列、强大的销售组织和业内领先的服务，我们在澳大利亚和新西兰的销售和利润率都有显著增长。

“本季度，我们北美地板业务部门报告销售额增长14.3%，按固定标准计增长约9%，报告营业利润率增长8.4%，提升了410个基点。该部门的营业收入增长主要是由于销量和生产率的提高，但部分被通货膨胀抵消。我们的订单率仍然强劲，积压量高于正常水平。随着我们成功应对劳动力短缺和供应限制的干扰，我们的所有运营部门都在最大限度地提高产量。零售改造提高了我们高档产品的销售，因此我们的住宅地毯销量也相应提升。随着对新项目的投资不断增加，我们的商业用途产品业务从低谷不断改善。随着我们逼真视觉效果和防水性能的吸引力在所有渠道的扩展，我们的复合地板销量创下新高。我们大幅增加了国内复合地板生产，并正在通过来自全球运营设施的产品进口加以补充。我们正在设置更多的复合地板产能，以便在今年年底之前进一步扩大销售。随着我们扩大产品供应，LVT销售继续增加，随着我们实施与欧洲业务类似的流程，我们的本地制造业务也在不断改进。  我们正在扩大高档Ultrawood的生产，这是第一款具备业内领先防刮擦、防凹痕和防褪色功能的防水天然木地板。

“本季度，我们的全球瓷产品部门报告销售额增长9.6％，按固定货币和天数计算增长5.4％。该部门报告经营利润率增长370个基点，达到9.4%，主要原因是有利的价格和产品组合、销量增加和生产率提高，但被通胀部分抵消。我们的美国工厂正在以更高的水平运行，我们已通过重组措施提高了生产率。我们的石英产品工厂正在提高生产效率，而且我们正在推出更高端的纹理系列，以增加我们的产品组合并提高我们的利润率。在这一季度，袭击西南的冰暴破坏了我们的电力和天然气供应，造成我们大部分制造设施的暂时停产。所有设施均已恢复，并按预期运行，使我们的服务得到改善。在生产能力、产品组合改善以及消费者需求增长的推动下，我们的欧洲陶瓷业务取得了强劲业绩。我们的俄罗斯、巴西和墨西哥陶瓷业务取得了强劲业绩，但受到了各自产能的限制。在所有三家企业中，我们都在最大限度地提高产量并进行必要的生产分配。在巴西和墨西哥，我们今年正在提高产能，以改善我销售和产品结构。在俄罗斯，我们正在优化瓷砖生产，并扩大新建高级卫生洁具工厂的生存规模，以满足不断增长的需求。

“随着本年度的推进，我们预计，处于历史低位的利率、政府举措和疫情限制措施的减少应该为我们处于世界各地的市场带来改善。疫苗接种计划应该能够更好地确保人们的安全，并降低今后出现与新冠病毒相关的中断情况的风险。我们预计，在第二阶段住宅用途产品当前的强劲趋势将会持续，而商业用途产品的销售将缓慢改善。在整个企业内，我们将推出更多的具备新功能和新优势的产品，以提升我们的产品和利润。我们正在加强制造运营以提高产量和效率，同时执行我们当前的成本节约计划。我们的供应商表示，从第一季度起，材料供应情况应有所改善，但有些业务今后仍可能面临供应限制。我们正在有效应对美国部分社区劳动力市场出现的难题，针对失业情况的补充性联邦计划可能会干预人员配备，以使这些运营业务的生产实现最大化。如果原材料、能源和运输成本继续上涨，我们可能需要在全世界范围进一步提高价格。鉴于这些因素，预计我们的第二季度调整后每股收益为为3.57至3.67美元，不包括任何重组费用。

“目前，我们的积压待配订货量十分强劲，反映了全球住宅需求的增长。我们正在推出新的产品创新，以提升我们的产品和客户销售，并通过优化生产以改善我们的服务。我们预计经济将出现扩张，且商业投资将恢复正常，因此正在为商业项目方面的改善做准备。凭借强大的流动性和处于历史低位的杠杆率，我们将增加资本投资，并利用更多机会来实现扩张。”

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、块毯、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。我们拥有业内最受认可的品牌，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。

前面几段中的某些陈述，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。前瞻性陈述建立于涉及风险和不确定性的诸多假设基础上，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：2021年4月30日，东部时间上午11:00

电话号码：1-800-603-9255（美国/加拿大），1-706-634-2294（国际/本地）。会议ID：6084517。重播将持续到2021年5月30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：6084517。

联系人：James Brunk，首席财务官 (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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