卡尔霍恩，佐治亚州, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc.(NYSE:MHK)今天宣布2023年第四季度净收益为1.39亿美元，每股收益（"EPS"）为2.18美元；调整后净收益为1.25亿美元，调整后每股收益为1.96美元。2023年第四季度净销售额为26亿美元，按报告数据计算，较上年同期下降了1.4%，按照原有固定汇率计算，较去年同期下降了4.1%。2022年第四季度，该公司报告的净销售额为27亿美元，净收益为3,300万美元，每股收益为0.52美元；调整后净收益为8,400万美元，调整后每股收益为1.32美元。

截至2023年12月31日止十二个月，公司报告的净亏损为4.4亿美元，每股亏损为6.90美元，其中包括非现金减值费用8.78亿美元；调整后净收益为5.87亿美元，调整后每股收益为9.19美元。截至2023年12月31日止十二个月期间，净销售额为111亿美元，按报告数据计算，较上年同期下降了5.1%，按照原有固定汇率计算，较上年同期下降了7.7%。截至2022年12月31日止十二个月期间，该公司报告的净销售额为117亿美元，净收益为2,500万美元，每股收益为0.39美元；调整后净收益为8.23亿美元，调整后每股收益为12.85美元。

公司董事长兼首席执行官Jeff Lorberbaum在就公司第四季度和全年业绩发表评论时表示：“我们的第四季度业绩超出了我们的预期，得益于成本控制、生产力提升和较低的投入成本。行业降低了销售价格，而我们通过降低能源和原材料成本来应对。在这种情况下，我们专注于通过重组行动和生产优化来优化收入并降低成本。我们积极管理库存水平，与上年相比，营运资金减少了超过3亿美元，不包括收购。我们还投资于销售资源、商品陈列和具有创新特点的新产品，以激发消费者购买地板。我们年末的净债务/调整后息税折旧及摊销前利润（EBITDA）比率为1.5倍、自由现金流为7.16亿美元，可用流动资金为19亿美元，同时我们计划在2024年第一季度偿还约9亿美元的高利率定期贷款。我们已经做好了应对当前形势的准备，并在经济反弹时从这一经济周期中脱颖而出。

就第四季度而言，全球陶瓷分部的净销售额按报告计算增长了0.6%，或按原有固定汇率计算下降了4.7%。该分部的经营利润率按报告为4.2%，调整后为4.8%。在整个分部范围内，我们正在调整生产以与需求保持一致，并在全年大大减少了库存。为了控制成本，我们提高了生产效率，减少了间接费用，并实施了替代配方。在美国，我们通过本地服务中心扩大了分销网络，并推出了具有优质意大利风格的新系列产品，以改善产品组合。我们已经将墨西哥的Vitromex和巴西的Elizabeth整合，并强化了我们的销售、市场营销和运营策略。在这两个国家，由于利率上升和经济增长放缓，去年需求大幅下降，导致我们的业绩受到影响。在意大利，我们正在优化最近优质瓷板的扩张，以满足住宅和商业渠道日益增长的需求。

在第四季度，我们的全球其余地区地板业务部门的净销售额按报告下降了1.5%，或按原有固定汇率计算下降了4.1%。该分部的经营利润率按报告为9.5%，调整后为10.6%。欧洲建筑产品类别仍然面临压力，消费者保持谨慎态度，零售商降低库存水平。我们正在投资2024年的新产品，同时实施严格的成本控制。我们正在通过富有灵感的互动式商品陈列架重新激活我们的旗舰品牌Quick-Step。我们正在完成向刚性LVT的过渡，并已停用了我们的住宅柔性生产线。我们的木板业绩在过去一年中从周期性高定价环境下下降，转变为产能过剩、竞争更加激烈的环境。我们继续在该分部实施重组措施，并加强我们最近的较小的欧洲补强收购，包括隔热材料、中密度纤维板、塑料地板和夹层地板。

在第四季度，我们的北美地板业务分部销售额下降了3.6%。该分部的经营利润率按报告为8.2%，按调整后为6.9%。市场销量减少导致行业利用率降低，并在市场上出现激烈的竞争。我们继续投资于销售和营销计划，以扩大我们的分销渠道，并改善我们的长期增长。为了增强我们的业务，我们正在进行资本投资，以增加我们的差异化特色并降低生产成本。在每个产品类别中，我们都推出了创新的新系列，并得到了广泛认可。商业渠道表现超出了我们的预期，主要得益于酒店业。我们正在利用客户关系，扩大针刺地板和装饰材料的收购。

进入2024年，我们的行业正处于周期性低谷，我们预计第一季度的季节性将与长期历史水平更加一致。我们的企业正在最大限度地减少开支，降低管理费用，调整业务结构，以适应当前的形势。我们继续投资于创新产品，以增加销售额和产品组合。随着投入成本的下降，我们正在应对竞争压力，优化产量。我们将继续管理我们的库存，并预计将根据需求临时停产。我们的所有业务都在实施流程改进措施，以减少通货膨胀的影响。考虑到这些因素，我们预计第一季度调整后的每股收益将在1.60美元至1.70美元之间。

在过去的十八个月里，我们在全公司范围内采取了许多行动，以改善我们的成本结构、管理较低的产量并整合我们最近的收购。在采取这些行动的同时，随着我们走出本轮周期的谷底，行业状况也将有所改善，这将改善我们下半年的业绩。市场预计各国央行将会降低利率，从而扩大房屋销售、住宅改建和商业项目。地板类别的改善速度将取决于通货膨胀率、消费者信心和房屋销售的强劲程度。我们认为，美国和拉丁美洲市场可能会先于欧洲市场得到改善，而欧洲市场可能会因当前的地缘政治压力而滞后。在过去的房地产衰退之后，我们的行业已经连续多年实现反弹，销售额增加，利润率扩大。我们所有地区的住房仍然短缺，需要增加改造投资来更新老化的住房存量。我们的重组行动、对新技术的投资、有针对性的扩张和近期的收购，将使我们能够进一步拓展业务。作为全球最大的地板公司，我们相信，随着市场的复苏，我们在改善业绩方面具有得天独厚的优势。”

关于 MOHAWK INDUSTRIES

Mohawk Industries是全球领先的地板制造商，其产品旨在改善世界各地的住宅和商业空间。Mohawk垂直整合的制造和分销流程为地毯、地垫、瓷砖、复合地板、木地板、石材地板和乙烯基地板的生产提供了竞争优势。我们行业领先的创新所带来的产品和技术，使我们的品牌在市场上脱颖而出，并满足了所有改造和新建设项目的需求。我们的品牌是业内最受认可的品牌之一，包括American Olean、Daltile、Durkan、Eliane、Elizabeth、Feltex、GH Commercial、Godfrey Hirst、Grupo Daltile、IVC Commercial、IVC Home、Karastan、Marazzi、Mohawk、Mohak Group、Mohakh Home、Pergo、Quick-Step、Unilin和Vitromex。在过去十年里，Mohawk将其业务从一家美国地毯制造商转变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、马来西亚、墨西哥、新西兰、俄罗斯和美国。

前几段中的某些陈述，特别是对未来业绩、业务前景、增长和经营战略及类似事项的预期，以及包含"可能"、"应该"、"相信"、"预计"、"期望"和"估计"等词语或类似表述的陈述构成"前瞻性陈述"。对于这些陈述，Mohawk 声明受《1995 年私人证券诉讼改革法案》(Private Securities Litigation Reform Act of 1995)所载的前瞻性陈述安全港的保护。由于前瞻性陈述基于许多假设，涉及风险和不确定性，因此无法保证其准确性。以下重要因素可能导致未来结果出现差异：经济或行业状况的变化；竞争；运费、原材料价格和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；货币波动；能源成本和供应；资本支出的时间和水平；公司产品提价的时间和实施；减值费用；收购整合；国际运营；新产品的推出；运营合理化；税收和税务改革；产品和其他索赔；诉讼；地缘政治冲突；公司业务所在辖区的监管和政治变化；以及Mohawk在SEC报告和公告中指出的其他风险。

电话会议：美国东部时间2024年2月9日星期五上午11:00

如欲通过互联网参加电话会议，请访问 http://ir.mohawkind.com/events/event-details/mohawk-industries-inc-4th-quarter-2023-earnings-call。如欲通过电话参加电话会议，请提前在以下链接注册：https://dpregister.com/sreg/10185489/fb57257e00，以获取唯一的个人识别号码，或者在电话会议当天拨打以下号码获得接线员的协助：美国/加拿大拨打1-833-630-1962，国际/本地拨打1-412-317-1843。可在2024年3月8日前通过拨打以下电话号码回放电话会议：美国/加拿大拨打1-877-344-7529，国际/本地拨打1-412-317-0088，并输入访问代码#3161276。

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended						Twelve Months Ended
(Amounts in thousands, except per share data)			December 31, 2023			December 31, 2022		December 31, 2023			December 31, 2022
Net sales		$	2,612,278			2,650,675		11,135,115			11,737,065
Cost of sales			1,969,984			2,096,235		8,425,463			8,793,639
Gross profit			642,294			554,440		2,709,652			2,943,426
Selling, general and administrative expenses			473,560			493,362		2,119,716			2,003,438
Impairment of goodwill and indefinite-lived intangibles			1,636			—		877,744			695,771
Operating income (loss)			167,098			61,078		(287,808	)		244,217
Interest expense			17,376			14,601		77,514			51,938
Other (income) expense, net			(3,911	)		10,008		(10,813	)		8,386
Earnings (loss) before income taxes			153,633			36,469		(354,509	)		183,893
Income tax expense			14,205			2,917		84,862			158,110
Net earnings (loss) including noncontrolling interests			139,428			33,552		(439,371	)		25,783
Net earnings (loss) attributable to noncontrolling interests			(60	)		96		145			536
Net earnings (loss) attributable to Mohawk Industries, Inc.		$	139,488			33,456		(439,516	)		25,247
Basic earnings (loss) per share attributable to Mohawk Industries, Inc.		$	2.19			0.53		(6.90	)		0.40
Weighted-average common shares outstanding - basic			63,683			63,534		63,657			63,826
Diluted earnings (loss) per share attributable to Mohawk Industries, Inc.		$	2.18			0.52		(6.90	)		0.39
Weighted-average common shares outstanding - diluted			63,938			63,792		63,657			64,062

 

Other Financial Information
		Three Months Ended					Twelve Months Ended
(Amounts in thousands)		December 31, 2023			December 31, 2022		December 31, 2023		December 31, 2022
Net cash provided by operating activities		$	296,322		241,718		1,329,229		669,153
Less: Capital expenditures			240,364		150,658		612,929		580,742
Free cash flow		$	55,958		91,060		716,300		88,411
Depreciation and amortization		$	154,215		159,014		630,327		595,464

 

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands)	December 31, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	642,550		509,623
Short-term investments		—		158,000
Receivables, net		1,874,656		1,904,786
Inventories		2,551,853		2,793,765
Prepaid expenses and other current assets		535,158		528,925
Total current assets		5,604,217		5,895,099
Property, plant and equipment, net		4,993,166		4,661,178
Right of use operating lease assets		428,532		387,816
Goodwill		1,159,724		1,927,759
Intangible assets, net		875,383		857,948
Deferred income taxes and other non-current assets		498,847		390,632
Total assets	$	13,559,869		14,120,432
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	1,001,715		840,571
Accounts payable and accrued expenses		2,035,339		2,124,448
Current operating lease liabilities		108,860		105,266
Total current liabilities		3,145,914		3,070,285
Long-term debt, less current portion		1,701,785		1,978,563
Non-current operating lease liabilities		337,506		296,136
Deferred income taxes and other long-term liabilities		745,528		757,534
Total liabilities		5,930,733		6,102,518
Total stockholders' equity		7,629,136		8,017,914
Total liabilities and stockholders' equity	$	13,559,869		14,120,432

 

Segment Information
		Three Months Ended							As of or for the Twelve Months Ended
(Amounts in thousands)			December 31, 2023			December 31, 2022				December 31, 2023			December 31, 2022
Net sales:
Global Ceramic		$	993,739			987,699				4,300,107			4,307,681
Flooring NA			912,049			945,959				3,829,386			4,207,041
Flooring ROW			706,490			717,017				3,005,622			3,222,343
Consolidated net sales		$	2,612,278			2,650,675				11,135,115			11,737,065
Operating income (loss):
Global Ceramic		$	41,505			69,033				(166,448	)		(236,066	)
Flooring NA			74,605			(28,950	)			(57,182	)		231,076
Flooring ROW			67,137			35,902				69,727			340,167
Corporate and intersegment eliminations			(16,149	)		(14,907	)			(133,905	)		(90,960	)
Consolidated operating income (loss)		$	167,098			61,078				(287,808	)		244,217
Assets:
Global Ceramic									$	4,988,347			4,841,310
Flooring NA										3,909,943			4,299,360
Flooring ROW										4,051,647			4,275,519
Corporate and intersegment eliminations										609,932			704,243
Consolidated assets									$	13,559,869			14,120,432

 

Reconciliation of Net Earnings (Loss) 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.
		Three Months Ended							Twelve Months Ended
(Amounts in thousands, except per share data)			December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Net earnings (loss) attributable to Mohawk Industries, Inc.		$	139,488			33,456			(439,516	)		25,247
Adjusting items:
Restructuring, acquisition and integration-related and other costs			8,591			49,701			129,323			87,819
Inventory step-up from purchase accounting			—			1,218			4,476			2,762
Impairment of goodwill and indefinite-lived intangibles			1,636			—			877,744			695,771
Legal settlements, reserves and fees			(4,652	)		9,231			87,824			54,231
Release of indemnification asset			(107	)		—			(2,957	)		7,324
Income taxes - reversal of uncertain tax position			107			—			2,957			(7,324	)
Income taxes - impairment of goodwill and indefinite-lived intangibles			—			—			(12,838	)		(10,168	)
European tax restructuring			(9,999	)		—			(9,999	)		—
Income tax effect of adjusting items			(9,805	)		(9,245	)		(50,038	)		(32,536	)
Adjusted net earnings attributable to Mohawk Industries, Inc.		$	125,259			84,361			586,976			823,126
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.		$	1.96			1.32			9.19			12.85
Weighted-average common shares outstanding - diluted			63,938			63,792			63,892			64,062

 

Reconciliation of Total Debt to Net Debt
(Amounts in thousands)	December 31, 2023
Short-term debt and current portion of long-term debt	$	1,001,715
Long-term debt, less current portion		1,701,785
Total debt		2,703,500
Less: Cash and cash equivalents		642,550
Net debt	$	2,060,950

 

Reconciliation of Net Earnings(Loss) to Adjusted EBITDA
															Trailing Twelve
		Three Months Ended													Months Ended
(Amounts in thousands)			April 1, 2023			July 1, 2023			September 30, 2023			December 31, 2023			December 31, 2023
Net earnings (loss) including noncontrolling interests		$	80,276			101,214			(760,289	)		139,428			(439,371	)
Interest expense			17,137			22,857			20,144			17,376			77,514
Income tax expense			28,943			26,760			14,954			14,205			84,862
Net (earnings) loss attributable to noncontrolling interests			(38	)		3			(170	)		60			(145	)
Depreciation and amortization(1)			169,909			156,633			149,570			154,215			630,327
EBITDA			296,227			307,467			(575,791	)		325,284			353,187
Restructuring, acquisition and integration-related and other costs			8,971			33,682			47,606			5,959			96,218
Inventory step-up from purchase accounting			3,305			1,276			(105	)		—			4,476
Impairment of goodwill and indefinite-lived intangibles			—			—			876,108			1,636			877,744
Legal settlements, reserves and fees			990			48,022			43,464			(4,652	)		87,824
Release of indemnification asset			(857	)		(103	)		(1,890	)		(107	)		(2,957	)
Adjusted EBITDA		$	308,636			390,344			389,392			328,120			1,416,492
Net debt to adjusted EBITDA															1.5

⁽¹⁾Includes accelerated depreciation of $23,019 for Q1 2023, $7,978 for Q2 2023, ($525) for Q3 2023 and $2,632 for Q4 2023.

Reconciliation of Net Sales to Adjusted Net Sales
		Three Months Ended						Twelve Months Ended
(Amounts in thousands)			December 31, 2023			December 31, 2022		December 31, 2023			December 31, 2022
Mohawk Consolidated
Net sales		$	2,612,278			2,650,675		11,135,115			11,737,065
Adjustment for constant shipping days			1,878			—		20,707			—
Adjustment for constant exchange rates			9,987			—		71,553			—
Adjustment for acquisition volume			(82,669	)		—		(389,018	)		—
Adjusted net sales		$	2,541,474			2,650,675		10,838,357			11,737,065

 

		Three Months Ended
			December 31, 2023			December 31, 2022
Global Ceramic
Net sales		$	993,739			987,699
Adjustment for constant shipping days			12,719			—
Adjustment for constant exchange rates			15,521			—
Adjustment for acquisition volume			(80,321	)		—
Adjusted net sales		$	941,658			987,699

 

Flooring ROW
Net sales		$	706,490			717,017
Adjustment for constant shipping days			(10,841	)		—
Adjustment for constant exchange rates			(5,534	)		—
Adjustment for acquisition volume			(2,348	)		—
Adjusted net sales		$	687,767			717,017

 

Reconciliation of Gross Profit to Adjusted Gross Profit
		Three Months Ended
(Amounts in thousands)		December 31, 2023			December 31, 2022
Gross Profit		$	642,294		554,440
Adjustments to gross profit:
Restructuring, acquisition and integration-related and other costs			2,829		39,159
Inventory step-up from purchase accounting			—		1,218
Adjusted gross profit		$	645,123		594,817

 

Adjusted gross profit as a percent of net sales

24.7

%

22.4

%

 

Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses
		Three Months Ended
(Amounts in thousands)			December 31, 2023			December 31, 2022
Selling, general and administrative expenses		$	473,560			493,362
Adjustments to selling, general and administrative expenses:
Restructuring, acquisition and integration-related and other costs			(8,507	)		(8,480	)
Legal settlements, reserves and fees			4,652			(9,231	)
Adjusted selling, general and administrative expenses		$	469,705			475,651

 

Adjusted selling, general and administrative expenses as a percent of net sales

18.0

%

17.9

%

 

Reconciliation of Operating Income (Loss) to Adjusted Operating Income
		Three Months Ended
(Amounts in thousands)			December 31, 2023			December 31, 2022
Mohawk Consolidated
Operating income		$	167,098			61,078
Adjustments to operating income:
Restructuring, acquisition and integration-related and other costs			11,336			47,639
Inventory step-up from purchase accounting			—			1,218
Impairment of goodwill and indefinite-lived intangibles			1,636			—
Legal settlements, reserves and fees			(4,652	)		9,231
Adjusted operating income		$	175,418			119,166

 

Adjusted operating income as a percent of net sales

6.7

%

4.5

%

 

Global Ceramic
Operating income		$	41,505		69,033
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			4,907		1,054
Impairment of goodwill and indefinite-lived intangibles			1,636		—
Adjusted segment operating income		$	48,048		70,087

 

Adjusted segment operating income as a percent of net sales

4.8

%

7.1

%

 

Flooring NA
Operating income (loss)		$	74,605			(28,950	)
Adjustments to segment operating income (loss):
Restructuring, acquisition and integration-related and other costs			(1,113	)		28,174
Legal settlements, reserves and fees			(10,250	)		—
Adjusted segment operating income (loss)		$	63,242			(776	)

 

Adjusted segment operating income (loss) as a percent of net sales

6.9

%

(0.1

)%

 

Flooring ROW
Operating income		$	67,137		35,902
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			7,542		18,411
Acquisitions purchase accounting, including inventory step-up			—		1,218
Adjusted segment operating income		$	74,679		55,531

 

Adjusted segment operating income as a percent of net sales

10.6

%

7.7

%

 

Corporate and intersegment eliminations
Operating (loss)	$	(16,149	)		(14,907	)
Adjustments to segment operating (loss):
Legal settlement, reserves and fees		5,598			9,231
Adjusted segment operating (loss)	$	(10,551	)		(5,676	)

 

Reconciliation of Earnings (Loss) Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes
		Three Months Ended
(Amounts in thousands)			December 31, 2023			December 31, 2022
Earnings before income taxes		$	153,633			36,469
Net earnings (loss) attributable to noncontrolling interests			60			(96	)
Adjustments to earnings including noncontrolling interests before income taxes:
Restructuring, acquisition and integration-related and other costs			8,591			49,701
Inventory step-up from purchase accounting			—			1,218
Impairment of goodwill and indefinite-lived intangibles			1,636			—
Legal settlements, reserves and fees			(4,652	)		9,231
Release of indemnification asset			(107	)		—
Adjusted earnings including noncontrolling interests before income taxes		$	159,161			96,523

 

Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
		Three Months Ended
(Amounts in thousands)			December 31, 2023			December 31, 2022
Income tax expense		$	14,205			2,917
Income taxes - reversal of uncertain tax position			(107	)		—
European tax restructuring			9,999			—
Income tax effect of adjusting items			9,805			9,245
Adjusted income tax expense		$	33,902			12,162
Adjusted income tax rate			21.3	%		12.6	%

公司根据美国公认会计原则（以下简称“美国GAAP”）编制和呈列其简明综合财务报表，并采用若干非公认会计原则（以下简称“非GAAP”）的财务指标作为补充。根据证券交易委员会规定，上述表格呈列了公司非GAAP财务指标与最直接可比的美国GAAP财务指标之间的调节。上述每个非GAAP指标均应视为可比的美国GAAP指标的补充，并且可能与其他公司报告的同类指标不可比。公司认为，这些非GAAP指标在与相应的美国GAAP指标进行调节时，有助于其投资者如下方面：非GAAP营收指标有助于识别增长趋势，并与过去和未来期间的营收进行比较；非GAAP盈利能力指标有助于理解公司业务的长期盈利能力趋势，并将其利润与过去和未来期间进行比较。

公司从其非GAAP营收指标中剔除了某些项目，因为这些项目在不同期间会有很大差异，而且会掩盖潜在的业务趋势。公司非GAAP营收指标中剔除的项目包括：外币交易和折算；某一期间发货天数的增加或减少以及收购的影响。

公司从其非GAAP盈利能力指标中剔除了某些项目，因为这些项目可能不代表公司的核心经营业绩，或与其无关。公司的非GAAP盈利能力指标中剔除的项目包括：重组、收购和整合相关成本及其他成本、法律和解、准备金和费用、商誉和无限期无形资产减值、收购购买会计，包括从购买会计中的存货递增、赔偿资产的释放、不确定税务状况的转回以及欧洲税务重组。

联系人：
James Brunk，首席财务官
(706) 624-2239

(来源:GlobeNewswire)