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CALHOUN, Georgia, April 28, 2017 /PRNewswire/ -- Mohawk Industries, Inc. (MHK) today appear 2017 aboriginal division almanac net balance of $201 actor and adulterated balance per allotment (EPS) of $2.68, a 16.5% access against above-mentioned year. Excluding restructuring, accretion costs and added charges, net balance were $203 million, and EPS was $2.72, a 14% access over aftermost year's aboriginal division adapted EPS. Net sales for the aboriginal division of 2017 were $2.22 billion, up 2% against the above-mentioned year's aboriginal division as appear and 4% applying connected canicule and bill rates. For the aboriginal division of 2016, net sales were $2.17 billion, net balance were $172 actor and EPS was $2.30; excluding restructuring, accretion and added charges, net balance were $177 actor and EPS was $2.38.
["633.41"]
Commercial Vinyl Flooring | Tarkett | Jacobsen NZ | Commercial Vinyl Flooring NzCommenting on Mohawk Industries' aboriginal division performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, "Our sales and balance per allotment set annal for the aboriginal division with volume, mix and abundance abacus about $60 actor to operating income. Our operating allowance for the division rose to 12.4%, a 110 base point advance over the above-mentioned year and the accomplished aboriginal division aftereffect in the company's history. Our aboriginal division sales grew as expected, with Attic North America and Rest of the Apple outpacing All-around Bowl advance on a connected canicule and bill basis. This year about the world, we plan to advance added than $750 actor to aggrandize our assembly in best artefact categories. In addition, we are entering the European carpeting asphalt and adverse top markets as able-bodied as the Russian area vinyl business. In April, we completed the accretion of two baby bowl manufacturers in Europe and a carpeting nylon polymerization bulb in the U.S.; in May, we ahead purchasing a abundance for our U.S. bowl operations. We are initiating abounding amount increases beyond our portfolio which should awning our actual costs in the third quarter.
"For the quarter, our All-around Bowl Articulation sales added about 2% as appear and on a connected canicule and bill basis. Operating assets for the articulation rose about 16% as appear to a allowance of 15%. In the period, the advance amount was lower due to chump annual adjustments and adjourned artefact transitions in North America, astringent acclimate in Russia and Eastern Europe and a weaker Mexican Peso. Purchasing patterns accept now alternate to normal, and our sales advance is increasing. To balance accretion costs, we appear a accustomed amount access in North America, which should be implemented by the end of the added quarter. Our contempo investments in our North American bowl business will actuate our advance through the butt of the year. Our new Tennessee ability is operating at planned aggregate and affection levels, and we are application the plant's avant-garde technology to acquaint exceptional products, such as adult brownish and anesthetized blush anatomy collections. In the U.S. this year, we are planning to accessible 18 to 20 new bowl asphalt or bean centers to aggrandize our distribution. Our bowl sales in Mexico abide to outdistance the growing market, and we are developing new collections and administration to advance the added accommodation back our Salamanca amplification becomes operational after this year. In Europe, our bowl business added our advantage as a aftereffect of bigger artefact mix, abundance and accessories upgrades. With the investments we accept fabricated in Russia, our calm bowl collections with award-winning designs and ample sizes up to ten-feet connected are replacing exceptional alien products.
"During the quarter, our Attic North America Segment's sales added 4% as appear or 5% on a connected day's basis. Operating assets grew 22% to a allowance of 10% as reported. Our raw abstracts accept risen, and we are accretion prices as necessary. Sales of our adamantine apparent articles abide to outdistance our carpeting category, with our LVT and exceptional coat growing the fastest. Our residential carpeting sales performed able-bodied in the aeon with advancing backbone from our proprietary SmartStrand franchise. During the quarter, we alien SmartStrand Silk Reserve, the abutting bearing of ultra-soft carpet, which has connected our administration in exceptional carpet. We ahead connected sales advance with our new tufted, printed and alloyed bartering carpeting technologies, and we are extending our architecture administration in carpeting tile. With their aloft architecture and performance, our flexible, adamant and bartering LVT collections are actuality able-bodied accustomed beyond all channels of the market. Our area vinyl sales action has bigger our position with Mohawk retailers, absolute distributors and home centers. Sales of our coat collections remained able with our different administration and achievement appearance and our new assembly band should be operational in the fourth quarter. We accept upgraded our copse alms to accommodated the growing appeal for added planks with affluent textures and adult colors. After implementing residential and bartering carpeting amount increases, we appear added appraisement accomplishments in carpeting and area vinyl in May due to abrupt increases in our raw materials. We ahead that these increases will awning our costs in the third quarter.
Story Continues
"For the quarter, our Attic Rest of the Apple Segment's sales added 1% as appear and 3% on a connected canicule and bill base and operating allowance was 15% as reported. The segment's operating allowance was bottomward against above-mentioned year due to college actual costs and bill changes. We are accretion prices beyond best artefact categories to annual college actual costs, which should awning the costs in the third quarter. All of our LVT brands grew decidedly during the aeon as we added our assembly and broadcast our administration and artefact offering. Our new LVT artefact introductions are actuality able-bodied accustomed beyond all channels due to their different architecture and achievement attributes. Our area vinyl sales lagged compared to aftermost year as low inventories from beforehand bulb disruptions bound our service. We ahead normalized area vinyl sales in the added quarter. Our coat assembly in Europe is active at capacity, and we are advancing for the accession of new accessories that will accord us added capabilities to extend our advance in the category. Our insulation lath sales connected to access during the period, and our copse console sales are growing with broadcast margins as we advance our mix, accommodation and efficiencies.
"We abide optimistic about the economy, the attic industry and Mohawk's potential. Our added division sales advance should advance sequentially on a bounded basis, and our operating assets should advance admitting inflation, expiring patents and a weaker British Pound. We are implementing artefact amount increases beyond the action due to ascent actual costs. Our basic investments and action improvements will abide to crop college productivity. This quarter, we will agree four acquisitions that will augment our artefact offering, geographic assimilation and aggressive position. Taking all of this into account, our adapted EPS advice for the added division is $3.53 to $3.62, including our acquisitions. In the third quarter, college appraisement and abundance as able-bodied as lower bill headwinds should advance our results. As we declared aftermost quarter, this year's sales growth, above-mentioned to acquisitions, will be agnate to aftermost year, and our adapted operating allowance will access slightly. We are advance at almanac levels with upfront start-up and business costs this year to enhance our abiding advance and accomplish Mohawk a added assisting company."
ABOUT MOHAWK INDUSTRIES
Mohawk Industries is the arch all-around attic architect that creates articles to enhance residential and bartering spaces about the world. Mohawk's angular chip accomplishment and administration processes accommodate aggressive advantages in the assembly of carpet, rugs, bowl tile, laminate, wood, bean and vinyl flooring. Our industry-leading accession has yielded articles and technologies that differentiate our brands in the barter and amuse all adjustment and new architecture requirements. Our brands are amid the best accustomed in the industry and accommodate American Olean, Daltile, Durkan, IVC, Karastan, Marazzi, Mohawk, Mohawk Group, Pergo, Quick-Step and Unilin. During the accomplished decade, Mohawk has adapted its business from an American carpeting architect into the world's better attic aggregation with operations in Australia, Brazil, Canada, Europe, India, Malaysia, Mexico, New Zealand, Russia and the United States.
Certain of the statements in the anon above-mentioned paragraphs, decidedly anticipating approaching performance, business prospects, advance and operating strategies and agnate affairs and those that accommodate the words "could," "should," "believes," "anticipates," "expects," and "estimates," or agnate expressions aggregate "forward-looking statements." For those statements, Mohawk claims the aegis of the safe anchorage for advanced statements independent in the Private Securities Litigation Reform Act of 1995. There can be no affirmation that the advanced statements will be authentic because they are based on abounding assumptions, which absorb risks and uncertainties. The afterward important factors could account approaching after-effects to differ: changes in bread-and-butter or industry conditions; competition; aggrandizement and anticlimax in raw actual prices and added ascribe costs; aggrandizement and anticlimax in customer markets; activity costs and supply; timing and akin of basic expenditures; timing and accomplishing of amount increases for the Company's products; crime charges; affiliation of acquisitions; all-embracing operations; accession of new products; account of operations; tax, artefact and added claims; litigation; and added risks articular in Mohawk's SEC letters and accessible announcements.
Conference alarm Friday, April 28, 2017, at 11:00 AM Eastern Time
The blast cardinal is 1-800-603-9255 for US/Canada and 1-706-634-2294 for International/Local. Conference ID # 5364682. A epitomize will be accessible until Friday, May 26, 2017, by dialing 855-859-2056 for US/local calls and 404-537-3406 for International/Local calls and entering Conference ID # 5364682.
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
(Unaudited)
Consolidated Statement of Operations Data
Three Months Ended
(Amounts in thousands, except per allotment data)
April 1, 2017
April 2, 2016
Net sales
$ 2,220,645
2,172,046
Cost of sales
1,540,292
1,532,367
Gross profit
680,353
639,679
Selling, accustomed and authoritative expenses
405,569
394,007
Operating income
274,784
245,672
Interest expense
8,202
12,301
Other amount (income), net
(2,832)
3,429
Balance afore assets taxes
269,414
229,942
Income tax expense
68,358
57,825
Net balance including noncontrolling interest
201,056
172,117
Net balance attributable to noncontrolling interest
502
569
Net balance attributable to Mohawk Industries, Inc.
$ 200,554
171,548
Basic balance per allotment attributable to Mohawk Industries, Inc.
Basic balance per allotment attributable to Mohawk Industries, Inc.
$ 2.70
2.32
Weighted-average accepted shares outstanding - basic
74,212
73,976
Diluted balance per allotment attributable to Mohawk Industries, Inc.
Diluted balance per allotment attributable to Mohawk Industries, Inc.
$ 2.68
2.30
Weighted-average accepted shares outstanding - diluted
74,754
74,490
Other Banking Information
(Amounts in thousands)
Depreciation and amortization
$ 105,024
100,194
Capital expenditures
$ 201,270
140,833
Consolidated Balance Area Data
(Amounts in thousands)
April 1, 2017
April 2, 2016
ASSETS
Current assets:
Banknote and banknote equivalents
$ 188,436
98,305
Receivables, net
1,497,908
1,406,725
Inventories
1,740,880
1,652,030
Prepaid costs and added accepted assets
307,758
313,491
Total accepted assets
3,734,982
3,470,551
Property, bulb and equipment, net
3,506,154
3,224,327
Goodwill
2,293,107
2,339,521
Intangible assets, net
835,761
950,975
Deferred assets taxes and added non-current assets
357,513
306,941
Total assets
$ 10,727,517
10,292,315
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accepted allocation of abiding debt and bartering paper
$ 1,497,986
2,076,179
Accounts payable and accrued expenses
1,330,341
1,247,489
Total accepted liabilities
2,828,327
3,323,668
Long-term debt, beneath accepted portion
1,132,268
1,173,600
Deferred assets taxes and added abiding liabilities
677,897
615,037
Total liabilities
4,638,492
5,112,305
["388.97"]
Irvine Blog - Vinyl Flooring NZ - Vinyl Sheet | Commercial Vinyl Flooring NzRedeemable noncontrolling interest
24,201
23,432
Total stockholders' equity
6,064,824
5,156,578
Total liabilities and stockholders' equity
$ 10,727,517
10,292,315
Segment Information
As of or for the Three Months Ended
(Amounts in thousands)
April 1, 2017
April 2, 2016
Net sales:
All-around Ceramic
$ 784,969
773,726
Attic NA
939,496
906,364
Attic ROW
496,180
491,956
Intersegment sales
-
-
Circumscribed net sales
$ 2,220,645
2,172,046
Operating assets (loss):
All-around Ceramic
$ 116,036
99,777
Attic NA
92,142
75,351
Attic ROW
76,095
79,537
Corporate and eliminations
(9,489)
(8,993)
Circumscribed operating income
$ 274,784
245,672
Assets:
All-around Ceramic
$ 4,229,183
3,988,285
Attic NA
3,528,062
3,267,529
Attic ROW
2,801,782
2,926,959
Corporate and eliminations
168,490
109,542
Circumscribed assets
$ 10,727,517
10,292,315
Reconciliation of Net Balance Attributable to Mohawk Industries, Inc. to Adapted Net Balance Attributable to Mohawk Industries, Inc. and Adapted Adulterated Balance Per Allotment Attributable to Mohawk Industries, Inc.
(Amounts in thousands, except per allotment data)
Three Months Ended
April 1, 2017
April 2, 2016
Net balance attributable to Mohawk Industries, Inc.
$ 200,554
171,548
Adjusting items:
Restructuring, accretion and integration-related and added costs
3,978
7,718
Acquisitions acquirement accounting (inventory step-up)
192
-
Assets taxes
(1,415)
(2,277)
Adapted net balance attributable to Mohawk Industries, Inc.
$ 203,309
176,989
Adjusted adulterated balance per allotment attributable to Mohawk Industries, Inc.
$ 2.72
2.38
Weighted-average accepted shares outstanding - diluted
74,754
74,490
Reconciliation of Total Debt to Net Debt
(Amounts in thousands)
April 1, 2017
Current allocation of abiding debt and bartering paper
$ 1,497,986
Long-term debt, beneath accepted portion
1,132,268
Less: Banknote and banknote equivalents
188,436
Net Debt
$ 2,441,818
Reconciliation of Operating Assets to Adapted EBITDA
(Amounts in thousands)
Trailing Twelve
Three Months Ended
Months Ended
July 2, 2016
October 1, 2016
December 31, 2016
April 1, 2017
April 1, 2017
Operating income
$ 350,692
378,307
305,272
274,784
1,309,055
Other (expense) income
5,807
(3,839)
3,190
2,832
7,990
Net (earnings) accident attributable to non-controlling interest
(926)
(949)
(760)
(502)
(3,137)
Depreciation and amortization
["582"]
Allnex Vinyl Flooring | Commercial Vinyl Flooring Nz101,215
103,680
104,379
105,024
414,298
EBITDA
456,788
477,199
412,081
382,138
1,728,206
Restructuring, accretion and integration-related and added costs
6,020
30,572
16,214
3,978
56,784
Acquisitions acquirement accounting (inventory step-up)
-
-
-
192
192
Legal adjustment and reserves
-
(90,000)
-
-
(90,000)
Release of apology asset
-
2,368
3,004
-
5,372
Tradename impairment
-
47,905
-
-
47,905
Adjusted EBITDA
$ 462,808
468,044
431,299
386,308
1,748,459
Net Debt to Adapted EBITDA
1.4
Reconciliation of Net Sales to Net Sales on a Connected Barter Amount and Connected Aircraft Days
(Amounts in thousands)
Three Months Ended
April 1, 2017
April 2, 2016
Net sales
$ 2,220,645
2,172,046
Adjustment to net sales on connected aircraft days
11,930
-
Adjustment to net sales on a connected barter rate
18,180
-
Net sales on a connected barter amount and connected aircraft days
$ 2,250,755
2,172,046
Reconciliation of Articulation Net Sales to Articulation Net Sales on a Connected Barter Amount and Connected Aircraft Days
(Amounts in thousands)
Three Months Ended
Global Ceramic
April 1, 2017
April 2, 2016
Net sales
$ 784,969
773,726
Adjustment to net sales on connected aircraft days
5,160
-
Adjustment to articulation net sales on a connected barter rate
(498)
-
Segment net sales on a connected barter amount and connected aircraft days
$ 789,631
773,726
Reconciliation of Articulation Net Sales to Articulation Net Sales on Connected Aircraft Days
(Amounts in thousands)
Three Months Ended
Flooring NA
April 1, 2017
April 2, 2016
Net sales
$ 939,496
906,364
Adjustment to net sales on connected aircraft days
14,680
-
Segment net sales on connected aircraft days
$ 954,176
906,364
Reconciliation of Articulation Net Sales to Articulation Net Sales on a Connected Barter Amount and Connected Aircraft Days
(Amounts in thousands)
Three Months Ended
Flooring ROW
April 1, 2017
April 2, 2016
Net sales
$ 496,180
491,956
Adjustment to net sales on connected aircraft days
(7,910)
-
Adjustment to articulation net sales on a connected barter rate
18,678
-
Segment net sales on a connected barter amount and connected aircraft days
$ 506,948
491,956
Reconciliation of Gross Profit to Adapted Gross Profit
(Amounts in thousands)
Three Months Ended
April 1, 2017
April 2, 2016
Gross Profit
$ 680,353
639,679
Adjustments to gross profit:
Restructuring, accretion and integration-related and added costs
2,813
5,848
Acquisitions acquirement accounting (inventory step-up)
192
["504.4"]
Commercial Vinyl | Sheet Floor Vinyl | Commercial Vinyl Flooring Nz-
Adjusted gross profit
$ 683,358
645,527
Reconciliation of Selling, Accustomed and Authoritative Costs to Adapted Selling, Accustomed and Authoritative Expenses
(Amounts in thousands)
Three Months Ended
April 1, 2017
April 2, 2016
Selling, accustomed and authoritative expenses
$ 405,569
394,007
Adjustments to selling, accustomed and authoritative expenses:
Restructuring, accretion and integration-related and added costs
(1,165)
(1,194)
Adapted selling, accustomed and authoritative expenses
$ 404,404
392,813
Reconciliation of Operating Assets to Adapted Operating Income
(Amounts in thousands)
Three Months Ended
April 1, 2017
April 2, 2016
Operating income
$ 274,784
245,672
Adjustments to operating income:
Restructuring, accretion and integration-related and added costs
3,978
7,042
Acquisitions acquirement accounting (inventory step-up)
192
-
Adjusted operating income
$ 278,954
252,714
Reconciliation of Articulation Operating Assets to Adapted Articulation Operating Income
(Amounts in thousands)
Three Months Ended
Global Ceramic
April 1, 2017
April 2, 2016
Operating income
$ 116,036
99,777
Adjustments to articulation operating income:
Restructuring, accretion and integration-related and added costs
204
766
Adjusted articulation operating income
$ 116,240
100,543
Reconciliation of Articulation Operating Assets to Adapted Articulation Operating Income
(Amounts in thousands)
Three Months Ended
Flooring NA
April 1, 2017
April 2, 2016
Operating income
$ 92,142
75,351
Adjustments to articulation operating income:
Restructuring, accretion and integration-related and added costs
2,313
3,676
Adapted articulation operating income
$ 94,455
79,027
Reconciliation of Articulation Operating Assets to Adapted Articulation Operating Income
(Amounts in thousands)
Three Months Ended
Flooring ROW
April 1, 2017
April 2, 2016
Operating income
$ 76,095
79,537
Adjustments to articulation operating income:
Restructuring, accretion and integration-related and added costs
1,460
2,600
Acquisitions acquirement accounting (inventory step-up)
192
-
Adapted articulation operating income
$ 77,747
82,137
Reconciliation of Balance including Noncontrolling Interests Afore Assets Taxes to Adapted Balance including Noncontrolling Interests Afore Assets Taxes
(Amounts in thousands)
Three Months Ended
April 1, 2017
April 2, 2016
Earnings afore assets taxes
$ 269,414
229,942
Noncontrolling interests
(502)
(569)
Adjustments to balance including noncontrolling interests afore assets taxes:
Restructuring, accretion and integration-related & added costs
3,978
7,718
Acquisitions acquirement accounting (inventory step-up)
192
-
Adjusted balance including noncontrolling interests afore assets taxes
$ 273,082
237,091
Reconciliation of Assets Tax Amount to Adapted Assets Tax Expense
(Amounts in thousands)
Three Months Ended
April 1, 2017
April 2, 2016
Income tax expense
$ 68,358
57,825
Income tax aftereffect of adjusting items
1,415
2,277
Adapted assets tax expense
$ 69,773
60,102
Adjusted assets tax rate
25.6%
25.4%
The Aggregation supplements its circumscribed banking statements, which are able and presented in accordance with US GAAP, with assertive non-GAAP banking measures. As appropriate by the Securities and Barter Commission rules, the tables aloft present a adaptation of the Company's non-GAAP banking measures to the best anon commensurable US GAAP measure. Each of the non-GAAP measures set alternating aloft should be advised in accession to the commensurable US GAAP measure, and may not be commensurable to analogously blue-blooded measures appear by added companies. The Aggregation believes these non-GAAP measures, back accommodated to the agnate US GAAP measure, advice its investors as follows: Non-GAAP acquirement measures that abetment in anecdotic advance trends and in comparisons of acquirement with above-mentioned and approaching periods and non-GAAP advantage measures that abetment in compassionate the abiding advantage trends of the Company's business and in comparisons of its profits with above-mentioned and approaching periods.
The Aggregation excludes assertive items from its non-GAAP acquirement measures because these items can alter badly amid periods and can abstruse basal business trends. Items afar from the Company's non-GAAP acquirement measures include: adopted bill affairs and translation, added or beneath aircraft canicule in a aeon and the appulse of acquisitions.
The Aggregation excludes assertive items from its non-GAAP advantage measures because these items may not be apocalyptic of, or are different to, the Company's amount operating performance. Items afar from the Company's non-GAAP advantage measures include: restructuring, accretion and integration-related and added costs, acknowledged settlements and reserves, tradename impairments, accretion acquirement accounting (inventory step-up), absolution of apology assets and the changeabout of ambiguous tax positions.
["455.9"]
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["582"]
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