卡尔霍恩,佐治亚州, July 27, 2024 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc.(纽约证券交易所交易代码:MHK)今日宣布 2024 年第二季度净收益 1.57 亿美元,每股收益(“EPS”) 2.46 美元;调整后净收益 1.92 亿美元,调整后每股收益 3.00 美元。 2024 年第二季度净销售额 28 亿美元,据报告同比下降 5.1%,调整后同比下降 4.5%。 2023 年二季度,公司公布的净销售额为 30 亿美元,净收入 1.01 亿美元,每股收益 1.58 美元;调整后净收入 1.76 亿美元,调整后每股收益 2.76 美元。
在截至 2024 年 6 月 29 日的六个月期间,净收入和每股收益分别为 2.62 亿美元和 4.10 美元;调整后净收入 3.1 亿美元,调整后每股收益 4.85 美元。 2024 年前六个月的净销售额为 55 亿美元,据报告同比下降 4.8%,调整后同比下降 5.0%。 在截至 2023 年 7 月 1 日的六个月期间,净销售额 58 亿美元,净收入 1.81 亿美元,每股收益 2.84 美元;调整后净收入 2.88 亿美元,调整后每股收益 4.51 美元。
对于公司第二季度的业绩,董事长兼首席执行官 Jeff Lorberbaum 表示:“该季度的业绩反映了我们对业务可控因素的重视,包括销售计划、成本控制和重组行动。 我们的调整后每股收益有所增长,这得益于提高生产率的举措和重组,以及能源和材料成本降低,但部分增长被市场定价压力、产品组合和外汇不利因素抵消。 在该季度,我们产生了约 1.42 亿美元的自由现金流,今年截至目前,我们的自由现金流总额已达 2.39 亿美元。 该季度,我们以大约 9000 万美元的价格买入了约 75.5 万股股票,占公司股票的 1.2%。
尽管全球市场疲软,但我们第二季度的业绩超出了预期。 商业业务的表现继续优于住宅业务,但也出现了一定程度的疲软。 尽管市场对我们产品的长期需求强劲,但各地区住宅的购买需求仍然低迷。 在该季度,我们采取措施提高了许多产品类别的销量,但消费者的消费降级以及有竞争力的定价抵消了由此带来的收益。 由于通胀高企及对未来的不确定性,消费者继续推迟非必需品的大额采购,因此住宅改建业务面临的压力最大。 此外,由于房贷利率上升、房价上涨以及房主的“锁定效应”,房屋周转率低迷,并对地板翻新业务产生了较大影响。
为了降低成本,使我们的业务与当前形势相适应,我们正在采取更多的重组行动,这些行动每年将节省 1 亿美元,其中 2000 万至 2500 万美元将在今年确认。 采取这些行动的现金成本约为 4000 万美元,总成本约为 1.3 亿美元。 不同项目的执行时间表不同,一些项目的执行周期涵盖整个 2025 年,并延长至 2026 年。 在各业务部门,我们将暂停生产率较低的业务,整合地区仓库,并利用技术降低管理成本。 我们还将淘汰效率较低的设备,简化我们的产品组合。 在采取这些行动的同时,我们的团队也在实施许多其他措施来应对当前的形势。
第二季度,全球陶瓷业务部门报告的净销售额同比下降 3.4%,调整后同比下降 2.9%。 由于定价和产品组合以及外汇不利因素带来的不利影响,该业务部门报告的经营利润率据为 7.4%(调整后为 8.5%),部分被投入成本降低和生产率提高所抵消。 除重组计划外,我们还在该业务部门实施了许多降低成本的项目,包括产品再设计、流程改进和精简行政职能。 为了改进我们的产品组合,我们正投资于采用尖端印刷、抛光和矫正技术的差异化产品。 5 月 10 日,美国商务部宣布开始对印度进口的瓷砖进行反倾销和反补贴税调查。 美国瓷砖贸易协会(U.S. ceramic tile trade association)认为,这可能导致 400% 至 800% 的关税。 鉴于印度广泛的倾销行为,墨西哥已经提高了对印度瓷砖征收的进口关税,我们的其他市场也在研究类似的方案。 在美国,我们的高端设计能力、国内制造能力和广泛的分销基础设施提高了我们在建筑和商业领域的项目参与度。 在欧洲,借助自身的制造和造型优势,我们创造了更高价值的产品,我们的单位销售额超过了去年的水平。
第二季度,我们的全球地板业务部门报告的净销售额同比下降 8.3%,调整后同比下降 7.0%。 由于定价和产品组合以及重组成本增加带来的不利影响,该业务部门报告的经营利润率为 9.0%(调整后为 12.6%),部分被投入成本降低和生产率提高所抵消。 在欧洲,由于消费者的非必需支出受限,市场增长依然缓慢。 随着通胀下降,欧洲央行于 6 月 6 日下调了主要利率,随后可能还会进一步下调。 在当前充满挑战的环境下,我们重点实施能够推动销售的举措,如提升产品组合、开展促销活动并实施战略性营销活动。 在这些措施的推动下,我们的层压板、LVT 和板材销量较上一年的低水平有所提高。 除重组外,我们还启动了许多项目,以提高生产率、增加产量并降低劳动力成本。
第二季度,我们的北美地板业务部门的销售额同比下降 4.3%。 由于投入成本降低、生产率提高及重组成本降低,该业务部门报告的经营利润率为 8.2%(调整后为 8.6%),部分被定价和产品组合带来的不利影响所抵消。 尽管市场环境充满挑战,但部分产品和渠道的销量仍出现同比增长,只是部分增长被价格和产品组合的变化所抵消。 今年,我们加深了与美国大型住宅建筑商的合作关系,这些建筑商的市场份额在不断扩大。 在零售商和建筑商渠道,我们的 LVT 和层压板系列的销量更加强劲。 最近,我们在扩大层压板的生产规模,以满足不断增长的防水地板需求。 商业部门的表现继续优于住宅部门,其中以酒店、政府和教育渠道为主导,尽管启动的项目较少。
我们预计目前的状况在第三季度仍将持续,利率升高、通胀和住宅销售疲软均会对我们的市场造成影响。 在当前环境下,我们正在执行收入和成本优化计划。 我们的重组举措将在市场复苏时为我们节省大量资金,并提高我们的业绩。 我们将继续受益于能源和原材料成本的降低,但部分被劳动力成本和运费上涨所抵消。 在第三季度,我们预计定价压力将继续存在,因为行业销量低迷,消费者在大额采购方面的支出受限,以及消费者的消费降级。 与往常一样,欧洲夏季假期会对我们的销售和业绩产生季节性影响。 鉴于这些因素,我们预计,扣除重组或其他一次性费用后,第三季度的调整后每股收益将在 2.80 美元至 2.90 美元之间。
在应对短期环境的同时,我们将牢牢抓住随着行业复苏而出现的需求。 住宅改建是我们行业最主要的业务来源,随着利率下降和消费者信心增强,该业务将引领行业的复苏。 随着经济发展,我们的各个业务地区都将启动新的住宅建设和商业项目,而我们进行的产品投资也将提高我们的项目参与度。 作为全球最大的地板制造商,我们拥有创新的产品、强大的能力和财务实力,能够在市场复苏时优化我们的业绩。”
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,旗下品牌包括 American Olean、Daltile、Eliane、Elizabeth、Feltex、Godfrey Hirst、Grupo Daltile、Karastan, Marazzi、Moduleo、Mohawk、Mohawk Group、Performance Accessories、Pergo、Quick-Step、Unilin 和 Vitromex。 在过去二十年里,Mohawk 已从一家美国地毯制造商成功转型为全球最大的地板材料公司,业务遍及澳大利亚、巴西、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:经济或行业状况变化;竞争;运输、原材料价格和其他投入成本通货膨胀和通货紧缩;消费市场通货膨胀和通货紧缩;货币波动;能源成本和供应;资本支出的时机和实施情况;公司产品提价的时机和实施情况;减值费用;在有利条件下(如果有的话)确定并完成收购;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、产品和其他权利要求;诉讼;地缘政治冲突;公司开展业务的司法管辖区的监管和政治变化;以及 Mohawk 提交给美国证券交易委员会 (SEC) 的报告和公告中提及的其他风险。
电话会议时间:东部时间 2024 年 7 月 26 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-2nd-quarter-2024-earnings-call。 如欲通过电话参加电话会议,请在 https://dpregister.com/sreg/10190272/fceb831600 提前注册,以接收唯一的个人识别码。 您也可以于会议当天拨打 1-833-630-1962(美国/加拿大)或 1-412-317-1843(国际),以获取话务员协助。 如果您无法在指定时间收听,可在 2024 年 8 月 23 日之前拨打 1-877-344-7529(美国/加拿大)或 1-412-317-0088(国际),输入会议编号 #1152692 以重播电话会议。 电话会议将存档,您可在 mohawkind.com 网站的“投资者信息”标签下重播会议,重播有效期为一年。
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(Unaudited) | |||||||||
Three Months Ended | Six Months Ended | ||||||||
(In millions, except per share data) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | |||||
Net sales | $ | 2,801.3 | 2,950.5 | 5,480.7 | 5,756.7 | ||||
Cost of sales | 2,077.5 | 2,218.5 | 4,107.4 | 4,381.3 | |||||
Gross profit | 723.8 | 732.0 | 1,373.3 | 1,375.4 | |||||
Selling, general and administrative expenses | 509.8 | 578.9 | 1,012.7 | 1,096.6 | |||||
Operating income | 214.0 | 153.1 | 360.6 | 278.8 | |||||
Interest expense | 12.6 | 22.9 | 27.5 | 40.0 | |||||
Other expense, net | 1.6 | 2.2 | 0.5 | 1.6 | |||||
Earnings before income taxes | 199.8 | 128.0 | 332.6 | 237.2 | |||||
Income tax expense | 42.3 | 26.8 | 70.1 | 55.7 | |||||
Net earnings including noncontrolling interests | 157.5 | 101.2 | 262.5 | 181.5 | |||||
Net earnings attributable to noncontrolling interests | 0.1 | — | 0.1 | 0.1 | |||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 157.4 | 101.2 | 262.4 | 181.4 | ||||
Basic earnings per share attributable to Mohawk Industries, Inc. | $ | 2.47 | 1.59 | 4.12 | 2.85 | ||||
Weighted-average common shares outstanding - basic | 63.6 | 63.7 | 63.7 | 63.6 | |||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 2.46 | 1.58 | 4.10 | 2.84 | ||||
Weighted-average common shares outstanding - diluted | 63.9 | 63.9 | 64.0 | 63.9 |
Other Financial Information | |||||||||
Three Months Ended | Six Months Ended | ||||||||
(In millions) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | |||||
Net cash provided by operating activities | $ | 233.6 | 263.6 | 417.3 | 520.9 | ||||
Less: Capital expenditures | 91.4 | 116.7 | 178.2 | 245.2 | |||||
Free cash flow | $ | 142.2 | 146.9 | 239.1 | 275.7 | ||||
Depreciation and amortization | $ | 171.5 | 156.6 | 325.7 | 326.5 |
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited) | ||||
(In millions) | June 29, 2024 | July 1, 2023 | ||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 497.4 | 570.9 | |
Receivables, net | 2,018.5 | 2,087.1 | ||
Inventories | 2,579.9 | 2,618.7 | ||
Prepaid expenses and other current assets | 545.5 | 574.6 | ||
Total current assets | 5,641.3 | 5,851.3 | ||
Property, plant and equipment, net | 4,759.2 | 4,957.2 | ||
Right of use operating lease assets | 396.2 | 400.4 | ||
Goodwill | 1,136.7 | 2,031.0 | ||
Intangible assets, net | 841.4 | 888.0 | ||
Deferred income taxes and other non-current assets | 504.8 | 457.3 | ||
Total assets | $ | 13,279.6 | 14,585.2 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | $ | 718.0 | 1,038.0 | |
Accounts payable and accrued expenses | 2,109.8 | 2,143.8 | ||
Current operating lease liabilities | 109.9 | 106.1 | ||
Total current liabilities | 2,937.7 | 3,287.9 | ||
Long-term debt, less current portion | 1,691.5 | 2,013.3 | ||
Non-current operating lease liabilities | 301.6 | 310.6 | ||
Deferred income taxes and other long-term liabilities | 696.3 | 761.4 | ||
Total liabilities | 5,627.1 | 6,373.2 | ||
Total stockholders' equity | 7,652.5 | 8,212.0 | ||
Total liabilities and stockholders' equity | $ | 13,279.6 | 14,585.2 |
Segment Information | ||||||||||||||
Three Months Ended | As of or for the Six Months Ended | |||||||||||||
(In millions) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | ||||||||||
Net sales: | ||||||||||||||
Global Ceramic | $ | 1,115.6 | 1,155.4 | 2,160.4 | 2,214.7 | |||||||||
Flooring NA | 958.5 | 1,001.7 | 1,858.7 | 1,955.1 | ||||||||||
Flooring ROW | 727.2 | 793.4 | 1,461.6 | 1,586.9 | ||||||||||
Consolidated net sales | $ | 2,801.3 | 2,950.5 | 5,480.7 | 5,756.7 | |||||||||
Operating income (loss): | ||||||||||||||
Global Ceramic | $ | 83.1 | 84.0 | 131.9 | 147.3 | |||||||||
Flooring NA | 78.3 | 37.2 | 123.3 | 35.2 | ||||||||||
Flooring ROW | 65.6 | 87.0 | 136.5 | 162.2 | ||||||||||
Corporate and intersegment eliminations | (13.0 | ) | (55.1 | ) | (31.1 | ) | (65.9 | ) | ||||||
Consolidated operating income | $ | 214.0 | 153.1 | 360.6 | 278.8 | |||||||||
Assets: | ||||||||||||||
Global Ceramic | $ | 4,931.5 | 5,546.2 | |||||||||||
Flooring NA | 3,940.2 | 4,210.2 | ||||||||||||
Flooring ROW | 3,899.2 | 4,295.2 | ||||||||||||
Corporate and intersegment eliminations | 508.7 | 533.6 | ||||||||||||
Consolidated assets | $ | 13,279.6 | 14,585.2 |
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. | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
(In millions, except per share data) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | |||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 157.4 | 101.2 | 262.4 | 181.4 | ||||||||
Adjusting items: | |||||||||||||
Restructuring, acquisition and integration-related and other costs | 41.4 | 41.7 | 49.3 | 73.7 | |||||||||
Inventory step-up from purchase accounting | — | 1.3 | — | 4.6 | |||||||||
Legal settlements, reserves and fees | 1.3 | 48.0 | 10.1 | 49.0 | |||||||||
Adjustments of indemnification asset | (0.2 | ) | (0.1 | ) | 2.2 | (1.0 | ) | ||||||
Income taxes - adjustments of uncertain tax position | 0.2 | 0.1 | (2.2 | ) | 1.0 | ||||||||
Income tax effect of adjusting items | (8.6 | ) | (16.1 | ) | (11.5 | ) | (20.7 | ) | |||||
Adjusted net earnings attributable to Mohawk Industries, Inc. | $ | 191.5 | 176.1 | 310.3 | 288.0 | ||||||||
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 3.00 | 2.76 | 4.85 | 4.51 | ||||||||
Weighted-average common shares outstanding - diluted | 63.9 | 63.9 | 64.0 | 63.9 |
Reconciliation of Total Debt to Net Debt | ||
(In millions) | June 29, 2024 | |
Short-term debt and current portion of long-term debt | $ | 718.0 |
Long-term debt, less current portion | 1,691.5 | |
Total debt | 2,409.5 | |
Less: Cash and cash equivalents | 497.4 | |
Net debt | $ | 1,912.1 |
Reconciliation of Net Earnings (Loss) to Adjusted EBITDA | |||||||||||||||
Trailing Twelve | |||||||||||||||
Three Months Ended | Months Ended | ||||||||||||||
(In millions) | September 30, 2023 | December 31, 2023 | March 30, 2024 | June 29, 2024 | June 29, 2024 | ||||||||||
Net earnings (loss) including noncontrolling interests | $ | (760.3 | ) | 139.4 | 105.0 | 157.5 | (358.4 | ) | |||||||
Interest expense | 20.1 | 17.4 | 14.9 | 12.6 | 65.0 | ||||||||||
Income tax expense | 15.0 | 14.2 | 27.8 | 42.3 | 99.3 | ||||||||||
Net (earnings) loss attributable to noncontrolling interests | (0.2 | ) | 0.1 | — | (0.1 | ) | (0.2 | ) | |||||||
Depreciation and amortization(1) | 149.6 | 154.2 | 154.2 | 171.5 | 629.5 | ||||||||||
EBITDA | (575.8 | ) | 325.3 | 301.9 | 383.8 | 435.2 | |||||||||
Restructuring, acquisition and integration-related and other costs | 47.6 | 6.0 | 5.4 | 20.9 | 79.9 | ||||||||||
Inventory step-up from purchase accounting | (0.1 | ) | — | — | — | (0.1 | ) | ||||||||
Impairment of goodwill and indefinite-lived intangibles | 876.1 | 1.6 | — | — | 877.7 | ||||||||||
Legal settlements, reserves and fees | 43.5 | (4.7 | ) | 8.8 | 1.3 | 48.9 | |||||||||
Adjustments of indemnification asset | (1.9 | ) | (0.1 | ) | 2.4 | (0.2 | ) | 0.2 | |||||||
Adjusted EBITDA | $ | 389.4 | 328.1 | 318.5 | 405.8 | 1,441.8 | |||||||||
Net debt to adjusted EBITDA | 1.3 |
(1)Includes accelerated depreciation of ($0.5) for Q3 2023, $2.6 for Q4 2023, $2.4 for Q1 2024 and $20.5 for Q2 2024.
Reconciliation of Net Sales to Adjusted Net Sales | ||||||||
Three Months Ended | Six Months Ended | |||||||
(In millions) | June 29, 2024 | June 29, 2024 | ||||||
Mohawk Consolidated | ||||||||
Net sales | $ | 2,801.3 | 5,480.7 | |||||
Adjustment for constant shipping days | (8.7 | ) | 8.1 | |||||
Adjustment for constant exchange rates | 25.0 | 29.4 | ||||||
Adjustment for acquisition volume | — | (47.8 | ) | |||||
Adjusted net sales | $ | 2,817.6 | 5,470.4 |
Three Months Ended | ||||
June 29, 2024 | ||||
Global Ceramic | ||||
Net sales | $ | 1,115.6 | ||
Adjustment for constant shipping days | (8.7 | ) | ||
Adjustment for constant exchange rates | 14.6 | |||
Adjusted net sales | $ | 1,121.5 | ||
Flooring ROW | ||||
Net sales | $ | 727.2 | ||
Adjustment for constant exchange rates | 10.4 | |||
Adjusted net sales | $ | 737.6 |
Reconciliation of Gross Profit to Adjusted Gross Profit | ||||||||
Three Months Ended | ||||||||
(In millions) | June 29, 2024 | July 1, 2023 | ||||||
Gross Profit | $ | 723.8 | 732.0 | |||||
Adjustments to gross profit: | ||||||||
Restructuring, acquisition and integration-related and other costs | 35.2 | 30.4 | ||||||
Inventory step-up from purchase accounting | — | 1.3 | ||||||
Adjusted gross profit | $ | 759.0 | 763.7 | |||||
Adjusted gross profit as a percent of net sales | 27.1 | % | 25.9 | % |
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses | |||||||
Three Months Ended | |||||||
(In millions) | June 29, 2024 | July 1, 2023 | |||||
Selling, general and administrative expenses | $ | 509.8 | 578.9 | ||||
Adjustments to selling, general and administrative expenses: | |||||||
Restructuring, acquisition and integration-related and other costs | (6.2 | ) | (11.3 | ) | |||
Legal settlements, reserves and fees | (1.3 | ) | (48.0 | ) | |||
Adjusted selling, general and administrative expenses | $ | 502.3 | 519.6 | ||||
Adjusted selling, general and administrative expenses as a percent of net sales | 17.9 | % | 17.6 | % |
Reconciliation of Operating Income (Loss) to Adjusted Operating Income (Loss) | |||||||
Three Months Ended | |||||||
(In millions) | June 29, 2024 | July 1, 2023 | |||||
Mohawk Consolidated | |||||||
Operating income | $ | 214.0 | 153.1 | ||||
Adjustments to operating income: | |||||||
Restructuring, acquisition and integration-related and other costs | 41.4 | 41.7 | |||||
Inventory step-up from purchase accounting | — | 1.3 | |||||
Legal settlements, reserves and fees | 1.3 | 48.0 | |||||
Adjusted operating income | $ | 256.7 | 244.1 |
Adjusted operating income as a percent of net sales | 9.2 | % | 8.3 | % |
Global Ceramic | |||||||
Operating income | $ | 83.1 | 84.0 | ||||
Adjustments to segment operating income: | |||||||
Restructuring, acquisition and integration-related and other costs | 11.7 | 13.8 | |||||
Inventory step-up from purchase accounting | — | 1.3 | |||||
Adjusted segment operating income | $ | 94.8 | 99.1 | ||||
Adjusted segment operating income as a percent of net sales | 8.5 | % | 8.6 | % |
Flooring NA | |||||||
Operating income | $ | 78.3 | 37.2 | ||||
Adjustments to segment operating income: | |||||||
Restructuring, acquisition and integration-related and other costs | 3.7 | 18.5 | |||||
Legal settlements, reserves and fees | — | 4.9 | |||||
Adjusted segment operating income | $ | 82.0 | 60.6 | ||||
Adjusted segment operating income as a percent of net sales | 8.6 | % | 6.0 | % |
Flooring ROW | |||||||
Operating income | $ | 65.6 | 87.0 | ||||
Adjustments to segment operating income: | |||||||
Restructuring, acquisition and integration-related and other costs | 25.8 | 9.4 | |||||
Adjusted segment operating income | $ | 91.4 | 96.4 | ||||
Adjusted segment operating income as a percent of net sales | 12.6 | % | 12.2 | % |
Corporate and intersegment eliminations | ||||||
Operating (loss) | $ | (13.0 | ) | (55.1 | ) | |
Adjustments to segment operating (loss): | ||||||
Restructuring, acquisition and integration-related and other costs | 0.2 | — | ||||
Legal settlements, reserves and fees | 1.3 | 43.1 | ||||
Adjusted segment operating (loss) | $ | (11.5 | ) | (12.0 | ) |
Reconciliation of Earnings Before Income Taxes to Adjusted Earnings Before Income Taxes | |||||||
Three Months Ended | |||||||
(In millions) | June 29, 2024 | July 1, 2023 | |||||
Earnings before income taxes | $ | 199.8 | 128.0 | ||||
Net earnings attributable to noncontrolling interests | (0.1 | ) | — | ||||
Adjustments to earnings including noncontrolling interests before income taxes: | |||||||
Restructuring, acquisition and integration-related and other costs | 41.4 | 41.7 | |||||
Inventory step-up from purchase accounting | — | 1.3 | |||||
Legal settlements, reserves and fees | 1.3 | 48.0 | |||||
Adjustments of indemnification asset | (0.2 | ) | (0.1 | ) | |||
Adjusted earnings before income taxes | $ | 242.2 | 218.9 |
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense | |||||||
Three Months Ended | |||||||
(In millions) | June 29, 2024 | July 1, 2023 | |||||
Income tax expense | $ | 42.3 | 26.8 | ||||
Income taxes - adjustments of uncertain tax position | (0.2 | ) | (0.1 | ) | |||
Income tax effect of adjusting items | 8.6 | 16.1 | |||||
Adjusted income tax expense | $ | 50.7 | 42.8 | ||||
Adjusted income tax rate | 20.9 | % | 19.6 | % |
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,将非 GAAP 指标与相应的美国 GAAP 指标进行核对,有助于投资者:非 GAAP 营收指标有助于确定增长趋势,并将收入与以前和未来期间进行比较;非 GAAP 盈利能力指标有助于了解公司业务的长期盈利趋势,并将利润与以前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。 未包括在公司非 GAAP 盈利能力指标中的项目有: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、商誉和无确定使用年期的无形资产的减值、收购类购入记账,包括购入记账的库存递增、补偿资产调整、不确定税务状况调整和欧洲税务重组。
联系方式: | James Brunk,首席财务官 | |
(706) 624-2239 | ||
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