Mohawk Industries 公布第一季度業績

卡爾霍恩，喬治亞州, May 03, 2025 (GLOBE NEWSWIRE) — Mohawk Industries, Inc.（NYSE: MHK）今天公佈 2025 年首季度淨盈利為 7,300 萬美元，每股盈利（「EPS」）為 1.15 美元；調整後淨盈利為 9,600 萬美元，調整後每股盈利為 1.52 美元。 2025 年首季度報告淨銷售額為 25 億美元，與上一年相比下降 5.7%，按固定天數和匯率調整後與去年相比下降了 0.7%。在 2024 年首季度，公司報告淨銷售額為 27 億美元，淨盈利為 1.05 億美元，每股盈利為 1.64 美元；調整後淨盈利為 1.19 億美元，而調整後每股盈利則為 1.86 美元。

在評論公司的首季度表現時，主席兼行政總裁 Jeff Lorberbaum 表示：「在首季度，我們的銷售額在固定基礎上相對持平，並消化了減少兩個運輸日的影響和按年的外匯不利因素。全新北美地板訂購系統錯失的銷售額和非常規成本的影響均處於預期範圍內，而服務已恢復到歷史水平。我們的盈利表現主要有賴生產力提高、重組措施和稅率下調，當中有部分抵銷了定價壓力以及投入成本升幅。本季度，我們以約 2,600 萬美元回購了 225,000 股股份。

在我們的各個市場中，首季度的情況均有所惡化，其中住宅改造領域的增長仍然最慢。由於人們對未來前景越來越感到擔憂，消費者信心已經下降。上個月宣布的全球關稅，增加了企業和消費者的不確定性。因應報復性的關稅，美國對中國進口的商品徵收了 145% 的關稅，而中國是美國 LVT 的主要供應國；這使在美國擁有大量國內生產業務的 Mohawk 公司更具優勢，Mohawk 生產瓷磚、地毯、複合地板、片材乙烯基地板、LVT 和石英枱面等產品，關稅增加對 Mohawk 更有利。為了給客戶提供更豐富的選擇，除了在美國生產瓷磚和 LVT 之外，我們亦進口其他產品來滿足他們的需求。我們進口的大部分瓷磚和部分 LVT 均在我們位於墨西哥的自家工廠生產，因此根據美墨加協議（USMCA），這些產品無需繳納關稅。我們為了預先準備關稅的實施，相應提前增加了庫存。按照目前 10% 的關稅稅率，我們估計 Mohawk 將產生約 5,000 萬美元的年度化成本；我們預計將通過價格上調和根據需要調整供應鏈來解決這個問題。關稅除了對全球貿易政策產生直接影響外，亦可能波及美國和海外的消費者支出、新建工程以及商業投資，但目前尚難以準確預測其影響範圍。

儘管報告顯示全球陶瓷部門的淨銷售額下降了 4.9%，但若計及固定工作天數及匯率因素，實際上較去年同期增長了 1.2%。該部門的營業利潤率按報告為 4.2%，但由於投入成本上升和銷量下降，經調整後為 4.8%，部分被生產力提高所抵銷。

根據報告，世界其他地區地板 (FROW) 部門的淨銷售額下降了 8.8%，但若計及固定工作天數和匯率，則較去年同期下降了 2.9%。該部門的營業利潤率按報告為 8.8%，但由於產業定價具競爭力和銷量下降，經調整後為 9.1%。

北美地板 (FNA) 部門的淨銷售額按報告較去年同期下降 4.2%，但若計及固定工作天數則下降 1.1%。該部門的營業利潤率按報告為 1.1%，但由於訂單系統轉換和投入成本上升的影響，經調整後為 3.0%，部分被生產力提升和成本削減措施所抵銷。

由於上個月實施關稅，加上通貨膨脹加劇、消費者信心下滑以及企業投資減少，全球經濟前景的不確定性增加，預計市場狀況將會轉趨疲弱。目前，關稅金額以及對消費者支出和住房的影響仍在不斷變化。我們將根據需要採取適當的措施來管理關稅的影響。我們正專注於優化銷售並透過重組計劃進一步降低營運成本，預計今年將帶來約 1 億美元的效益。北美地板部門的服務已恢復到歷史水平，同時我們將繼續提升該部門新訂單系統的功能和效率。由於需求疲弱且市場競爭激烈，預計所有地區將持續面臨價格受壓。全球陶瓷和北美地板部門正在透過增加在商業渠道的參與度、進階產品系列的銷售以及近期產品上市的表現來改善其產品組合。就世界其他地區地板而言，歐洲消費者對地板等大型非必需購買的需求處於低水平，產品組合正在變化，但利率下降可能會刺激需求。基於以上因素，我們預期第二季度調整後的每股盈利（已排除重組或其他一次性費用）將介於 2.52 美元至 2.62 美元之間。

鑒於目前在房屋週期中所處的位置，我們對地板類別的長期前景仍然保持樂觀。為了改善業績，我們將持續精簡成本結構、簡化營運流程與產品的複雜度，並投資於新產品的功能開發。經濟大蕭條見底後，我們的產業復甦強勁，並在接下來的幾年裡實現了超過百分之十的增長。即使無法預測轉折點何時到來，我們仍預期當產業總量回升至歷史水平時，我們的業績將會大幅提升。秉持過往應對經濟週期的經驗，我們將從這次挑戰中變得更強大，並以更卓越的產品和服務回饋客戶的支持。」

關於 MOHAWK INDUSTRIES
Mohawk Industries 是全球領先的地板製造商，致力創造可提升全球住宅及商業空間的產品。 Mohawk 擁有垂直一體化製造和分銷流程，在生產地毯、小地毯、磁磚、層壓板、木材、石材和乙烯基地板方面具有競爭力優勢。我們的創新能力於業內傲視同儕，公司品牌因所生產的產品和使用的技術而與眾不同，可以滿足所有改建和新建設項目的需求。我們是在行內最受認可的品牌，當中包括 American Olean、Daltile、Durkan、Eliane、Elizabeth、Feltex、Godfrey Hirst、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step、Unilin 及 Vitromex。在過去的二十年裡，Mohawk 已經從美國地毯製造商轉型為全球最大的地板公司，業務遍及北美、歐洲、南美、大洋洲和亞洲。

上文各段落的若干陳述，特別是預期未來業績、業務前景、增長和經營策略以及類似事項，以及包含「可以」、「應該」、「相信」、「預期」、「預計」和「估計」等詞語的陳述或類似表述構成 1933 年證券法（經修訂）第 27A 條及 1934 年證券交易法（經修訂）第 21E 條界定的「前瞻性陳述」。對於這些陳述，Mohawk 聲明受 1995 年私人證券訴訟改革法案中包含的前瞻性陳述安全港的保護。管理層認為，這些前瞻性陳述在發表時屬合理陳述；然而，有關陳述僅限於發表當日有效，因此閣下應謹慎行事，不應過度依賴任何相關前瞻性陳述。除法律要求外，該公司不會承擔對任何前瞻性陳述作公開更新或修訂的責任，無論是由於新資訊、未來事件或其他原因所導致。無法保證前瞻性陳述的準確性，因為其基於許多假設，涉及諸多風險和不確定性。以下的重要因素可能導致未來結果與歷史經驗及我們當前的預期或預測出現差異，其中包括：經濟或行業狀況變化；關稅的影響；競爭；貨運、原材料價格和其他投入成本通貨膨脹和通貨緊縮；消費市場通貨膨脹和通貨緊縮；貨幣波動；能源成本和供應；資本支出的時機和水平；公司產品提價的時機和實施情況；減值費用；在有利條件下（如有）確定並完成收購；收購整合；國際營運；新產品的推出；營運合理化；稅收和稅務改革、產品和其他權利要求；訴訟；地緣政治衝突；公司開展業務的司法管轄區的監管和政治變化；以及 Mohawk 的美國證券交易委員會（「SEC」）報告和公告中指出的其他風險。

電話會議，美國東部時間 2025 年 5 月 2 日星期五上午 11 時正

如欲透過互聯網參加電話會議，請瀏覽 https://ir.mohawkind.com/events/event-details/mohawk-industries-inc-1st-quarter-2025-earnings-call.。如欲透過電話參加電話會議，請前往 https://dpregister.com/sreg/10198186/feca56553a 預先進行登記，以取得專屬的個人身份識別編號。您也可以於會議當天撥打 1-833-630-1962（美國/加拿大）或 1-412-317-1843（國際），尋求接線生協助。未能在指定時間收聽的人士，可於 2025 年 6 月 2 日前致電 1-877-344-7529（美國／加拿大）或 1-412-317-0088（國際），並輸入會議號碼 #3217810 收聽電話會議重播。該電話會議將會存檔，並可在 mohawkind.com 的「投資者」分頁下收聽重播，為期一年。

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three Months Ended
(In millions, except per share data)		March 29, 2025		March 30, 2024

Net sales	$	2,525.8		2,679.4
Cost of sales		1,942.5		2,029.9
Gross profit		583.3		649.5
Selling, general and administrative expenses		487.3		502.9
Operating income		96.0		146.6
Interest expense		6.4		14.9
Other (income) and expense, net		(0.5	)	(1.1	)
Earnings before income taxes		90.1		132.8
Income tax expense		17.5		27.8
Net earnings including noncontrolling interests		72.6		105.0
Net earnings attributable to noncontrolling interests		—		—
Net earnings attributable to Mohawk Industries, Inc.	$	72.6		105.0

Basic earnings per share attributable to Mohawk Industries, Inc.	$	1.16		1.65
Weighted-average common shares outstanding – basic		62.6		63.7

Diluted earnings per share attributable to Mohawk Industries, Inc.	$	1.15		1.64
Weighted-average common shares outstanding – diluted		62.9		64.0

Other Financial Information
	Three Months Ended
(In millions)		March 29, 2025		March 30, 2024
Net cash provided by operating activities	$	3.7		183.7
Less: Capital expenditures		89.1		86.8
Free cash flow	$	(85.4	)	96.9

Depreciation and amortization	$	150.4		154.2

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)	March 29, 2025		March 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	702.5	658.5
Receivables, net		2,129.7	2,007.2
Inventories		2,610.4	2,527.7
Prepaid expenses and other current assets		535.3	528.3
Total current assets		5,977.9	5,721.7
Property, plant and equipment, net		4,647.2	4,885.1
Right of use operating lease assets		384.9	413.6
Goodwill		1,140.4	1,140.2
Intangible assets, net		809.6	853.8
Deferred income taxes and other non-current assets		448.5	517.1
Total assets	$	13,408.5	13,531.5
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	688.0	931.5
Accounts payable and accrued expenses		2,174.5	2,079.3
Current operating lease liabilities		109.9	109.3
Total current liabilities		2,972.4	3,120.1
Long-term debt, less current portion		1,698.1	1,694.5
Non-current operating lease liabilities		292.2	321.8
Deferred income taxes and other long-term liabilities		583.9	747.3
Total liabilities		5,546.6	5,883.7
Total stockholders’ equity		7,861.9	7,647.8
Total liabilities and stockholders’ equity	$	13,408.5	13,531.5

Segment Information
	As of or for the Three Months Ended
(In millions)		March 29, 2025		March 30, 2024

Net sales:
Global Ceramic	$	993.8		1,044.8
Flooring NA		862.4		900.2
Flooring ROW		669.6		734.4
Consolidated net sales	$	2,525.8		2,679.4

Operating income (loss):
Global Ceramic	$	41.8		48.8
Flooring NA		9.3		45.0
Flooring ROW		58.7		70.9
Corporate and intersegment eliminations		(13.8	)	(18.1	)
Consolidated operating income	$	96.0		146.6

Assets:
Global Ceramic	$	4,890.7		4,978.1
Flooring NA		4,053.0		3,939.9
Flooring ROW		3,783.5		3,894.6
Corporate and intersegment eliminations		681.3		718.9
Consolidated assets	$	13,408.5		13,531.5

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
(In millions, except per share data)		March 29, 2025		March 30, 2024
Net earnings attributable to Mohawk Industries, Inc.	$	72.6		105.0
Adjusting items:
Restructuring, acquisition and integration-related and other costs		26.2		7.9
Software implementation cost write-off		(0.4	)	—
Legal settlements, reserves and fees		0.6		8.8
Adjustments of indemnification asset		—		2.4
Income taxes – adjustments of uncertain tax position		—		(2.4	)
Income tax effect of adjusting items		(3.4	)	(2.9	)
Adjusted net earnings attributable to Mohawk Industries, Inc.	$	95.6		118.8

Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.	$	1.52		1.86
Weighted-average common shares outstanding – diluted		62.9		64.0

Reconciliation of Total Debt to Net Debt
(In millions)	March 29, 2025
Short-term debt and current portion of long-term debt	$	688.0
Long-term debt, less current portion		1,698.1
Total debt		2,386.1
Less: Cash and cash equivalents		702.5
Net debt	$	1,683.6

Reconciliation of Net Earnings to Adjusted EBITDA
										Trailing Twelve
	Three Months Ended									Months Ended
(In millions)		June 29, 2024		September 28, 2024		December 31, 2024		March 29, 2025		March 29, 2025
Net earnings including noncontrolling interests	$	157.5		162.0		93.2		72.6		485.3
Interest expense		12.6		11.2		9.8		6.4		40.0
Income tax expense		42.3		39.8		18.3		17.5		117.9
Net (earnings) loss attributable to noncontrolling interests		(0.1	)	—		—		—		(0.1	)
Depreciation and amortization⁽¹⁾		171.5		156.2		156.4		150.4		634.5
EBITDA		383.8		369.2		277.7		246.9		1,277.6
Restructuring, acquisition and integration-related and other costs		20.9		15.1		20.3		20.8		77.1
Software implementation cost write-off		—		7.8		5.1		(0.4	)	12.5
Impairment of goodwill and indefinite-lived intangibles		—		—		8.2		—		8.2
Legal settlements, reserves and fees		1.3		0.7		(0.9	)	0.6		1.7
Adjustments of indemnification asset		(0.2	)	(0.4	)	—		—		(0.6	)
Adjusted EBITDA	$	405.8		392.4		310.4		267.9		1,376.5

Net debt to adjusted EBITDA										1.2

⁽¹⁾Includes accelerated depreciation of $20.5 for Q2 2024, $4.4 for Q3 2024, $5.3 for Q4 2024 and $5.4 for Q1 2025.

Reconciliation of Net Sales to Adjusted Net Sales
	Three Months Ended
(In millions)	March 29, 2025
Mohawk Consolidated
Net sales	$	2,525.8
Adjustment for constant shipping days		77.9
Adjustment for constant exchange rates		56.9
Adjusted net sales	$	2,660.6

	Three Months Ended
	March 29, 2025
Global Ceramic
Net sales	$	993.8
Adjustment for constant shipping days		27.7
Adjustment for constant exchange rates		35.5
Adjusted net sales	$	1,057.0

Flooring NA
Net sales	$	862.4
Adjustment for constant shipping days		27.8
Adjusted net sales	$	890.2

Flooring ROW
Net sales	$	669.6
Adjustment for constant shipping days		22.3
Adjustment for constant exchange rates		21.4
Adjusted net sales	$	713.3

Reconciliation of Gross Profit to Adjusted Gross Profit
	Three Months Ended
(In millions)		March 29, 2025			March 30, 2024
Gross Profit	$	583.3		649.5
Adjustments to gross profit:
Restructuring, acquisition and integration-related and other costs		25.2		5.5
Adjusted gross profit	$	608.5		655.0

Adjusted gross profit as a percent of net sales		24.1	%		24.4	%

Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses
	Three Months Ended
(In millions)		March 29, 2025		March 30, 2024
Selling, general and administrative expenses	$	487.3		502.9
Adjustments to selling, general and administrative expenses:
Restructuring, acquisition and integration-related and other costs		(1.0	)	(2.4	)
Software implementation cost write-off		0.4		—
Legal settlements, reserves and fees		(0.6	)	(8.8	)
Adjusted selling, general and administrative expenses	$	486.1		491.7

Adjusted selling, general and administrative expenses as a percent of net sales		19.2	%	18.4	%

Reconciliation of Operating Income to Adjusted Operating Income
	Three Months Ended
(In millions)		March 29, 2025		March 30, 2024
Mohawk Consolidated
Operating income	$	96.0		146.6
Adjustments to operating income:
Restructuring, acquisition and integration-related and other costs		26.2		7.9
Software implementation cost write-off		(0.4	)	—
Legal settlements, reserves and fees		0.6		8.8
Adjusted operating income	$	122.4		163.3

Adjusted operating income as a percent of net sales		4.8	%	6.1	%

Global Ceramic
Operating income	$	41.8		48.8
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs		6.8		3.9
Software implementation cost write-off		(0.4	)	—
Adjusted segment operating income	$	48.2		52.7

Adjusted segment operating income as a percent of net sales		4.8	%	5.0	%

Flooring NA
Operating income	$	9.3		45.0
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs		16.2		0.9
Legal settlements, reserves and fees		—		1.9
Adjusted segment operating income	$	25.5		47.8

Adjusted segment operating income as a percent of net sales		3.0	%	5.3	%

Flooring ROW
Operating income	$	58.7		70.9
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs		2.3		3.1
Adjusted segment operating income	$	61.0		74.0

Adjusted segment operating income as a percent of net sales		9.1	%	10.1	%

Corporate and intersegment eliminations
Operating (loss)	$	(13.8	)	(18.1	)
Adjustments to segment operating (loss):
Restructuring, acquisition and integration-related and other costs		0.9		—
Legal settlements, reserves and fees		0.6		6.9
Adjusted segment operating (loss)	$	(12.3	)	(11.2	)

Reconciliation of Earnings Before Income Taxes to Adjusted Earnings Before Income Taxes
	Three Months Ended
(In millions)		March 29, 2025		March 30, 2024
Earnings before income taxes	$	90.1		132.8
Net earnings attributable to noncontrolling interests		—		—
Adjustments to earnings including noncontrolling interests before income taxes:
Restructuring, acquisition and integration-related and other costs		26.2		7.9
Software implementation cost write-off		(0.4	)	—
Legal settlements, reserves and fees		0.6		8.8
Adjustments of indemnification asset		—		2.4
Adjusted earnings before income taxes	$	116.5		151.9

Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
	Three Months Ended
(In millions)		March 29, 2025		March 30, 2024
Income tax expense	$	17.5		27.8
Adjustments to income tax expense:
Income taxes – adjustments of uncertain tax position		—		2.4
Income tax effect of adjusting items		3.4		2.9
Adjusted income tax expense	$	20.9		33.1

Adjusted income tax rate to adjusted earnings before income taxes		17.9	%	21.8	%

公司會增補其簡明綜合財務報表，該報表根據美國公認會計原則 (US GAAP) 編製和呈列，當中包含若干非 GAAP 的財務指標。根據證券交易委員會規則的要求，上表顯示了公司的非 GAAP 財務指標根據最直接可比較的美國 GAAP 指標調節的結果。除了可比較的美國 GAAP 指標外，還應考慮上述每項非 GAAP 指標，並且可能無法與其他公司報告的類似名稱的指標進行比較。公司認為，這些非 GAAP 指標在根據相應的美國 GAAP 指標調節時，可在以下方面幫助其投資者：非 GAAP 收入指標有助於識別增長趨勢，並將收入與過往及未來期間進行比較，非 GAAP 盈利能力指標有助於了解公司業務的長期盈利趨勢，並將其利潤與過往及未來期間進行比較。

公司將若干項目從其非 GAAP 收入指標中剔除，因為這些項目在不同期間可能會有很大差異，並且可能掩蓋潛在的業務趨勢。從公司非 GAAP 收入指標中剔除的項目包括：外幣交易及折算；在一段時間內較多或較少的運輸日數，以及收購的影響。

公司從其非 GAAP 盈利能力指標中剔除了若干項目，因為這些項目可能不代表公司的核心經營業績，或與其無關。公司非 GAAP 盈利能力指標中剔除的項目包括：重組、收購和整合相關及其他成本、法律和解、準備金和費用、商譽減值和壽命不確定的無形資產、收購購買會計，包括購買會計存貨增加、補償資產的調整、不確定稅務狀況調整和歐洲稅務重組。

聯絡人：James Brunk，財務總監 – (706) 624-2239