GlobeNewswire

Mohawk Industries 公布第一季度业绩

05/03/2025

卡尔霍恩，佐治亚州, May 03, 2025 (GLOBE NEWSWIRE) — Mohawk Industries, Inc.（纽约证券交易所代码：MHK）今日宣布，其2025年第一季度净收益7,300美元，每股收益 (“EPS”) 1.15美元；调整后净收益960万美元，调整后每股收益1.52美元。 2025年第一季度净销售额为25亿美元，按报告基准同比下降5.7%，按恒定工作日与汇率调整后下降0.7%。 2024年同期公司实现净销售额27亿美元，净利润1.05亿美元，每股收益1.64美元；调整后净利润1.19亿美元，调整后每股收益1.86美元。

公司董事长兼首席执行官Jeff Lorberbaum就公司第一季度业绩表示：“在恒定基准下，本季度销售额基本持平，主要由于工作日减少两天及汇率波动的负面影响。北美地板业务新订单系统造成的销售损失与额外成本影响符合预期范围，目前服务水平已恢复至历史基准。生产效率提升、业务重组措施及较低税率部分抵消了价格压力与原材料成本上涨的影响，推动盈利表现。本季度我们斥资约2600万美元回购了22.5万股股票。

各区域市场一季度环比走弱，其中住宅装修仍是最疲软的领域。随着消费者对未来前景担忧加剧，消费者信心指数持续下滑。上月公布的全球关税政策加剧了企业与消费者面临的不确定性。作为对报复性关税的反制措施，美国对占本土 LVT 地板主要供应来源的中国产品加征145%关税。Mohawk 在美国本土拥有完善的瓷砖、地毯、复合地板、乙烯基板材、LVT 及石英台面生产线，关税上调背景下这一布局更具竞争优势。为丰富客户产品选择，我们在美国自产瓷砖和 LVT 之外也进口部分产品。其中大部分进口瓷砖及部分 LVT 产自我们在墨西哥的工厂，根据《美墨加协定》（USMCA）可享免税待遇。我们已提前增加库存应对即将实施的关税政策。按现行10%税率估算，Mohawk年化成本预计约增加5,000万美元，我们计划通过价格上调与供应链优化以进行对冲。除全球贸易政策转变带来的直接影响外，关税政策还可能波及美国及海外市场的消费者支出、新建住宅及商业投资，但具体影响程度尚难预估。

全球陶瓷业务部门净销售额报告显示下降4.9%，按恒定工作日和汇率调整后同比增长1.2%。由于原材料成本上升及销量下滑，该部门报告营运利润率为4.2%，调整后为4.8%，部分被生产效率提高所抵消。

全球其他地区地板业务部门（FROW）净销售额报告显示下降8.8%，按恒定工作日和汇率调整后同比下降2.9%。受行业价格竞争及销量减少影响，该部门报告营运利润率为8.8%，调整后为9.1%。

北美地板业务部门（FNA）净销售额报告显示同比下降4.2%，按恒定工作日调整后下降1.1%。受订单系统转换及原材料成本上涨影响，该部门报告营运利润率为1.1%，调整后为3.0%，部分被生产效率提高与降本措施所抵消。

上月实施的关税政策加剧全球经济前景不确定性，在通胀加剧、消费者信心下滑及企业投资缩减背景下，我们预计市场环境将持续承压。目前关税金额对消费及房地产的影响仍在演变中。我们将采取必要措施，控制关税冲击带来的影响。通过业务重组计划，我们正着力优化销售结构并进一步降低运营成本，预计今年可节约成本约1亿美元。 FNA 服务水平已恢复历史基准，同时我们持续提升该部门新订单系统的功能和效率。鉴于需求疲软与市场竞争，预计各地区价格压力仍将延续。全球陶瓷与 FNA 通过扩大商业渠道、高端系列销售及新品表现持续优化产品结构。 FROW 业务板块中，欧洲消费者对地板等大宗可选消费品需求低迷，且面临产品结构分化，但利率下行或刺激需求回升。综合以上因素，我们预计第二季度调整后每股收益（不含重组等一次性费用）将在2.52至2.62美元之间。

鉴于当前所处的房地产周期，我们对地板行业的长期前景保持乐观。为提升业绩，我们持续优化成本结构、简化运营流程、降低产品复杂度并投资开发新产品功能。历史经验表明，经济衰退触底后，我们的行业在随后数年里曾迎来超10%的强劲复苏。虽然无法预判拐点，但当业内各指标回归历史平均水平时，我们的业绩将得到显著改善。如同过往经济周期，经历本轮调整后，我们将以更高效的运营体系为客户提供更优质的产品与服务。”

关于 MOHAWK INDUSTRIES
Mohawk Industries 是全球领先的地板制造商，致力于为全球住宅与商业空间提供创新产品。 Mohawk 凭借垂直整合的生产和分销流程，在地毯、地垫、瓷砖、复合地板、木地板、石材地板和乙烯基地板生产构筑了竞争优势。我们依托行业领先的创新实力，打造出品牌独具市场竞争力的产品与技术，并满足所有改造和新建项目的多元化需求。我们的品牌在业内享有盛誉，包括 American Olean、Daltile、Durkan、Eliane、Elizabeth、Feltex、Godfrey Hirst、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step、Unilin 和 Vitromex。在过去的二十年里，Mohawk 已经从美国地毯制造商转型为全球最大的地板公司，业务遍及北美、欧洲、南美、大洋洲和亚洲。

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《1933 年证券法》及其修订版第 27A 节及《1934 年证券交易法》及其修订版第 21E 节所定义的“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。管理层认为，这些前瞻性陈述在作出时是合理的，但仅反映作出时的情况，因此应当谨慎对待，避免过度依赖任何此类前瞻性陈述。除非适用法律要求，无论是由于新信息、未来事件或其他原因，公司均不承担公开更新或修改任何前瞻性陈述的义务。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。可能导致未来业绩与历史表现或当前预期产生差异的重要因素包括但不限于：经济或行业状况变化；关税政策的影响；竞争；运输、原材料价格和其他投入成本的通胀和通缩；消费市场的通胀和通缩；汇率波动；能源成本和供应状况；资本支出的时机和水平；公司产品提价的时机和实施情况；资产减值损失；在有利条件下 (如有) 确定并完成收购；收购整合；国际业务运营；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因素。

电话会议：美国东部时间 2025 年 5 月 2 日星期五上午 11:00

如需通过互联网参加电话会议，请访问 https://ir.mohawkind.com/events/event-details/mohawk-industries-inc-1st-quarter-2025-earnings-call。如需通过电话参加电话会议，请提前在 https://dpregister.com/sreg/10198186/feca56553a 注册以获取唯一的个人识别码。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。未能在指定时间收听的人士，可于 2025 年 6 月 2 日前拨打 1-877-344-7529 (美国/加拿大) 或 1-412-317-0088 (国际)，并输入会议号码 #3217810 收听电话会议重播。电话会议将存档，可在 mohawkind.com 的“投资者”标签下收听重播，有效期一年。

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。

联系人：James Brunk，首席财务官 – (706) 624-2239