MOHAWK INDUSTRIES ANNOUNCES RECORD THIRD QUARTER EARNINGS QUARTERLY ADJUSTED EPS 22% INCREASE OVER PRIOR YEAR

CALHOUN, Ga., Nov. 5, 2015 /CNW/ -- Mohawk Industries, Inc. (NYSE: MHK) today announced 2015 third quarter net earnings of $215 million and diluted earnings per share (EPS) of $2.89. Excluding restructuring and acquisition charges, net earnings were $222 million and EPS was $2.98, a 22% increase over last year's third quarter adjusted EPS and the highest adjusted quarterly EPS in the company's history. Net sales for the third quarter of 2015 were $2.2 billion, up 8% versus the prior year's third quarter or a 15% increase on a constant currency exchange rate basis. For the third quarter of 2014, net sales were $2.0 billion, net earnings were $151 million and EPS was $2.06; excluding restructuring and acquisition charges, net earnings were $179 million and EPS was $2.44.

For the nine months ending October 3, 2015, net sales were $6.1 billion, an increase of approximately 4% versus prior year or an increase of approximately 11% on a constant currency exchange rate basis. Net earnings and EPS for the nine-month period were $424 million and $5.73, respectively. Net earnings excluding restructuring and acquisition charges were $546 million and adjusted EPS was $7.38, an increase of 26% over the nine-month period adjusted EPS result in 2014. For the nine-months ending September 27, 2014, net sales were $5.9 billion, net earnings were $385 million and EPS was $5.25; excluding restructuring and acquisition charges, net earnings and EPS were $431 million and $5.88.

Commenting on Mohawk Industries' third quarter performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, "In addition to our record earnings per share, our adjusted operating income reached a record level at $309 million, up 30% over the same quarter last year. All segments contributed to our sales and operating income improvements. Our new segment structure that we announced last quarter has benefited our performance, enabling us to optimize our regional businesses by enhancing our product offerings, manufacturing assets and distribution strategies. During the period, we made significant progress in aligning our IVC acquisition with our European and U.S. flooring businesses and our KAI acquisition with our European ceramic operations. We are introducing products to take advantage of the unique capabilities and customer relationships of each organization. As we leverage the strength of these businesses, we anticipate greater market penetration and continued earnings growth in the future."

"For the quarter, our Global Ceramic segment sales were up 2% as reported. On a constant exchange rate basis, sales grew 11% and adjusted operating income rose 15% versus prior year with adjusted operating margin increasing to 15% as a result of improved productivity, volume, price and mix and the KAI acquisition partially offset by currency headwinds. Our U.S. ceramic sales continued to improve, as we increased our investments in new products, additional sales representatives and new service centers and galleries. The residential new construction sector remains the strongest part of our U.S. ceramic business. To satisfy increased demand in the U.S. market, we have begun importing ceramic tile from both our Russian and Bulgarian businesses, leveraging our global footprint to optimize our profitability. Growth in the Mexican ceramic market remains strong as we improved our position, and we are adding new sales representatives to expand our distribution base in all channels. In Europe, our ceramic sales are outpacing the market. We are benefiting from the upgraded assets at our manufacturing facilities, which are increasing our competitiveness and yielding more differentiated products, such as 3-dimensional wall tiles, hexagons and brick visuals. Our Bulgarian ceramic business is increasing its product mix, improving its manufacturing and expanding sales outside the local market. Though Russia is in a recession, we are increasing our share of the ceramic market. Our sales in Russia grew on a local basis, though our margin contracted as inflation outpaced our price increases.

"During the quarter, our Flooring North America segment's sales were up 8% over last year with adjusted operating income increasing 41%. The adjusted operating margin increased to almost 14% due to improved volume, productivity, input costs and the IVC acquisition partially offset by price and mix. The new structure of our North American carpet and hard surface businesses is improving our performance as we leverage the strength of our brands, marketing strategies and customer relationships across all categories. During the period, we increased our investments in sales personnel, merchandising and promotions in both carpet and hard surfaces categories to enhance our position in the marketplace. In our carpet business, we are beginning to see improved margin from our recent product introductions and the expansion of our Karastan customer base. Our commercial carpet margins continue to expand with the introduction of more stylized products, improved manufacturing efficiencies and enhanced service. We are improving our efficiency and reducing costs by closing two commercial carpet plants and consolidating the operations. Our rug sales and margins were up during the period as our new product introductions gained traction in the market. Sales of our hard surface products are growing faster than carpet across all channels, with builder and commercial sectors expanding the fastest. Our sheet vinyl and LVT sales continue to grow, and we are introducing new Mohawk branded products from IVC to expand our vinyl offering in all channels.

"For the quarter, our Flooring Rest of the World segment's sales rose 24% as reported or 41% on a constant exchange rate with adjusted operating income improving 48% over the prior year. The adjusted operating margin increased to almost 16% due to improved volume, input costs and the IVC acquisition partially offset by currency headwinds. Our laminate sales increased during the period, and our new product collection is one of our most successful ever due to its differentiated features and performance benefits such as our water resistant technology that is unique to the marketplace. Our wood sales improved along with our mix as we enhanced our Quick-Step and Pergo products with matt finishes, rustic visuals and brushed planks. Our vinyl business also improved with significant growth in LVT. We are introducing new LVT sizes with embossing, enhanced scratch resistance and superior click installation systems to add more value to our offering and participate in the commercial sector. As our Russian sheet vinyl business declined, we increased sales in other geographies to fully utilize our capacity. Our non-flooring product categories are up slightly with improving margins due to some relief in material costs. One of our chip board lines experienced an unplanned stop and will be down for four weeks, impacting operating income by approximately $3-4 million in our fourth quarter.

"Mohawk's performance benefited from strategic acquisitions, new investments in sales and operations and improved manufacturing and logistics. The U.S. residential and commercial flooring markets have improved throughout 2015, with hard surface sales growing faster. Looking to the fourth quarter, we anticipate that the U.S. economy will continue its gradual growth. We expect year-over-year margin growth to continue in all segments as a result of our strategies and acquisitions. We are selectively increasing our SG&A relative to sales to optimize future market share. Our recent acquisitions are being integrated into our businesses and are positively impacting our earnings. The costs associated with new plant start-ups, interruption of our board production and four fewer days will be absorbed in the period. Taking all these factors into account, our guidance for the fourth quarter is $2.66 - $2.75 per share, which would be a 17 -21% increase over 2014, excluding any restructuring charges. Our fourth quarter earnings guidance would have been approximately $0.15 per share higher on a constant exchange rate relative to last year."

ABOUT MOHAWK INDUSTRIES

Mohawk Industries is the leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world. Mohawk's vertically integrated manufacturing and distribution processes provide competitive advantages in the production of carpet, rugs, ceramic tile, laminate, wood, stone and vinyl flooring. Our industry-leading innovation has yielded products and technologies that differentiate our brands in the marketplace and satisfy all remodeling and new construction requirements. Our brands are among the most recognized in the industry and include American Olean, Bigelow, Daltile, Durkan, IVC, Karastan, Lees, Marazzi, Mohawk, Pergo, Unilin and Quick-Step. During the past decade, Mohawk has transformed its business from an American carpet manufacturer into the world's largest flooring company with operations in Australia, Brazil, Canada, Europe, India, Malaysia, Mexico, New Zealand, Russia and the United States.

Certain of the statements in the immediately preceding paragraphs, particularly anticipating future performance, business prospects, growth and operating strategies and similar matters and those that include the words "could," "should," "believes," "anticipates," "expects," and "estimates," or similar expressions constitute "forward-looking statements." For those statements, Mohawk claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. The following important factors could cause future results to differ: changes in economic or industry conditions; competition; inflation and deflation in raw material prices and other input costs; inflation and deflation in consumer markets; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company's products; impairment charges; integration of acquisitions; international operations; introduction of new products; rationalization of operations; tax, product and other claims; litigation; and other risks identified in Mohawk's SEC reports and public announcements.

Conference call Friday, November 6, 2015 at 11:00 AM Eastern Time

The telephone number is 1-800-603-9255 for US/Canada and 1-706-634-2294 for International/Local. Conference ID # 53645820.  A replay will be available until Friday, December 4, 2015 by dialing 855-859-2056 for US/local calls and 404-537-3406 for International/Local calls and entering Conference ID # 53645820.

 

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES









(Unaudited)









Consolidated Statement of Operations


 Three Months Ended 


 Nine Months Ended 

(Amounts in thousands, except per share data)


October 3, 2015


September 27, 2014


October 3, 2015


September 27, 2014










Net sales


$                    2,150,656


1,990,658


6,073,566


5,852,000

Cost of sales


1,489,252


1,434,236


4,285,090


4,239,411

    Gross profit


661,404


556,422


1,788,476


1,612,589

Selling, general and administrative expenses


372,670


342,729


1,200,152


1,045,913

Operating income


288,734


213,693


588,324


566,676

Interest expense


19,319


34,786


52,606


77,584

Other expense (income), net


4,249


(2,374)


6,094


961

    Earnings before income taxes


265,166


181,281


529,624


488,131

Income tax expense


49,463


30,021


104,643


102,957

        Net earnings including noncontrolling interest


215,703


151,260


424,981


385,174

Net earnings (loss)  attributable to noncontrolling interest


798


(6)


1,238


77

Net earnings attributable to Mohawk Industries, Inc.


$                       214,905


151,266


423,743


385,097










Basic earnings per share attributable to Mohawk Industries, Inc.









Basic earnings per share attributable to Mohawk Industries, Inc.


$                             2.91


2.08


5.77


5.29

Weighted-average common shares outstanding - basic


73,915


72,864


73,384


72,814










Diluted earnings per share attributable to Mohawk Industries, Inc.









Diluted earnings per share attributable to Mohawk Industries, Inc.


$                             2.89


2.06


5.73


5.25

Weighted-average common shares outstanding - diluted


74,438


73,376


73,907


73,332




























Other Financial Information









(Amounts in thousands)









Depreciation and amortization


$                           94,955


85,167


268,622


249,905

Capital expenditures


$                        123,648


141,883


352,070


391,580










Consolidated Balance Sheet Data









(Amounts in thousands)















October 3, 2015


September 27, 2014

ASSETS









Current assets:









    Cash and cash equivalents






$                        110,716


105,569

    Receivables, net






1,340,650


1,209,557

    Inventories






1,621,154


1,640,487

    Prepaid expenses and other current assets






273,775


275,981

    Deferred income taxes 






152,899


137,220

        Total current assets






3,499,194


3,368,814

Property, plant and equipment, net






3,046,491


2,772,722

Goodwill






2,280,722


1,668,520

Intangible assets, net






918,655


746,304

Deferred income taxes and other non-current assets






319,420


145,100

    Total assets






$                 10,064,482


8,701,460

LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Current portion of long-term debt and commercial paper






$                    1,927,815


583,495

Accounts payable and accrued expenses






1,371,969


1,247,862

        Total current liabilities






3,299,784


1,831,357

Long-term debt, less current portion






1,263,176


1,806,821

Deferred income taxes and other long-term liabilities






723,489


486,764

        Total liabilities






5,286,449


4,124,942

Redeemable noncontrolling interest






22,150


-

Total stockholders' equity






4,755,883


4,576,518

    Total liabilities and stockholders' equity






$                 10,064,482


8,701,460










Segment Information


 Three Months Ended 


 As of or for the Nine Months Ended 

(Amounts in thousands)


October 3, 2015


September 27, 2014


October 3, 2015


September 27, 2014










Net sales:









    Global Ceramic


$                        791,538


779,842


2,301,168


2,271,660

    Flooring NA


955,099


886,317


2,722,347


2,562,560

    Flooring ROW


404,026


326,146


1,050,390


1,021,951

    Intersegment sales


(7)


(1,647)


(339)


(4,171)

        Consolidated net sales


$                    2,150,656


1,990,658


6,073,566


5,852,000










Operating income (loss):









    Global Ceramic


$                        120,055


101,254


326,571


268,320

    Flooring NA


125,910


83,623


145,861


207,578

    Flooring ROW


55,471


35,046


153,164


113,909

    Corporate and eliminations


(12,702)


(6,230)


(37,272)


(23,131)

        Consolidated operating income


$                        288,734


213,693


588,324


566,676










Assets:









    Global Ceramic






$                    3,938,242


3,788,164

    Flooring NA






3,195,904


2,641,171

    Flooring ROW






2,699,255


2,033,718

    Corporate and eliminations






231,081


238,407

        Consolidated assets






$                 10,064,482


8,701,460

 

 

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.

(Amounts in thousands, except per share data)

















 Three Months Ended 


 Nine Months Ended 







October 3, 2015


September 27, 2014


October 3, 2015


September 27, 2014

Net earnings attributable to Mohawk Industries, Inc.




$                        214,905


151,266


423,743


385,097

Adjusting items:













Restructuring, acquisition and integration-related and other costs 




12,770


14,013


43,784


36,907

Acquisitions purchase accounting (inventory step-up)




7,160


-


13,316


-

Legal settlement and reserves





-


10,000


127,000


10,000

Bond redemption






-


15,450


-


15,450

Deferred loan costs






-


1,080


651


1,080

Income taxes






(12,940)


(12,792)


(62,984)


(17,412)

Adjusted net earnings attributable to Mohawk Industries, Inc.




$                        221,895


179,017


545,510


431,122














Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. 




$                               2.98


2.44


7.38


5.88

Weighted-average common shares outstanding - diluted




74,438


73,376


73,907


73,332








































Reconciliation of Total Debt to Net Debt












(Amounts in thousands)

















October 3, 2015









Current portion of long-term debt and commercial paper


$                  1,927,815









Long-term debt, less current portion



1,263,176









Less: Cash and cash equivalents



110,716









Net Debt




$                  3,080,275






















Reconciliation of Operating Income to Adjusted EBITDA











(Amounts in thousands)












 Trailing Twelve 





 Three Months Ended 


 Months Ended 





December 31, 2014


April 4, 2015


July 4, 2015


October 3, 2015


October 3, 2015

Operating income




$                       206,120


43,774


255,816


288,734


794,444

Other (expense) income




(9,737)


1,083


(2,928)


(4,249)


(15,831)

Net (earnings) loss attributable to non-controlling interest


(212)


(158)


(282)


(798)


(1,450)

Depreciation and amortization



95,665


85,656


88,011


94,955


364,287

EBITDA




291,836


130,355


340,617


378,642


1,141,450

Restructuring, acquisition and integration-related and other costs 


21,859


8,169


17,275


11,690


58,993

Acquisitions purchase accounting (inventory step-up)


-


-


6,156


7,160


13,316

Legal settlement and reserves



-


125,000


-


-


125,000

Adjusted EBITDA




$                       313,695


263,524


364,048


397,492


1,338,759














Net Debt to  Adjusted EBITDA











2.3














Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate











(Amounts in thousands)

















 Three Months Ended 


 Nine Months Ended 







October 3, 2015


September 27, 2014


October 3, 2015


September 27, 2014



Net sales




$                  2,150,656


1,990,658


6,073,566


5,852,000



Adjustment to net sales on a constant exchange rate


131,068


-


408,745


-



Net sales on a constant exchange rate 



$                  2,281,724


1,990,658


6,482,311


5,852,000





























Reconciliation of 2015 Net Sales to Pro Forma Net Sales on a Constant Exchange Rate Excluding 2015 Q3 Acquisition Volume









(Amounts in thousands)

















 Three Months Ended 











October 3, 2015


September 27, 2014







Net sales




$                  2,150,656


1,990,658







Adjustment to net sales on a constant exchange rate


131,068


-







Less: 2015 Q3 impact of acquisition volume



(178,560)


-







2015 pro forma net sales on a constant exchange rate excluding acquisition volume


$                  2,103,164


1,990,658




















Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate 











(Amounts in thousands)

















 Three Months Ended 







Global Ceramic




October 3, 2015


September 27, 2014







Net sales




$                       791,538


779,842







Adjustment to segment net sales on a constant exchange rate


75,785


-







Segment net sales on a constant exchange rate 


$                       867,323


779,842




















Reconciliation of 2015 Segment Net Sales to Segment Pro Forma Net Sales on a Constant Exchange Rate Excluding 2015 Q3 Acquisition Volume







(Amounts in thousands)

















 Three Months Ended 







Global Ceramic




October 3, 2015


September 27, 2014







Net sales




$                       791,538


779,842







Adjustment to segment net sales on a constant exchange rate


75,785


-







Less: 2015 Q3 impact of acquisition volume



(26,827)


-







2015 segment pro forma net sales on a constant exchange rate excluding acquisition volume


$                       840,496


779,842














































Reconciliation of 2015 Segment Net Sales to Segment Pro Forma  Net Sales on a Constant Exchange Rate Excluding 2015 Q3 Acquisition Volume







(Amounts in thousands)

















 Three Months Ended 







Flooring NA




October 3, 2015


September 27, 2014







Net sales




$                       955,099


886,317







Adjustment to segment net sales on a constant exchange rate


-


-







Less: 2015 Q3 impact of acquisition volume



(37,779)


-







2015 segment pro forma net sales on a constant exchange rate excluding acquisition volume


$                       917,320


886,317



























































Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate 











(Amounts in thousands)

















 Three Months Ended 







Flooring ROW




October 3, 2015


September 27, 2014







Net sales




$                       404,026


326,146







Adjustment to segment net sales on a constant exchange rate


55,283


-







Segment net sales on a constant exchange rate 


$                       459,309


326,146

































Reconciliation of 2015 Segment Net Sales to Pro Forma Segment Net Sales on a Constant Exchange Rate Excluding 2015 Q3 Acquisition Volume







(Amounts in thousands)

















 Three Months Ended 







Flooring ROW




October 3, 2015


September 27, 2014







Net sales




$                       404,026


326,146







Adjustment to segment net sales on a constant exchange rate


55,283


-







Less: 2015 Q3 impact of acquisition volume



(113,955)


-







2015 Segment Pro forma net sales on a constant exchange rate excluding acquisition volume


$                       345,354


326,146














































Reconciliation of Gross Profit to Adjusted Gross Profit 











(Amounts in thousands)

















 Three Months Ended 











October 3, 2015


September 27, 2014







Gross Profit




$                       661,404


556,422







Adjustments to gross profit:













Restructuring, acquisition and integration-related and other costs 


7,291


7,261







Acquisitions purchase accounting (inventory step-up)


7,160


-







  Adjusted gross profit




$                       675,855


563,683







Adjusted gross profit as a percent of net sales


31.4%


28.3%




















Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses









(Amounts in thousands)

















 Three Months Ended 











October 3, 2015


September 27, 2014







Selling, general and administrative expenses



$                       372,670


342,729







Adjustment to selling, general and administrative expenses:











Restructuring, acquisition and integration-related and other costs 


(5,479)


(6,752)







Legal settlement and reserves



-


(10,000)







  Adjusted selling, general and administrative expenses


$                       367,191


325,977







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


17.1%


16.4%




















Reconciliation of Operating Income to Adjusted Operating Income 











(Amounts in thousands)

















 Three Months Ended 











October 3, 2015


September 27, 2014







Operating income




$                       288,734


213,693







Adjustments to operating income:












Restructuring, acquisition and integration-related and other costs 


12,770


14,013







Legal settlement and reserves



-


10,000







Acquisitions purchase accounting (inventory step-up)


7,160


-







  Adjusted operating income



$                       308,664


237,706







   Adjusted operating income as a percent of net sales


14.4%


11.9%




















Reconciliation of Adjusted Operating Income on a Constant Exchange Rate











(Amounts in thousands)

















 Three Months Ended 











October 3, 2015


September 27, 2014







Operating income




$                       288,734


213,693







Adjustments to operating income:












Restructuring, acquisition and integration-related and other costs 


12,770


14,013







Legal settlement and reserves



-


10,000







Acquisitions purchase accounting (inventory step-up)


7,160


-







Adjustments to operating income on a constant exchange rate


21,392


-







Adjusted operating income on constant exchange rate


$                       330,056


237,706




















Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 











(Amounts in thousands)

















 Three Months Ended 







Global Ceramic




October 3, 2015


September 27, 2014







Operating income




$                       120,055


101,254







Adjustments to segment operating income:












Restructuring, acquisition and integration-related and other costs 


118


4,248







Acquisitions purchase accounting (inventory step-up)


949


-







  Adjusted segment operating income



$                       121,122


105,502







Adjusted operating income as a percent of net sales


15.3%


13.5%




















Reconciliation of Segment Operating Income to Adjusted Segment Operating Income on a Constant Exchange Rate











(Amounts in thousands)

















 Three Months Ended 







Global Ceramic




October 3, 2015


September 27, 2014







Operating income




$                       120,055


101,254







Adjustments to segment operating income:












Restructuring, acquisition and integration-related and other costs 


118


4,248







Acquisitions purchase accounting (inventory step-up)


949


-







Adjustments to operating income on a constant exchange rate


12,701


-







  Adjusted  segment operating income on constant exchange rate


$                       133,823


105,502




















Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 











(Amounts in thousands)

















 Three Months Ended 







Flooring NA




October 3, 2015


September 27, 2014







Operating income




$                       125,910


83,623







Adjustments to segment operating income:












Restructuring, acquisition and integration-related and other costs 


5,148


10,578







Acquisitions purchase accounting (inventory step-up)


1,527


-







  Adjusted segment operating income



$                       132,585


94,201







Adjusted operating income as a percent of net sales


13.9%


10.6%

































Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 











(Amounts in thousands)

















 Three Months Ended 







Flooring ROW




October 3, 2015


September 27, 2014







Operating income




$                          55,471


35,046







Adjustment to segment operating income:












Restructuring, acquisition and integration-related and other costs 


4,030


8,437







Acquisitions purchase accounting (inventory step-up)


4,683


-







  Adjusted segment operating income



$                          64,184


43,483







Adjusted operating income as a percent of net sales


15.9%


13.3%




















Reconciliation of Segment Operating Income to Adjusted Segment Operating Income on a Constant Exchange Rate











(Amounts in thousands)

















 Three Months Ended 







Flooring ROW




October 3, 2015


September 27, 2014







Operating income




$                          55,471


35,046







Adjustment to segment operating income:












Restructuring, acquisition and integration-related and other costs 


4,030


8,437







Acquisitions purchase accounting (inventory step-up)


4,683


-







Adjustments to operating income on a constant exchange rate


8,691


-







Adjusted segment operating income on constant exchange rate


$                          72,875


43,483

































Reconciliation of Earnings from Continuing Operations Including Noncontrolling Interest Before Income Taxes to Adjusted Earnings from Continuing Operations Including Noncontrolling Interest Before Income Taxes







(Amounts in thousands)

















 Three Months Ended 











October 3, 2015


September 27, 2014







Earnings before income taxes




$                       265,166


181,281







Noncontrolling interest




(798)


6







Adjustments to earnings from continuing operations before income taxes:











Restructuring, acquisition and integration-related and other costs 


12,770


14,013







Acquisitions purchase accounting (inventory step-up)


7,160


-







Legal settlement and reserves



-


10,000







Bond redemption




-


15,450







Deferred loan costs




-


1,080







Adjusted earnings before income taxes



$                       284,298


221,830

































Reconciliation of Income Tax Expense to Adjusted Income Tax Expense 











(Amounts in thousands)

















 Three Months Ended 











October 3, 2015


September 27, 2014







Income tax expense 




$                          49,463


30,021







Income tax effect of adjusting items



12,940


12,792







Adjusted income tax expense



$                          62,403


42,813




















Adjusted income tax rate




21.9%


19.3%














































The Company believes it is useful for itself and investors to review, as applicable, both GAAP and the above non-GAAP measures in order to assess the performance of the Company's business for planning and forecasting in subsequent periods.  In particular, the Company believes excluding the impact of restructuring, acquisition, integration-related and other costs, legal settlement and reserves, and acquisitions purchase accounting (inventory step-up) is useful because it allows investors to evaluate our performance for different periods on a more comparable basis.







 

 

SOURCE Mohawk Industries, Inc.

For further information: Frank H. Boykin, Chief Financial Officer, (706) 624-2695, http://www.mohawkind.com


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