Mohawk Industries Record 4th Quarter Earnings - Q4 Adjusted EPS Up 24%

- 7th Consecutive Quarter with Record Adjusted EPS

- 2015 FY Adjusted EPS Up 25%

CALHOUN, Ga., Feb. 25, 2016 /CNW/ -- Mohawk Industries, Inc. (NYSE: MHK) today announced 2015 fourth quarter net earnings of $192 million and diluted earnings per share (EPS) of $2.57. Excluding restructuring, acquisition and other charges, net earnings were $210 million and EPS was $2.82, a 24% increase over last year's fourth quarter adjusted EPS. Net sales for the fourth quarter of 2015 were $2.0 billion, up 2% versus the prior year's fourth quarter with four less shipping days or a 13% increase on a constant days and currency exchange rate basis. For the fourth quarter of 2014, net sales were $1.95 billion, net earnings were $147 million and EPS was $2.00; excluding restructuring, acquisition and other charges, net earnings were $167 million and EPS was $2.27.

For the twelve months ending December 31, 2015, net sales were $8.1 billion, an increase of approximately 3% versus prior year or an increase of approximately 10% on a constant currency exchange rate basis. Net earnings and EPS for the twelve month period were $615 million and $8.31, respectively. Net earnings excluding restructuring, acquisition and other charges were $756 million and EPS was $10.20, an increase of 25% over the twelve month period adjusted EPS result in 2014. For the twelve months ending December 31, 2014, net sales were $7.8 billion, net earnings were $532 million and EPS was $7.25; excluding restructuring, acquisition and other charges, net earnings and EPS were $598 million and $8.15.

Commenting on Mohawk Industries' full year and fourth quarter performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, "Our strong performance during 2015 was the result of our aggressive growth strategy and targeted investments we began in 2013 as the economic recovery gained momentum. Since that time, we have invested almost $5 billion, approximately $3.5 billion in nine acquisitions to expand our product offerings, geographies and market share and approximately $1.5 billion in our existing business to introduce innovative products, enhance manufacturing efficiencies and expand our capacity. While making these investments for future growth, we strengthened our balance sheet and reduced our leverage, enabling us to continue optimizing our shareholder returns. We remain optimistic about 2016, and this year we will invest an additional $600 to $650 million in internal projects, which include increased ceramic capacity and upgrades in the U.S, Mexico, Europe and Russia, process improvements in carpet manufacturing, additional LVT manufacturing in the U.S. and Europe, increased wood production in U.S. and Europe and installation of advanced technology in our U.S. and European laminate businesses. Last year, we achieved record results in every quarter with about 30% of our business outside the U.S., where we faced significant foreign exchange translation headwinds. If adjusted for exchange rate changes, our 2015 net sales would have been $490 million higher -- an impact of approximately 6% -- and our operating income would have been $74 million greater, a 9% impact.

"Our fourth quarter performance represents our 7th consecutive period with record adjusted EPS. Our adjusted quarterly operating income margin rose to 14% of sales, an increase of 260 basis points due to productivity, volume and lower costs. Every segment delivered sales growth on a comparable basis while also expanding margins.

"For the quarter, our Global Ceramic segment sales were down 4% as reported. On a constant days and exchange rate basis, sales grew 7% and adjusted operating income rose 14% versus prior year with adjusted operating margin increasing to 13% as a result of improved price and mix, productivity, volume, input costs and the KAI acquisition. In the U.S., we increased our sales investments to improve our market position by increasing service centers, expanding our sales personnel and upgrading our distribution. Our new Tennessee porcelain plant is in the final stages of construction and should start up within the quarter. We have dramatically expanded our product offering in Mexico at all price points and have improved our margin and mix with plans to double the size of our Salamanca plant. We have improved the capacity and cost structures of our recently acquired ceramic plant in Western Mexico. Our European ceramic sales have been growing in a lackluster market. We anticipate completing the second phase of our Italian equipment upgrades by the second quarter, which will further enhance our product offering and improve our cost structure, and we will continue the optimization of our Bulgarian ceramic operations. During the period, we had a good performance in Russia, gaining market share as the economy continues to decline.

"During the quarter, our Flooring North America segment's sales were flat versus last year as reported, or increased 6% on a constant day's basis with adjusted operating income increasing 31%. The adjusted operating margin increased to 14% due to improved productivity, volume, input costs and the IVC acquisition partially offset by price and mix. The Flooring North America segment has made progress in expanding our brands and customer relationships, enhancing our style and design, transferring innovative manufacturing practices and utilizing the Mohawk distribution system for all products. Sales of our premium carpet products, including our luxury Karastan brand and SmartStrand product collections, grew during the period. In commercial carpet, our margins continued to improve as a result of our new product introductions, streamlined manufacturing and plant consolidations. Our rug business continues to outperform the overall segment with fashionable new accent rugs made with our exclusive fibers providing softer characteristics and greater value. We are expanding our new Impressive laminate collection, which provides stylized looks not achievable in natural wood. Our vinyl sales are performing as planned and our new LVT plant continues to improve its performance with increased production levels. We continue to ramp up our Mohawk branded LVT and sheet vinyl sales in the builder, multi-family and retail markets, and we are developing new products to extend our sheet vinyl further into commercial channels.

"For the quarter, our Flooring Rest of the World segment's sales rose 22% as reported or 41% on a constant days and exchange rate basis with adjusted operating income improving 59% over the prior year. The adjusted operating margin increased to 16% due to improved volume, input costs and the IVC acquisition. Our laminate and wood business in Europe outperformed the market as a result of our focus on differentiated products at mid to high-end price points. We continue to expand our latest laminate embossing technology, which creates more realistic visuals. Our European wood sales are growing quickly, supplied from our Czech wood plant with the balance coming from our Malaysian facility. The IVC vinyl sales increased but were constrained by capacity limitations. Our new LVT plant in Belgium is operating well, and sales are developing better than planned. The plant is constrained by manufacturing limitations, and equipment additions in the middle of the year will increase our capacity about 50%. Our insulation products had record sales this year, and we have expanded our offering and our geographical footprint with recently acquired plants in Ireland, the U.K. and Belgium. Our other board product sales were up slightly and margins improved from mix, asset upgrades and plant consolidations.

"2015 was the best year in Mohawk's history, and we expect the momentum to continue this year. We anticipate that the demand trends in our U.S. and international markets will remain consistent with what we have been experiencing. Although growth in Europe is limited and negative in Russia, our international businesses are delivering solid results on a local basis. Our sales and margins should continue to improve over last year as a result of our continued innovations, process improvements and disciplined execution. Our recent acquisitions are progressing with operational and market synergies that we anticipated. This year we will increase investments in our existing businesses to improve our long-term performance. Taking all these factors into account, our guidance for the first quarter is $2.24 - $2.33 per share, which would be a 32 -37% increase over 2015, excluding any restructuring, acquisition and other charges."      

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, February 26, 2016, 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 # 24993589.  A replay will be available until Friday, March 25, 2016, by dialing 855-859-2056 for US/local calls and 404-537-3406 for International/Local calls and entering Conference ID # 24993589.

 

 

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES









(Unaudited)









Consolidated Statement of Operations


Three Months Ended


Twelve Months Ended

(Amounts in thousands, except per share data)


December 31, 2015


December 31, 2014


December 31, 2015


December 31, 2014










Net sales


$                     1,997,997


1,951,446


8,071,563


7,803,446

Cost of sales


1,375,787


1,409,843


5,660,877


5,649,254

    Gross profit


622,210


541,603


2,410,686


2,154,192

Selling, general and administrative expenses


372,968


335,483


1,573,120


1,381,396

Operating income


249,242


206,120


837,566


772,796

Interest expense


18,480


20,623


71,086


98,207

Other expense (income), net


11,525


9,737


17,619


10,698

    Earnings before income taxes


219,237


175,760


748,861


663,891

Income tax expense


27,232


28,680


131,875


131,637

        Net earnings including noncontrolling interest


192,005


147,080


616,986


532,254

Net earnings (loss)  attributable to noncontrolling interest


446


212


1,684


289

Net earnings attributable to Mohawk Industries, Inc.


$                       191,559


146,868


615,302


531,965










Basic earnings per share attributable to Mohawk Industries, Inc.









Basic earnings per share attributable to Mohawk Industries, Inc.


$                             2.59


2.01


8.37


7.30

Weighted-average common shares outstanding - basic


73,924


72,905


73,516


72,837










Diluted earnings per share attributable to Mohawk Industries, Inc.









Diluted earnings per share attributable to Mohawk Industries, Inc.


$                              2.57


2.00


8.31


7.25

Weighted-average common shares outstanding - diluted


74,475


73,452


74,043


73,363




























Other Financial Information









(Amounts in thousands)









Depreciation and amortization


$                          94,025


95,665


362,647


345,570

Capital expenditures


$                        151,587


170,224


503,657


561,804










Consolidated Balance Sheet Data









(Amounts in thousands)















December 31, 2015


December 31, 2014

ASSETS









Current assets:









    Cash and cash equivalents






$                          81,692


97,877

    Receivables, net






1,257,505


1,081,963

    Inventories






1,607,256


1,543,313

    Prepaid expenses and other current assets






303,519


257,333

        Total current assets






3,249,972


2,980,486

Property, plant and equipment, net






3,147,118


2,703,210

Goodwill






2,293,365


1,604,352

Intangible assets, net






936,541


702,009

Deferred income taxes and other non-current assets






315,368


295,487

    Total assets






$                     9,942,364


8,285,544

LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Current portion of long-term debt and commercial paper






$                     2,003,003


851,305

Accounts payable and accrued expenses






1,256,025


1,095,419

        Total current liabilities






3,259,028


1,946,724

Long-term debt, less current portion






1,196,928


1,402,135

Deferred income taxes and other long-term liabilities






603,593


513,872

        Total liabilities






5,059,549


3,862,731

Redeemable noncontrolling interest






21,952


-

Total stockholders' equity






4,860,863


4,422,813

    Total liabilities and stockholders' equity






$                     9,942,364


8,285,544










Segment Information (a)


Three Months Ended


As of or for the Twelve Months Ended

(Amounts in thousands)


December 31, 2015


December 31, 2014


December 31, 2015


December 31, 2014










Net sales:









    Global Ceramic


$                         711,691


743,619


3,012,859


3,015,279

    Flooring NA


879,765


878,458


3,602,112


3,441,018

    Flooring ROW


406,508


332,068


1,456,898


1,354,018

    Intersegment sales


33


(2,699)


(306)


(6,869)

        Consolidated net sales


$                      1,997,997


1,951,446


8,071,563


7,803,446










Operating income (loss):









    Global Ceramic


$                           87,583


82,793


414,154


351,113

    Flooring NA


118,410


92,414


264,271


299,992

    Flooring ROW


50,206


37,618


203,370


151,528

    Corporate and eliminations


(6,957)


(6,705)


(44,229)


(29,837)

        Consolidated operating income


$                         249,242


206,120


837,566


772,796










Assets:









    Global Ceramic






$                  3,846,133


3,542,594

    Flooring NA






3,164,525


2,587,151

    Flooring ROW






2,805,246


1,909,487

    Corporate and eliminations






126,460


246,311

        Consolidated assets






$                  9,942,364


8,285,544

 

 

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


Twelve Months Ended





December 31, 2015


December 31, 2014


December 31, 2015


December 31, 2014

Net earnings attributable to Mohawk Industries, Inc.




$                       191,559


146,868


615,302


531,965

Adjusting items:











Restructuring, acquisition and integration-related and other costs and disposal of subsidiary




30,820


26,649


74,604


63,556

Acquisitions purchase accounting (inventory step-up)




21


-


13,337


-

Legal settlement and reserves




(2,520)


-


124,480


10,000

Release of indemnification asset




11,180


-


11,180


-

Bond redemption




-


3,472


-


18,922

Deferred loan costs




-


-


651


1,080

Income taxes - reversal of uncertain tax position




(11,180)


-


(11,180)


-

Income taxes 




(9,889)


(10,444)


(72,872)


(27,856)

Adjusted net earnings attributable to Mohawk Industries, Inc.




$                       209,991


166,545


755,502


597,667












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


$                                2.82


2.27


10.20


8.15

Weighted-average common shares outstanding - diluted




74,475


73,452


74,043


73,363


































Reconciliation of Total Debt to Net Debt











(Amounts in thousands)













December 31, 2015









Current portion of long-term debt and commercial paper


$                  2,003,003









Long-term debt, less current portion


1,196,928









Less: Cash and cash equivalents


81,692









Net Debt


$                  3,118,239




















Reconciliation of Operating Income to Pro forma Adjusted EBITDA











(Amounts in thousands)










Trailing Twelve



Three Months Ended


Months Ended



April 4, 2015


July 4, 2015


October 3, 2015


December 31, 2015


December 31, 2015

Operating income


$                          43,774


255,816


288,734


249,242


837,566

Other (expense) income


1,083


(2,928)


(4,249)


(11,525)


(17,619)

Net (earnings) loss attributable to non-controlling interest


(158)


(282)


(798)


(446)


(1,684)

Depreciation and amortization


85,656


88,011


94,955


94,025


362,647

EBITDA


130,355


340,617


378,642


331,296


1,180,910

Restructuring, acquisition and integration-related and other costs 


8,169


15,275


11,690


30,820


65,954

Acquisitions purchase accounting (inventory step-up)


-


6,156


7,160


21


13,337

Legal settlement and reserves


125,000


2,000


-


(2,520)


124,480

Release of indemnification asset


-


-


-


11,180


11,180

 Acquisitions EBITDA


45,470


28,010


-


-


73,480

 Pro forma Adjusted EBITDA 


$                       308,994


392,058


397,492


370,797


1,469,341












Net Debt to Pro forma Adjusted EBITDA










2.1












Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and Constant Shipping days











(Amounts in thousands)













Three Months Ended


Twelve Months Ended





December 31, 2015


December 31, 2014


December 31, 2015


December 31, 2014



Net sales


$                  1,997,997


1,951,446


8,071,563


7,803,446



Adjustment to net sales on  constant shipping days


112,093


-


-


-



Adjustment to net sales on a constant exchange rate


86,190


-


490,090


-



Net sales on a constant exchange rate and constant shipping days


$                  2,196,280


1,951,446


8,561,653


7,803,446

























Reconciliation of 2015 Net Sales to Net Sales on a Constant Exchange Rate and Constant Shipping Days Excluding 2015 Q4 Acquisition Volume







(Amounts in thousands)













Three Months Ended









December 31, 2015


December 31, 2014







Net sales


$                  1,997,997


1,951,446







Adjustment to net sales on  constant shipping days


112,093


-







Adjustment to net sales on a constant exchange rate


86,190


-







Less: 2015 Q4  impact of acquisition volume


(162,849)


-







2015 net sales on a constant exchange rate and constant shipping days excluding acquisition volume


$                  2,033,431


1,951,446


















Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and Constant Shipping Days









(Amounts in thousands)













Three Months Ended







Global Ceramic


December 31, 2015


December 31, 2014







Net sales


$                       711,691


743,619







Adjustment to net sales on  constant shipping days


37,599


-







Adjustment to segment net sales on a constant exchange rate


44,508


-







2015 Segment net sales on a constant exchange rate and constant shipping days


$                       793,798


743,619


















Reconciliation of 2015 Segment Net Sales to Segment  Net Sales on Constant Shipping Days











(Amounts in thousands)













Three Months Ended







Flooring NA (a)


December 31, 2015


December 31, 2014







Net sales


$                       879,765


878,458







Adjustment to net sales on  constant shipping days


54,059


-







2015 segment net sales on  constant shipping days


$                       933,824


878,458


















Reconciliation of 2015 Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and Constant Shipping Days









(Amounts in thousands)













Three Months Ended







Flooring ROW (a)


December 31, 2015


December 31, 2014







Net sales


$                       406,508


332,068







Adjustment to net sales on  constant shipping days


20,435


-







Adjustment to segment net sales on a constant exchange rate


41,660


-







2015 Segment net sales on a constant exchange rate and constant shipping days


$                       468,603


332,068








































Reconciliation of Gross Profit to Adjusted Gross Profit 











(Amounts in thousands)













Three Months Ended









December 31, 2015


December 31, 2014







Gross Profit


$                       622,210


541,603







Adjustments to gross profit:











Restructuring, acquisition and integration-related and other costs 


15,945


11,568







Acquisitions purchase accounting (inventory step-up)


21


-







  Adjusted gross profit


$                       638,176


553,171







   Adjusted gross profit as a percent of net sales


31.9%


28.3%





























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









(Amounts in thousands)













Three Months Ended









December 31, 2015


December 31, 2014







Selling, general and administrative expenses


$                       372,968


335,483







Adjustments to selling, general and administrative expenses:











Restructuring, acquisition and integration-related and other costs 


(14,875)


(3,127)







Legal settlement and reserves


2,520


-







  Adjusted selling, general and administrative expenses


$                       360,613


332,356







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

18.0%


17.0%





























Reconciliation of Operating Income to Adjusted Operating Income 











(Amounts in thousands)













Three Months Ended


Twelve Months Ended





December 31, 2015


December 31, 2014


December 31, 2015


December 31, 2014



Operating income


$                       249,242


206,120


837,566


772,796



Adjustments to operating income:











Restructuring, acquisition and integration-related and other costs 


30,820


14,695


74,604


51,602



Legal settlement and reserves


(2,520)


-


124,480


10,000



Acquisitions purchase accounting (inventory step-up)


21


-


13,337


-



  Adjusted operating income


$                       277,563


220,815


1,049,987


834,398



   Adjusted operating income as a percent of net sales


13.9%


11.3%


13.0%


10.7%














Reconciliation of Adjusted Operating Income on a Constant Exchange Rate











(Amounts in thousands)













Three Months Ended


Twelve Months Ended





December 31, 2015


December 31, 2014


December 31, 2015


December 31, 2014



Operating income


$                       249,242


206,120


837,566


772,796



Adjustments to operating income:











Restructuring, acquisition and integration-related and other costs 


30,820


14,695


74,604


51,602



Legal settlement and reserves


(2,520)


-


124,480


10,000



Acquisitions purchase accounting (inventory step-up)


21


-


13,337


-



    Adjustments to operating income on a constant exchange rate


12,132


-


74,232


-



  Adjusted operating income on constant exchange rate


$                       289,695


220,815


1,124,219


834,398














Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 











(Amounts in thousands)













Three Months Ended







Global Ceramic


December 31, 2015


December 31, 2014







Operating income


$                          87,583


82,793







Adjustment to segment operating income:











Restructuring, acquisition and integration-related and other costs 


4,872


2,905







  Adjusted segment operating income


$                          92,455


85,698







   Adjusted operating income as a percent of net sales


13.0%


11.5%


















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









(Amounts in thousands)













Three Months Ended







Global Ceramic


December 31, 2015


December 31, 2014







Operating income


$                          87,583


82,793







Adjustments to segment operating income:











Restructuring, acquisition and integration-related and other costs 


4,872


2,905







Adjustments to operating income on a constant exchange rate


4,909


-







  Adjusted  segment operating income on constant exchange rate


$                          97,364


85,698





























Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 











(Amounts in thousands)













Three Months Ended







Flooring NA (a)


December 31, 2015


December 31, 2014







Operating income


$                       118,410


92,414







Adjustments to segment operating income:











Legal settlement and reserves


(2,520)


-







Restructuring, acquisition and integration-related and other costs 


8,852


2,594







  Adjusted segment operating income


$                       124,742


95,008







   Adjusted operating income as a percent of net sales


14.2%


10.8%





























Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 











(Amounts in thousands)













Three Months Ended







Flooring ROW (a)


December 31, 2015


December 31, 2014







Operating income


$                          50,206


37,618







Adjustments to segment operating income:











Restructuring, acquisition and integration-related and other costs 


16,254


8,829







Acquisitions purchase accounting (inventory step-up)


21


-







  Adjusted segment operating income


$                          66,481


46,447







   Adjusted operating income as a percent of net sales


16.4%


14.0%


















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









(Amounts in thousands)













Three Months Ended







Flooring ROW (a)


December 31, 2015


December 31, 2014







Operating income


$                          50,206


37,618







Adjustments to segment operating income:











Restructuring, acquisition and integration-related and other costs 


16,254


8,829







Acquisitions purchase accounting (inventory step-up)


21


-







Adjustments to operating income on a constant exchange rate


7,222


-







  Adjusted segment operating income on constant exchange rate


$                          73,703


46,447





























Reconciliation of Earnings from Continuing Operations incl Non Controlling Interest Before Income Taxes to Adjusted Earnings from Continuing Operations incl Non Controlling Interest Before Income Taxes

(Amounts in thousands)













Three Months Ended









December 31, 2015


December 31, 2014







Earnings from continuing operations before income taxes


$                       219,237


175,760







Noncontrolling interest


(446)


(212)







Adjustments to earnings from continuing operations incl non controlling interest before income taxes:










Restructuring, acquisition and integration-related and other costs 


30,820


26,649







Acquisitions purchase accounting (inventory step-up)


21


-







Legal settlement and reserves


(2,520)


-







Release of indemnification asset


11,180


-







Bond redemption


-


3,472







 Adjusted Earnings from Continuing Operations incl Non Controlling Interest Before Income Taxes


$                       258,292


205,669





























Reconciliation of Income Tax Expense to Adjusted Income Tax Expense 











(Amounts in thousands)













Three Months Ended









December 31, 2015


December 31, 2014







Income tax expense 


$                          27,232


28,680







 Income taxes - reversal of uncertain tax position 


11,180


-







Income tax effect of adjusting items


9,889


10,444







  Adjusted income tax expense


$                          48,301


39,124


















Adjusted income tax rate


18.7%


19.0%



















































(a)  Prior year segment data adjusted to reflect the second quarter 2015 segment realignment

































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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