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LONDON, UK / ACCESSWIRE / May 17, 2018 / If you want access to our free earnings report on Mohawk Industries, Inc. (NYSE: MHK) (''Mohawk''), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MHK. Mohawk reported its first quarter and fiscal 2018 operating and financial results on April 25, 2018. The flooring maker's revenue and earnings numbers were in-line with market expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Mohawk's net sales for the first quarter of 2018 were $2.41 billion, up 9% and 4% on a constant currency basis compared to net sales of $2.22 billion in the first quarter of 2017. The Company's reported numbers matched analysts' estimates of $2.41 billion.
Mohawk reported net earnings of $209.24 million, or $2.78 per diluted share, in Q1 2018 compared to net earnings of $201.06 million, or $2.68 per diluted share. The Company's adjusted net earnings were $225.28 million or $3.01 per share, excluding restructuring, acquisition and other charges, reflecting an 11% increase on a y-o-y basis, as adjusted net earnings were $203.31 million, or $2.72 per share, excluding restructuring, acquisition, and other charges in the prior year's same quarter. Mohawk's earnings met Wall Street's estimates of $3.01 per share.
Mohawk Industries' Segment Results
During Q1 2018, the Global Ceramics segment's sales increased 12% as reported and 8% on a constant currency basis to $876.5 million. The Company's sales in Russia and Mexico grew the fastest, and its European acquisitions added approximately 6% to the reported quarter sales. The segment's operating income, excluding charges, was $117 million for the reported quarter, with a margin of 13.3%. Productivity of $14 million and volume of $11 million offset $13 million of inflation and $7 million of price/mix decline.
For Q1 2018, the Flooring North America segment's sales increased 1% to $950.4 million on a y-o-y basis. The segment's operating margin was 8% as reported, absorbing increased inflation, restructuring and LVT start-up costs. The segment's operating income, excluding charges, was $91 million compared to $94 million in the prior year's corresponding quarter. Price/mix of $14 million and productivity of $13 million offset inflation of $25 million.
During Q1 2018, the Flooring Rest of the World segment's sales advanced 18% as reported and 4% on a constant currency basis to $585.3 million, as local economies improved and the Euro strengthened. The segment's operating income, excluding charges, was $93 million and increased 19% on a y-o-y basis. Price/mix of $31 million, currency of $6 million and productivity of $4 million offset inflation of $14 million along with lower IP income.
Mohawk's receivables ended Q1 2018 at $1.69 billion with days sale outstanding of 56 days. The Company's inventories were $2.04 billion with inventory days at 116 days. The Company's fixed assets ended Q1 2018 at $4.46 billion. The Company's reported quarter capital expenditures were $251 million. For FY18, Mohawk is estimating CapEx of approximately $750 million with depreciation and amortization (D&A) of about $525 million, which exceeds FY18 amount by $75 million. The Company's long-term debt ended the reported quarter at $2.9 billion with leverage at 1.5x debt-to-EBITDA.
Stock Performance Snapshot
May 16, 2018 - At Wednesday's closing bell, Mohawk Industries' stock marginally advanced 0.75%, ending the trading session at $210.55.
Volume traded for the day: 885.33 thousand shares, which was above the 3-month average volume of 836.75 thousand shares.
After yesterday's close, Mohawk Industries' market cap was at $15.46 billion.
Price to Earnings (P/E) ratio was at 15.38.
The stock is part of the Consumer Goods sector, categorized under the Home Furnishings & Fixtures industry. This sector was up 0.7% at the end of the session.
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