Mohawk Industries Reports Record Second Quarter

CALHOUN, Georgia, Aug. 4, 2016 /PRNewswire/ -- Mohawk Industries, Inc. today announced 2016 second quarter record net earnings of $255 million and diluted earnings per share (EPS) of $3.42, a 35% increase versus prior year. Excluding restructuring, acquisition and other charges, net earnings were $259 million and EPS was $3.47, a 29% increase over last year's second quarter adjusted EPS. Net sales for the second quarter of 2016 were $2.3 billion, up 13.2% versus the prior year's second quarter or approximately 12.1% increase on a constant days and currency exchange rate basis. For the second quarter of 2015, net sales were $2.0 billion, net earnings were $186 million and EPS was $2.53; excluding restructuring, acquisition and other charges, net earnings were $199 million and EPS was $2.69.

For the six months ending July 2, 2016, net earnings and EPS were $427 million and $5.73, respectively. Net earnings excluding restructuring, acquisition and other charges were $436 million and EPS was $5.85, an increase of 33% over the six-month period adjusted EPS result in 2015. For the six month period, net sales were $4.5 billion, an increase of 14% versus prior year as reported or 15% on a constant currency basis. For the six-month period ending July 4, 2015, net sales were $3.9 billion, net earnings were $209 million and EPS was $2.83; excluding restructuring, acquisition and other charges, net earnings and EPS were $324 million and $4.39.

Commenting on Mohawk Industries' second quarter performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, "We delivered our highest sales for any quarter in the company's history, and our earnings per share set an all-time record for the company, marking the ninth consecutive quarter that Mohawk has delivered a year over year record quarterly adjusted EPS. Our operating margin rose to a second quarter record of 15.2%, an increase of 270 basis points, or 15.4% on an adjusted basis, an increase of 160 basis points, as a result of productivity, sales volume, acquisitions and lower inputs, partially offset by investments in SG&A and unfavorable price-mix.

"Our innovations in products and processes, investments in efficiencies and integration of our acquisitions enhanced our performance during the quarter and provide a foundation for long-term growth. Our recent acquisitions are progressing as we broaden their strategies, leverage their distribution and provide additional resources. Across the enterprise, we are investing in marketing to support our product introductions and expand our distribution and sales.

"To optimize growth, we have initiated many capital projects that will enhance our performance this year and beyond by expanding our capacity and improving our efficiencies. We are in the final stages of the start-up of our new U.S. ceramic, LVT and outdoor rug operations as well as our European LVT plant. We have begun additional expansion projects to support growth across our product categories: LVT and premium laminate in the U.S. and Europe; ceramic tile in Mexico, Europe and Russia; and Continuum polyester carpet, engineered wood and utility mats in the U.S. This year, we anticipate our capital expenditures will exceed $600 million and will lead to higher future sales and profits.

"For the quarter, our Global Ceramic Segment sales were up 5% as reported; on a constant days and currency basis legacy sales were up 4%. Operating income for the segment rose approximately 16% to an operating margin of 17%, which benefited from higher volume, productivity and mix. Our North American ceramic business continued to grow as we increased sales personnel and distribution points. Our new Tennessee ceramic plant is ahead of schedule with the last line becoming operational in the third quarter. We are manufacturing higher value products at the facility, including 48-inch wood planks and color body porcelain tiles. We are focusing each of our North American plants on specific products to optimize productivity and increase their efficiency and quality. All of our Mexican ceramic capacity is being utilized, and we will double the capacity of our Salamanca plant by fall of next year. Our European ceramic sales continue to improve with expanded margins and improved mix. We have initiated the final phase of our Italian asset modernization, which will be completed during the first half of next year. We are enhancing our Bulgarian product offering, improving efficiencies and supplying product to Western European and U.S. markets. Despite the decline of the Russian economy and ceramic industry, our sales rose on a local currency basis with improvements in volume, price and mix.

"During the quarter, our Flooring North America Segment's sales were up 7% as reported; the legacy sales were up 1% on a constant days basis. Operating income grew 25% to a margin of 12% as reported and grew 16% excluding restructuring charges to a margin of 13%, versus prior year. The segment's profitability improved, as we increased investments in sales personnel, retail merchandising and samples. Residential carpet margins expanded as a result of our differentiated products, process innovations and investments that lowered our cost structure. We continue to strengthen our manufacturing performance with many process advances, higher yields and material enhancements. Commercial carpet sales increased as we strengthened our product offering and expanded our sales in all channels. New innovations in laminate are differentiating our products and expanding our market share. Our European operations are providing product to support our laminate growth until our new U.S. capacity is operational in the second half of next year. By the end of this year, we will install more engineered wood production to satisfy greater demand and produce higher value products. Our vinyl business continues to expand as we increase the product assortment and distribution of our LVT and sheet vinyl. By the end of next year, we will double our U.S. LVT capacity and enhance our capabilities in this fast growing category.

"For the quarter, our Flooring Rest of the World segment's sales were up 51% as reported; on a constant days and currency basis legacy sales were up 5%. Operating income grew 91% as reported to a margin of 20% and grew 67% on a constant currency basis, excluding restructuring and integration charges, to a margin of 21%. Our flooring business continued to improve significantly, led by growth in premium laminate and LVT. Our laminate mix benefited from higher sales of our innovative new collections featuring more realistic visuals and water resistance. We are adding laminate capacity in Europe to support the next generation of this unique technology. We are expanding sheet vinyl sales in commercial channels to improve our mix. LVT sales and margins increased as our mix and efficiencies improved. To satisfy our anticipated LVT growth, a new production line should be operational by the end of next year. During the period, our panel sales and margins expanded, and the integration of Xtratherm has enhanced our results.

"We are optimistic about our future performance as a result of our ongoing investments in people, products and assets. Our current booking trends have improved, and we anticipate that third quarter sales growth will be higher on a local basis. We expect continued margin expansion in all of our segments due to process improvements, operational innovations and greater efficiencies. Across the business, we are introducing differentiated new products and leveraging customer relationships to increase our market position. We are making significant investments to expand our capacity and grow sales in all of our products and geographies. Our LVT sales growth is accelerating, and our new plants are making gains in capacity, productivity and efficiency. Taking these factors into account, our third quarter EPS guidance is $3.40 to $3.49, excluding any restructuring charges.

"From 2013 through 2016, we will have invested about $2 billion in new assets to drive Mohawk's profitability. We have substantially integrated our recent acquisitions, and with our strong organization and balance sheet we can exploit additional opportunities. In every region, our differentiated product collections, operational excellence and extensive customer relationships give us advantages so we can deliver strong results."

ABOUT MOHAWK INDUSTRIESMohawk 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, August 5, 2016, at 11:00 AM Eastern TimeThe telephone number is 1-800-603-9255 for US/Canada and 1-706-634-2294 for International/Local. Conference ID # 47343802. A replay will be available until Friday, September 2, 2016, by dialing 855-859-2056 for US/local calls and 404-537-3406 for International/Local calls and entering Conference ID # 47343802.




MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

(Unaudited)

Consolidated Statement of Operations Three Months Ended Six Months Ended
------------------ ----------------

(Amounts in thousands, except per share data) July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015
------------ ------------ ------------ ------------


Net sales $2,310,336 2,041,733 4,482,382 3,922,910

Cost of sales 1,554,748 1,426,604 3,087,115 2,795,838
------------- --------- --------- ---------

Gross profit 755,588 615,129 1,395,267 1,127,072

Selling, general and administrative expenses 404,896 359,313 798,903 827,482
-------------------------------------------- ------- ------- -------

Operating income 350,692 255,816 596,364 299,590

Interest expense 10,351 16,838 22,652 33,287

Other expense (income), net (5,807) 2,928 (2,378) 1,845
--------------------------- ----- ------ -----

Earnings before income taxes 346,148 236,050 576,090 264,458

Income tax expense 90,034 49,276 147,859 55,180
------------------ ------ ------ ------- ------

Net earnings including noncontrolling interest 256,114 186,774 428,231 209,278

Net earnings attributable to noncontrolling interest 926 282 1,495 440
---------------------------------------------------- --- --- ----- ---

Net earnings attributable to Mohawk Industries, Inc. $255,188 186,492 426,736 208,838
---------------------------------------------------- -------- ------- ------- -------


Basic earnings per share attributable to Mohawk Industries, Inc.

Basic earnings per share attributable to Mohawk Industries, Inc. $3.44 2.54 5.76 2.85
---------------------------------------------------------------- ----- ---- ---- ----

Weighted-average common shares outstanding - basic 74,123 73,264 74,049 73,123
-------------------------------------------------- ------ ------ ------ ------


Diluted earnings per share attributable to Mohawk Industries, Inc.

Diluted earnings per share attributable to Mohawk Industries, Inc. $3.42 2.53 5.73 2.83
------------------------------------------------------------------ ----- ---- ---- ----

Weighted-average common shares outstanding - diluted 74,574 73,756 74,526 73,644
---------------------------------------------------- ------ ------ ------ ------




Other Financial Information

(Amounts in thousands)

Net cash provided by operating activities $411,620 317,165 549,380 267,519

Depreciation and amortization $101,215 88,011 201,408 173,667
----------------------------- -------- ------ ------- -------

Capital expenditures $136,081 122,628 276,914 228,422
-------------------- -------- ------- ------- -------





Consolidated
Balance Sheet Data

(Amounts in
thousands)

July 2, 2016 July 4, 2015
------------ ------------

ASSETS

Current assets:

Cash and cash
equivalents $112,049 171,087

Receivables, net 1,448,898 1,387,687

Inventories 1,660,131 1,592,403

Prepaid expenses
and other current
assets 298,125 303,871
------------------ -------

Total current
assets 3,519,203 3,455,048

Property, plant and
equipment, net 3,243,838 3,014,751

Goodwill 2,322,735 2,294,214

Intangible assets,
net 930,323 931,296

Deferred income
taxes and other
non-current
assets 296,732 461,774
---------------- -------

Total assets $10,312,831 10,157,083
------------ ----------- ----------

LIABILITIES AND
STOCKHOLDERS'
EQUITY

Current
liabilities:

Current portion of
long-term debt
and commercial
paper $1,795,584 1,698,044

Accounts payable
and accrued
expenses 1,334,150 1,282,831
---------------- --------- ---------

Total current
liabilities 3,129,734 2,980,875

Long-term debt,
less current
portion 1,160,700 1,769,241

Deferred income
taxes and other
long-term
liabilities 613,131 770,782
---------------- ------- -------

Total liabilities 4,903,565 5,520,898
----------------- --------- ---------

Redeemable
noncontrolling
interest 23,683 21,304
--------------- ------ ------

Total stockholders'
equity 5,385,583 4,614,881
------------------- --------- ---------

Total liabilities
and stockholders'
equity $10,312,831 10,157,083
------------------ ----------- ----------





Segment Information Three Months Ended As of or for the Six Months Ended
------------------ ---------------------------------

(Amounts in thousands) July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015
------------ ------------ ------------ ------------


Net sales:

Global Ceramic $829,794 789,802 1,603,520 1,509,630

Flooring NA 980,693 920,337 1,887,057 1,767,248

Flooring ROW 499,849 331,622 991,805 646,364

Intersegment sales - (28) - (332)
------------------ --- --- --- ----

Consolidated net sales $2,310,336 2,041,733 4,482,382 3,922,910
---------------------- ---------- --------- --------- ---------


Operating income (loss):

Global Ceramic $140,606 121,189 240,383 206,516

Flooring NA 118,946 95,143 194,297 19,951

Flooring ROW 101,062 53,052 180,599 97,693

Corporate and eliminations (9,922) (13,568) (18,915) (24,570)
-------------------------- ------ ------- ------- -------

Consolidated operating income $350,692 255,816 596,364 299,590
----------------------------- -------- ------- ------- -------


Assets:

Global Ceramic $4,054,351 3,950,088

Flooring NA 3,316,048 3,182,465

Flooring ROW 2,835,497 2,710,895

Corporate and eliminations 106,935 313,635
-------------------------- -------

Consolidated assets $10,312,831 10,157,083
------------------- ----------- ----------





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 Six Months Ended
------------------ ----------------

July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015
------------ ------------ ------------ ------------

Net earnings attributable to Mohawk Industries, Inc. $255,188 186,492 426,736 208,838

Adjusting items:

Restructuring, acquisition and integration-related and other costs 6,020 18,485 13,738 31,014

Acquisitions purchase accounting (inventory step-up) - 6,156 - 6,156

Legal settlement and reserves - 2,000 - 127,000

Deferred loan costs - - - 651

Income taxes (2,342) (14,490) (4,620) (50,043)
------------ ------ ------- ------ -------

Adjusted net earnings attributable to Mohawk Industries, Inc. $258,866 198,643 435,854 323,616
------------------------------------------------------------- -------- ------- ------- -------


Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. $3.47 2.69 5.85 4.39

Weighted-average common shares outstanding - diluted 74,574 73,756 74,526 73,644




Reconciliation of Total Debt to Net
Debt

(Amounts in thousands)

July 2, 2016
------------

Current portion of long-term debt and
commercial paper $1,795,584

Long-term debt, less current portion 1,160,700

Less: Cash and cash equivalents 112,049

Net Debt $2,844,235
-------- ----------




Reconciliation of Operating Income to Pro forma Adjusted EBITDA

(Amounts in thousands) Trailing Twelve

Three Months Ended Months Ended
------------------ ------------

October 3, 2015 December 31, 2015 April 2, 2016 July 2, 2016 July 2, 2016
--------------- ----------------- ------------- ------------ ------------

Operating income $288,734 249,242 245,672 350,692 1,134,340

Other (expense) income (4,249) (11,525) (3,429) 5,807 (13,396)

Net (earnings) loss attributable to non-controlling interest (798) (446) (569) (926) (2,739)

Depreciation and amortization 94,955 94,025 100,194 101,215 390,389
----------------------------- ------ ------ ------- ------- -------

EBITDA 378,642 331,296 341,868 456,788 1,508,594

Restructuring, acquisition and integration-related and other costs 11,690 30,820 7,718 6,020 56,248

Acquisitions purchase accounting (inventory step-up) 7,160 21 - - 7,181

Legal settlement and reserves - (2,520) - - (2,520)

Release of indemnification asset - 11,180 - - 11,180

Acquisitions EBITDA 3,639 7,337 - - 10,976
-------------------

Pro forma Adjusted EBITDA $401,131 378,134 349,586 462,808 1,591,659
------------------------- -------- ------- ------- ------- ---------


Net Debt to Pro forma Adjusted EBITDA 1.8
------------------------------------- ---





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

(Amounts in thousands)

Three Months Ended Six Months Ended
------------------ ----------------

July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015
------------ ------------ ------------ ------------

Net sales $2,310,336 2,041,733 4,482,382 3,922,910

Adjustment to net sales on constant shipping days (37,849) - - -

Adjustment to net sales on a constant exchange rate 16,048 - 41,928 -
--------------------------------------------------- ------ --- ------ ---

Net sales on a constant exchange rate and constant shipping days 2,288,535 2,041,733 4,524,310 3,922,910

Less: impact of acquisition volume (242,439) (55,672) (485,332) (55,672)
-------- ------- -------- -------

Net sales on a constant exchange rate and constant shipping days excluding acquisition volume $2,046,096 1,986,061 4,038,978 3,867,238
--------------------------------------------------------------------------------------------- ---------- --------- --------- ---------





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

(Amounts in thousands)

Three Months Ended
------------------

Global Ceramic July 2, 2016 July 4, 2015
------------ ------------

Net sales $829,794 789,802

Adjustment to net sales on constant shipping days (12,940) -

Adjustment to segment net sales on a constant exchange rate 15,730 -
----------------------------------------------------------- ------ ---

Segment net sales on a constant exchange rate and constant shipping days 832,584 789,802

Less: impact of acquisition volume (26,634) (17,675)
------- -------

Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume $805,950 772,127
----------------------------------------------------------------------------------------------------- -------- -------





Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days Excluding Acquisition Volume

(Amounts in thousands)

Three Months Ended
------------------

Flooring NA July 2, 2016 July 4, 2015
------------ ------------

Net sales $980,693 920,337

Adjustment to net sales on constant shipping days (14,639) -
-------------------------------------------------- ------- ---

Segment net sales on constant shipping days 966,054 920,337

Less: impact of acquisition volume (45,100) (10,036)

Segment net sales on constant shipping days excluding acquisition volume $920,954 910,301
------------------------------------------------------------------------ -------- -------





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

(Amounts in thousands)

Three Months Ended
------------------

Flooring ROW July 2, 2016 July 4, 2015
------------ ------------

Net sales $499,849 331,622

Adjustment to net sales on constant shipping days (10,269) -

Adjustment to segment net sales on a constant exchange rate 317 -
----------------------------------------------------------- --- ---

Segment net sales on a constant exchange rate and constant shipping days 489,897 331,622

Less: impact of acquisition volume (170,705) (27,961)

Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume $319,192 303,661
----------------------------------------------------------------------------------------------------- -------- -------





Reconciliation of Gross Profit to Adjusted Gross Profit

(Amounts in
thousands)

Three Months Ended
------------------

July 2, 2016 July 4, 2015
------------ ------------

Gross Profit $755,588 615,129

Adjustments to gross
profit:

Restructuring,
acquisition and
integration-
related and other
costs 2,778 12,341

Acquisitions
purchase accounting
(inventory step-
up) - 6,156

Adjusted gross
profit $758,366 633,626
-------------- -------- -------





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

(Amounts in thousands)

Three Months Ended
------------------

July 2, 2016 July 4, 2015
------------ ------------

Selling, general and administrative expenses $404,896 359,313

Adjustments to selling, general and administrative expenses:

Restructuring, acquisition and integration-related and other costs (3,241) (6,144)

Legal settlement and reserves - (2,000)

Adjusted selling, general and administrative expenses $401,655 351,169
----------------------------------------------------- -------- -------





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

(Amounts in
thousands)

Three Months Ended
------------------

July 2, 2016 July 4, 2015
------------ ------------

Operating income $350,692 255,816

Adjustments to
operating income:

Restructuring,
acquisition and
integration-
related and other
costs 6,020 18,485

Legal settlement and
reserves - 2,000

Acquisitions
purchase accounting
(inventory step-
up) - 6,156
-------------------- --- -----

Adjusted operating
income 356,712 282,457

Adjustment to
operating income on
a constant exchange
rate 4,372 -

Adjusted operating
income on constant
exchange rate $361,084 282,457
------------------- -------- -------





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

(Amounts in thousands)

Three Months Ended
------------------

Global Ceramic July 2, 2016 July 4, 2015
-------------- ------------ ------------

Operating income $140,606 121,189

Adjustments to segment operating income:

Restructuring, acquisition and integration-related and other costs 381 77

Acquisitions purchase accounting (inventory step-up) - 1,932
--------------------------------------------------- --- -----

Adjusted segment operating income 140,987 123,198

Adjustment to operating income on a constant exchange rate 2,420 -

Adjusted segment operating income on constant exchange rate $143,407 123,198
------------------------------------------------------------ -------- -------





Reconciliation of Segment Operating Income to Adjusted Segment Operating Income

(Amounts in
thousands)

Three Months Ended
------------------

Flooring NA July 2, 2016 July 4, 2015
----------- ------------ ------------

Operating income $118,946 95,143

Adjustments to
segment operating
income:

Legal settlement and
reserves - 2,000

Restructuring,
acquisition and
integration-
related and other
costs 6,146 9,465

Acquisitions
purchase accounting
(inventory step-
up) - 1,167

Adjusted segment
operating income $125,092 107,775
----------------- -------- -------





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

(Amounts in thousands)

Three Months Ended
------------------

Flooring ROW July 2, 2016 July 4, 2015
------------ ------------ ------------

Operating income $101,062 53,052

Adjustments to segment operating income:

Restructuring, acquisition and integration-related and other costs (507) 5,109

Acquisitions purchase accounting (inventory step-up) - 3,057
--------------------------------------------------- --- -----

Adjusted segment operating income 100,555 61,218

Adjustment to operating income on a constant exchange rate 1,951 -

Adjusted segment operating income on constant exchange rate $102,506 61,218
----------------------------------------------------------- -------- ------





Reconciliation of Earnings incl Noncontrolling Interests Before Income Taxes to Adjusted Earnings incl Noncontrolling Interests Before Income Taxes

(Amounts in thousands)

Three Months Ended
------------------

July 2, 2016 July 4, 2015
------------ ------------

Earnings before income taxes $346,148 236,050

Noncontrolling interests (926) (282)

Adjustments to earnings including noncontrolling interests before income taxes:

Restructuring, acquisition and integration-related & other costs 6,020 18,485

Acquisitions purchase accounting (inventory step-up) - 6,156

Legal settlement and reserves - 2,000

Adjusted earnings including noncontrolling interests before income taxes $351,242 262,409
------------------------------------------------------------------------ -------- -------





Reconciliation of Income Tax Expense to Adjusted Income Tax Expense

(Amounts in thousands)

Three Months Ended
------------------

July 2, 2016 July 4, 2015
------------ ------------

Income tax expense $90,034 49,276

Income tax effect of adjusting items 2,342 14,490
----- ------

Adjusted income tax expense $92,376 63,766
--------------------------- ------- ------


Adjusted income tax rate 26.4% 24.3%
------------------------ ---- ----




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.


Mohawk Industries, Inc.


CONTACT: Frank H. Boykin, Chief Financial Officer (706) 624-2695


Web site: http://www.mohawkind.com/

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