Mohawk Industries, Inc. Announces Second Quarter Earnings

Aug 06, 2015, 16:01 ET from Mohawk Industries, Inc.

Record Q2 Adjusted EPS - 22% Increase Over PY

CALHOUN, Ga., Aug. 6, 2015 /PRNewswire/ -- Mohawk Industries, Inc. (NYSE: MHK) today announced 2015 second quarter net earnings of $186 million and diluted earnings per share (EPS) of $2.53. Excluding unusual charges, net earnings were $199 million and EPS was $2.69, a 22% increase over last year's second quarter adjusted EPS and the highest adjusted quarterly EPS in the company's history. Net sales for the second quarter of 2015 were $2.0 billion, flat versus the prior year's second quarter or a 7% increase on a constant currency exchange rate basis. For the second quarter of 2014, net sales were $2.0 billion, net earnings were $153 million and EPS was $2.08; excluding unusual charges, net earnings were $162 million and EPS was $2.21.

For the six months ending July 4, 2015, net sales were $3.92 billion, an increase of approximately 2% versus prior year or an increase of approximately 9% on a constant currency exchange rate basis. Net earnings and EPS for the six-month period were $209 million and $2.83, respectively. Net earnings excluding unusual charges were $324 million and adjusted EPS was $4.39, an increase of 28% over the six-month period adjusted EPS result in 2014. For the six-months ending June 28, 2014, net sales were $3.86 billion, net earnings were $234 million and EPS was $3.19; excluding unusual charges, net earnings and EPS were $252 million and $3.44.

Commenting on Mohawk Industries' second quarter performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, "For the period, our adjusted operating margin was approximately 14%, an increase of  21% or 240 basis points compared to the prior year due to the performance of our differentiated new products, higher volume and improved productivity and costs across the enterprise. In May, we completed the purchase of KAI, giving us the leading position in the Bulgarian and Romanian ceramic markets positioned as the low-cost producer; and in mid-June we completed our acquisition of IVC, providing us with leading positions in luxury vinyl tile (LVT) and sheet vinyl on both sides of the Atlantic. The IVC and KAI acquisitions have compelling long-term potential and expand our business into new product categories and new markets. To maximize our growth, we have invested more into the business including developing differentiated products, hiring more sales personnel, and increasing our product sampling and merchandising. Our capital investments increased capacity to meet growing demand and improved manufacturing efficiencies and costs.

"During the second quarter, the Company realigned its reportable segments, organizing its carpet, wood, laminate and newly acquired vinyl operations by geography into the Flooring North America segment and the Flooring Rest of the World segment. Our Global Ceramic segment remains the same with the addition of KAI in Eastern Europe. Our management of the business has been aligned with this change, which will allow us to optimize our operations and sales by region while coordinating our technology, manufacturing and product development across the enterprise. We expect to gain synergies through enhanced customer relationships, better utilization of our assets and distribution systems and the implementation of best practices.

"For the quarter, our Global Ceramic segment's adjusted operating margin was approximately 16%, up 220 basis points as our mix, volume and productivity improved. The segment's sales were down 1% as reported or up approximately 8% on a constant exchange basis, including two months of KAI's results during the quarter. On a pro forma basis, ceramic has become the largest product category in our portfolio, constituting over 35% of our total revenues. Our U.S. ceramic business continues to build momentum across all channels with stronger growth in the residential new construction and commercial sectors. We are adding sales personnel, service centers and showrooms to maximize our U.S. sales and are utilizing our worldwide assets to satisfy the increasing U.S. demand. In Mexico, our sales continued their rapid growth as the economy expands and we grow our market share. We recently completed the acquisition of a small ceramic plant in Baja, Mexico, which will expand our position in Western Mexico and the Southwestern U.S. market. In our European ceramic business, our investments have significantly improved our product offering, sales and margins. The KAI acquisition expands our Eastern European business and creates opportunities to ship their products into other markets. In Russia, our second quarter revenues were up on a local basis as we grow market share in a contracting environment.

"During the period, our Flooring North America segment's adjusted operating income increased 40%, achieving a margin of approximately 12%. All product categories contributed to the increase through productivity and lower costs, offset by price, mix and the start-up costs related to our new U.S. LVT plant. Segment sales increased approximately 3%, including about three weeks of IVC North American results. For the quarter, our carpet tile, laminate, wood, rugs and vinyl sales increased with broadloom carpet down slightly. Our new residential carpet introductions are gaining traction and should improve our remodeling business. During the quarter, we announced the closing of a yarn manufacturing facility, initiated the consolidation of our woven manufacturing and eliminated four regional warehouses. Sales of our hard surface products are growing faster than carpet due to their increasing use in new home construction and residential remodeling. With IVC, we are leveraging Mohawk's relationships to expand our sheet vinyl and LVT sales in all channels. Our new LVT plant in Georgia is starting up as anticipated, and is increasing its production as we refine the manufacturing processes.

"Our Flooring Rest of the World segment's adjusted operating margin was 18.5%, an increase of 250 basis points over the prior year, driven by improved volume, productivity initiatives and lower costs, offset by the start-up expenses of our new Belgian LVT plant and the translation impact of the stronger dollar. Net sales for the segment were down 7% as reported but up 13% on a constant exchange basis, including about three weeks of IVC sales in Europe. Sales of almost all product categories improved over the prior year with our new laminate introductions enhancing our market position. Our Czech wood plant is now operating near capacity with improved costs and margins, although currency translation of wood products from Malaysia impacted our costs. Our Belgian LVT sales continue to increase as we broaden our product offering, increase production and improve our manufacturing cost and quality. The IVC acquisition adds a strong management team, leading manufacturing capabilities and new market opportunities that we can optimize with our existing business.

"Our business is benefiting from years of thoughtful investments in new equipment and acquisitions. In addition to being the world's largest flooring manufacturer, we have the most comprehensive product portfolio with the best brands and assets. Looking ahead, we anticipate the U.S. economy will continue to improve, strengthening both the residential and commercial flooring markets. During the third quarter, we anticipate that U.S. sales and margins in all of our product categories will improve over last year. Though foreign currency is creating significant headwinds, most of our markets are improving and we are growing on a local basis. In Mexico, we expect our sales and margin expansion to continue in a ceramic market that is strongly growing. Our European business should continue to improve with the economy, as we benefit from our new ceramic manufacturing assets and other significant investments we have made. Even though Russia should be more difficult going forward, we expect to gain market share by expanding our position in all channels. In the third quarter, we will continue to absorb the start-up costs related to our capital investments, including two new LVT plants, a new ceramic plant and major upgrades across the enterprise. Our new acquisitions of vinyl in the U.S. and Europe and ceramic in Eastern Europe and Western Mexico will improve our results and long-term value. Taking all of these factors into account, our guidance for third quarter earnings is $2.91 to $2.99 per share, excluding any restructuring charges. Our third quarter earnings guidance would have been approximately $0.24 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, Karastan, IVC, Lees, Marazzi, Mohawk, Pergo, Quick-Step and Unilin. 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 7, 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 # 81118248.  A replay will be available until Friday, September 4, 2015 by dialing 855-859-2056 for US/Local calls and 404-537-3406 for International/Local calls and entering Conference ID # 81118248.

 

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

(Unaudited)

Consolidated Statement of Operations

Three Months Ended

Six Months Ended

(Amounts in thousands, except per share data)

July 4, 2015

June 28, 2014

July 4, 2015

June 28, 2014

Net sales

$                     2,041,733

2,048,247

3,922,910

3,861,342

Cost of sales

1,426,604

1,473,435

2,795,838

2,805,175

    Gross profit

615,129

574,812

1,127,072

1,056,167

Selling, general and administrative expenses

359,313

352,564

827,482

703,184

Operating income

255,816

222,248

299,590

352,983

Interest expense

16,838

20,702

33,287

42,798

Other expense (income), net

2,928

(1,555)

1,845

3,335

    Earnings before income taxes

236,050

203,101

264,458

306,850

Income tax expense

49,276

50,240

55,180

72,936

        Net earnings including noncontrolling interest

186,774

152,861

209,278

233,914

Net earnings (loss)  attributable to noncontrolling interest

282

111

440

83

Net earnings attributable to Mohawk Industries, Inc.

$                         186,492

152,750

208,838

233,831

Basic earnings per share attributable to Mohawk Industries, Inc.

Basic earnings per share attributable to Mohawk Industries, Inc.

$                               2.54

2.10

2.85

3.21

Weighted-average common shares outstanding - basic

73,264

72,832

73,123

72,788

Diluted earnings per share attributable to Mohawk Industries, Inc.

Diluted earnings per share attributable to Mohawk Industries, Inc.

$                               2.53

2.08

2.83

3.19

Weighted-average common shares outstanding - diluted

73,756

73,297

73,644

73,302

Other Financial Information

(Amounts in thousands)

Depreciation and amortization

$                          88,011

83,754

173,667

164,738

Capital expenditures

$                        122,628

127,616

228,422

249,697

Consolidated Balance Sheet Data

(Amounts in thousands)

July 4, 2015

June 28, 2014

ASSETS

Current assets:

    Cash and cash equivalents

$                     171,087

70,044

    Receivables, net

1,387,687

1,261,808

    Inventories

1,592,403

1,644,768

    Prepaid expenses and other current assets

303,871

267,210

    Deferred income taxes 

153,574

135,259

        Total current assets

3,608,622

3,379,089

Property, plant and equipment, net

3,014,751

2,830,202

Goodwill

2,294,214

1,730,713

Intangible assets, net

931,296

792,260

Deferred income taxes and other non-current assets

316,787

149,417

    Total assets

$                10,165,670

8,881,681

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt and commercial paper

$                  1,698,044

619,229

Accounts payable and accrued expenses

1,303,487

1,253,291

        Total current liabilities

3,001,531

1,872,520

Long-term debt, less current portion

1,777,828

1,807,609

Deferred income taxes and other long-term liabilities

750,125

528,252

        Total liabilities

5,529,484

4,208,381

Redeemable noncontrolling interest

21,304

-

Total stockholders' equity

4,614,882

4,673,300

    Total liabilities and stockholders' equity

$               10,165,670

8,881,681

Segment Information

Three Months Ended

As of or for the Six Months Ended

(Amounts in thousands)

July 4, 2015

June 28, 2014

July 4, 2015

June 28, 2014

Net sales:

    Global Ceramic

$                       789,802

796,724

1,509,630

1,491,818

    Flooring NA

920,337

895,912

1,767,248

1,676,243

    Flooring ROW

331,622

357,738

646,364

695,804

    Intersegment sales

(28)

(2,127)

(332)

(2,523)

        Consolidated net sales

$                    2,041,733

2,048,247

3,922,910

3,861,342

Operating income (loss):

    Global Ceramic

$                       121,189

106,407

206,516

167,066

    Flooring NA

95,143

76,602

19,951

123,955

    Flooring ROW

53,052

47,398

97,693

78,864

    Corporate and eliminations

(13,568)

(8,159)

(24,570)

(16,902)

        Consolidated operating income

$                       255,816

222,248

299,590

352,983

Assets:

    Global Ceramic

$                  3,950,088

3,900,387

    Flooring NA

3,182,465

2,587,409

    Flooring ROW

2,710,895

2,174,546

    Corporate and eliminations

322,222

219,339

        Consolidated assets

$                10,165,670

8,881,681

 

 

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 4, 2015

June 28, 2014

July 4, 2015

June 28, 2014

Net earnings attributable to Mohawk Industries, Inc.

$                      186,492

152,750

208,838

233,831

Adjusting items:

Restructuring, acquisition and integration-related and other costs 

20,485

11,169

33,014

22,894

Acquisitions purchase accounting (inventory step-up)

6,156

-

6,156

-

Legal settlement and reserves

-

-

125,000

-

Deferred loan costs

-

-

651

-

Income taxes

(14,490)

(2,229)

(50,044)

(4,620)

Adjusted net earnings attributable to Mohawk Industries, Inc.

$                      198,643

161,690

323,615

252,105

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

$                             2.69

2.21

4.39

3.44

Weighted-average common shares outstanding - diluted

73,756

73,297

73,644

73,302

Reconciliation of Total Debt to Net Debt

(Amounts in thousands)

July 4, 2015

Current portion of long-term debt and commercial paper

$                   1,698,044

Long-term debt, less current portion

1,777,828

Less: Cash and cash equivalents

171,087

Net Debt

$                  3,304,785

Reconciliation of Operating Income to Adjusted EBITDA

(Amounts in thousands)

Trailing Twelve

Three Months Ended

Months Ended

September 27, 2014

December 31, 2014

April 4, 2015

July 4, 2015

July 4, 2015

Operating income

213,693

206,120

43,774

255,816

719,403

Other (expense) income

2,374

(9,737)

1,083

(2,928)

(9,208)

Net (earnings) loss attributable to non-controlling interest

6

(212)

(158)

(282)

(646)

Depreciation and amortization

85,167

95,665

85,656

88,011

354,499

EBITDA

301,240

291,836

130,355

340,617

1,064,048

Restructuring, acquisition and integration-related and other costs 

11,311

21,859

8,169

17,275

58,614

Acquisitions purchase accounting (inventory step-up)

-

-

-

6,156

6,156

Legal settlement and reserves

10,000

-

125,000

-

135,000

 Adjusted EBITDA 

322,551

313,695

263,524

364,048

1,263,818

Net Debt to  Adjusted EBITDA

2.6

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

(Amounts in thousands)

Three Months Ended

Six Months Ended

July 4, 2015

June 28, 2014

July 4, 2015

June 28, 2014

Net sales

$                    2,041,733

2,048,247

3,922,910

3,861,342

Adjustment to net sales on a constant exchange rate

140,913

-

277,616

-

Net sales on a constant exchange rate 

$                    2,182,646

2,048,247

4,200,526

3,861,342

Reconciliation of 2015 Net Sales to Pro Forma Net Sales on a Constant Exchange Rate Excluding 2015 Q2 Acquisition Volume

(Amounts in thousands)

Three Months Ended

July 4, 2015

June 28, 2014

Net sales

$                    2,041,733

2,048,247

Adjustment to net sales on a constant exchange rate

140,913

-

Less: 2015 Q2 impact of acquisition volume

(55,672)

-

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

$                    2,126,974

2,048,247

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

(Amounts in thousands)

Three Months Ended

Global Ceramic

July 4, 2015

June 28, 2014

Net sales

$                        789,802

796,724

Adjustment to segment net sales on a constant exchange rate

68,957

-

Segment net sales on a constant exchange rate 

$                        858,759

796,724

Reconciliation of 2015 Segment Net Sales to Segment Pro Forma Net Sales on a Constant Exchange Rate Excluding 2015 Q2 Acquisition Volume

(Amounts in thousands)

Three Months Ended

Global Ceramic

July 4, 2015

June 28, 2014

Net sales

$                        789,802

796,724

Adjustment to segment net sales on a constant exchange rate

68,957

-

Less: 2015 Q2 impact of acquisition volume

(17,675)

-

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

$                        841,084

796,724

Reconciliation of 2015 Segment Net Sales to Segment Pro Forma  Net Sales on a Constant Exchange Rate Excluding 2015 Q2 Acquisition Volume

(Amounts in thousands)

Three Months Ended

Flooring NA

July 4, 2015

June 28, 2014

Net sales

$                        920,337

895,912

Adjustment to segment net sales on a constant exchange rate

-

-

Less: 2015 Q2 impact of acquisition volume

(10,036)

-

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

$                        910,301

895,912

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

(Amounts in thousands)

Three Months Ended

Flooring ROW

July 4, 2015

June 28, 2014

Net sales

$                        331,622

357,738

Adjustment to segment net sales on a constant exchange rate

71,955

-

Segment net sales on a constant exchange rate 

$                        403,577

357,738

Reconciliation of 2015 Segment Net Sales to Pro Forma Segment Net Sales on a Constant Exchange Rate Excluding 2015 Q2 Acquisition Volume

(Amounts in thousands)

Three Months Ended

Flooring ROW

July 4, 2015

June 28, 2014

Net sales

$                        331,622

357,738

Adjustment to segment net sales on a constant exchange rate

71,955

-

Less: 2015 Q2 impact of acquisition volume

(27,961)

-

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

$                        375,616

357,738

Reconciliation of Gross Profit to Adjusted Gross Profit 

(Amounts in thousands)

Three Months Ended

July 4, 2015

June 28, 2014

Gross Profit

$                        615,129

574,812

Adjustments to gross profit:

Restructuring, acquisition and integration-related and other costs 

12,341

6,755

Acquisitions purchase accounting (inventory step-up)

6,156

-

  Adjusted gross profit

$                        633,626

581,567

   Adjusted gross profit as a percent of net sales

31.0%

28.4%

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

(Amounts in thousands)

Three Months Ended

July 4, 2015

June 28, 2014

Selling, general and administrative expenses

$                        359,313

352,564

Adjustment to selling, general and administrative expenses:

Restructuring, acquisition and integration-related and other costs 

(8,144)

(4,414)

  Adjusted selling, general and administrative expenses

$                        351,169

348,150

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

17.2%

17.0%

Reconciliation of Operating Income to Adjusted Operating Income 

(Amounts in thousands)

Three Months Ended

July 4, 2015

June 28, 2014

Operating income

$                        255,816

222,248

Adjustments to operating income:

Restructuring, acquisition and integration-related and other costs 

20,485

11,169

Acquisitions purchase accounting (inventory step-up)

6,156

-

  Adjusted operating income

$                        282,457

233,417

   Adjusted operating income as a percent of net sales

13.8%

11.4%

Reconciliation of Adjusted Operating Income on a Constant Exchange Rate

(Amounts in thousands)

Three Months Ended

July 4, 2015

June 28, 2014

Operating income

$                        255,816

222,248

Restructuring, acquisition and integration-related and other costs 

20,485

11,169

Acquisitions purchase accounting (inventory step-up)

6,156

-

    Adjustments to operating income on a constant exchange rate

24,955

-

  Adjusted operating income on constant exchange rate

$                        307,412

233,417

Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 

(Amounts in thousands)

Three Months Ended

Global Ceramic

July 4, 2015

June 28, 2014

Operating income

$                        121,189

106,407

Adjustments to segment operating income:

Restructuring, acquisition and integration-related and other costs 

77

196

Acquisitions purchase accounting (inventory step-up)

1,932

-

  Adjusted segment operating income

$                        123,198

106,603

   Adjusted operating income as a percent of net sales

15.6%

13.4%

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

(Amounts in thousands)

Three Months Ended

Global Ceramic

July 4, 2015

June 28, 2014

Operating income

$                        121,189

106,407

Restructuring, acquisition and integration-related and other costs 

77

196

Acquisitions purchase accounting (inventory step-up)

1,932

-

Adjustments to operating income on a constant exchange rate

11,919

-

  Adjusted  segment operating income on constant exchange rate

$                        135,117

106,603

Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 

(Amounts in thousands)

Three Months Ended

Flooring NA

July 4, 2015

June 28, 2014

Operating income

$                           95,143

76,602

Adjustments to segment operating income:

Restructuring, acquisition and integration-related and other costs 

11,465

869

Acquisitions purchase accounting (inventory step-up)

1,167

-

  Adjusted segment operating income

$                         107,775

77,471

   Adjusted operating income as a percent of net sales

11.7%

8.6%

Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 

(Amounts in thousands)

Three Months Ended

Flooring ROW

July 4, 2015

June 28, 2014

Operating income

$                           53,052

47,398

Adjustment to segment operating income:

Restructuring, acquisition and integration-related and other costs 

5,109

9,904

Acquisitions purchase accounting (inventory step-up)

3,057

-

  Adjusted segment operating income

$                           61,218

57,302

   Adjusted operating income as a percent of net sales

18.5%

16.0%

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

(Amounts in thousands)

Three Months Ended

Flooring ROW

July 4, 2015

June 28, 2014

Operating income

$                           53,052

47,398

Restructuring, acquisition and integration-related and other costs 

5,109

9,904

Acquisitions purchase accounting (inventory step-up)

3,057

-

Adjustments to operating income on a constant exchange rate

12,541

-

  Adjusted segment operating income on constant exchange rate

$                           73,759

57,302

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

July 4, 2015

June 28, 2014

Earnings before income taxes

$                         236,050

203,101

Noncontrolling interest

(282)

(111)

Adjustments to earnings from continuing operations before income taxes:

Restructuring, acquisition and integration-related and other costs 

20,485

11,169

Acquisitions purchase accounting (inventory step-up)

6,156

-

  Adjusted earnings before income taxes

$                         262,409

214,159

Reconciliation of Income Tax Expense to Adjusted Income Tax Expense 

(Amounts in thousands)

Three Months Ended

July 4, 2015

June 28, 2014

Income tax expense 

$                           49,276

50,240

Income tax effect of adjusting items

14,490

2,229

  Adjusted income tax expense

$                           63,766

52,469

Adjusted income tax rate

24.3%

24.5%

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 is useful because it allows investors to evaluate our performance for different periods on a more comparable basis.

SOURCE Mohawk Industries, Inc.



RELATED LINKS

http://www.mohawkind.com