Mohawk Industries Inc. (MHK, Financial) filed Quarterly Report for the period ended 2010-04-03.
Mohawk Industries Inc. has a market cap of $4.37 billion; its shares were traded at around $63.74 with a P/E ratio of 27.24 and P/S ratio of 0.82. MHK is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Wallace Weitz of Weitz Wallace R & Co, Ron Baron of Baron Funds, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Prem Watsa of Fairfax Financial Holdings, Inc., Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, George Soros of Soros Fund Management LLC.
Mohawk Segment - Net sales increased $122.3 million, or 20.6%, to $716.6 million in the current quarter compared to $594.3 million in the first quarter of 2009. Included in net sales for the first quarter of 2009 is a carpet sales allowance of $110.2 million. For the first quarter of 2010, sales increased approximately $45 million due to additional shipping days as compared to 2009, partially offset by lower sales volume of approximately $22 million primarily related to continued weakness in the commercial real estate market and by approximately $11 million due to the net effect of price and product mix, as customers traded down to lower priced products and selling prices on commoditized products compressed.
Dal-Tile Segment - Net sales decreased $17.1 million, or 4.8%, to $341.4 million in the current quarter compared to $358.5 million in the first quarter of 2009. The decrease was primarily driven by the net effect of price and product mix of approximately $23 million, as customers traded down to lower priced products and a decrease in sales volume of approximately $20 million primarily related to continued weakness in the commercial real estate market, partially offset by a net increase of approximately $21 million in sales volume due to additional shipping days as compared to 2009 and by approximately $4 million due to favorable foreign exchange rates.
Operating income for the first quarter of 2010 was $53.6 million (4.0% of net sales) reflecting a $199.5 million increase compared to an operating loss of $145.9 million in the first quarter of 2009. Operating loss for the first quarter of 2009 includes a carpet sales allowance and inventory write-off of $122.6 million and the unfavorable impact of higher raw material costs flowing through cost of sales of approximately $62 million. For the first quarter of 2010, operating income increased by approximately $32 million due to lower manufacturing and selling, general and administrative costs, primarily related to 2009 restructuring actions and cost savings initiatives, and by approximately $14 million due to higher sales volume, partially offset by the net effect of price and product mix of approximately $32 million.
Mohawk Segment - Operating income was $16.6 million (2.3% of segment net sales) in the first quarter of 2010 reflecting an increase of $195.7 million compared to operating loss of $179.1 million in the first quarter of 2009. Operating loss for the first quarter of 2009 includes a carpet sales allowance and inventory write-off of $122.6 million and the unfavorable impact of higher raw material costs flowing through cost of sales of approximately $62 million. For the first quarter of 2010, operating income increased by approximately $18 million due to lower manufacturing and selling, general and administrative costs, primarily related to 2009 restructuring actions and cost savings initiatives, partially offset by the net effect of price and product mix of approximately $8 million.
Unilin Segment - Operating income was $26.5 million (8.6% of segment net sales) in the first quarter of 2010 reflecting an increase of $11.9 million compared to operating income of $14.6 million (5.4% of segment net sales) for the first quarter of 2009. The increase was primarily driven by lower manufacturing and selling, general and administrative costs of approximately $13 million, primarily related to 2009 restructuring actions and cost savings initiatives, higher sales volume of approximately $9 million and a $3 million decrease in restructuring costs, partially offset by the net effect of price and product mix of approximately $14 million.
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Mohawk Industries Inc. has a market cap of $4.37 billion; its shares were traded at around $63.74 with a P/E ratio of 27.24 and P/S ratio of 0.82. MHK is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Wallace Weitz of Weitz Wallace R & Co, Ron Baron of Baron Funds, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Prem Watsa of Fairfax Financial Holdings, Inc., Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Net sales for the quarter ended April 3, 2010 were $1,347.2 million, reflecting an increase of $138.9 million, or 11.5%, from the $1,208.3 million reported for the quarter ended March 28, 2009. Included in net sales for the first quarter of 2009 is a carpet sales allowance of $110.2 million. For the first quarter of 2010, sales increased approximately $89 million due to additional shipping days as compared to 2009 and by approximately $16 million due to favorable foreign exchange rates. This increase was partially offset by the net effect of price and product mix of approximately $48 million, as customers traded down to lower priced products and selling prices on commoditized products compressed, and lower sales volume of approximately $29 million primarily related to continued weakness in the commercial real estate market.Mohawk Segment - Net sales increased $122.3 million, or 20.6%, to $716.6 million in the current quarter compared to $594.3 million in the first quarter of 2009. Included in net sales for the first quarter of 2009 is a carpet sales allowance of $110.2 million. For the first quarter of 2010, sales increased approximately $45 million due to additional shipping days as compared to 2009, partially offset by lower sales volume of approximately $22 million primarily related to continued weakness in the commercial real estate market and by approximately $11 million due to the net effect of price and product mix, as customers traded down to lower priced products and selling prices on commoditized products compressed.
Dal-Tile Segment - Net sales decreased $17.1 million, or 4.8%, to $341.4 million in the current quarter compared to $358.5 million in the first quarter of 2009. The decrease was primarily driven by the net effect of price and product mix of approximately $23 million, as customers traded down to lower priced products and a decrease in sales volume of approximately $20 million primarily related to continued weakness in the commercial real estate market, partially offset by a net increase of approximately $21 million in sales volume due to additional shipping days as compared to 2009 and by approximately $4 million due to favorable foreign exchange rates.
Operating income for the first quarter of 2010 was $53.6 million (4.0% of net sales) reflecting a $199.5 million increase compared to an operating loss of $145.9 million in the first quarter of 2009. Operating loss for the first quarter of 2009 includes a carpet sales allowance and inventory write-off of $122.6 million and the unfavorable impact of higher raw material costs flowing through cost of sales of approximately $62 million. For the first quarter of 2010, operating income increased by approximately $32 million due to lower manufacturing and selling, general and administrative costs, primarily related to 2009 restructuring actions and cost savings initiatives, and by approximately $14 million due to higher sales volume, partially offset by the net effect of price and product mix of approximately $32 million.
Mohawk Segment - Operating income was $16.6 million (2.3% of segment net sales) in the first quarter of 2010 reflecting an increase of $195.7 million compared to operating loss of $179.1 million in the first quarter of 2009. Operating loss for the first quarter of 2009 includes a carpet sales allowance and inventory write-off of $122.6 million and the unfavorable impact of higher raw material costs flowing through cost of sales of approximately $62 million. For the first quarter of 2010, operating income increased by approximately $18 million due to lower manufacturing and selling, general and administrative costs, primarily related to 2009 restructuring actions and cost savings initiatives, partially offset by the net effect of price and product mix of approximately $8 million.
Unilin Segment - Operating income was $26.5 million (8.6% of segment net sales) in the first quarter of 2010 reflecting an increase of $11.9 million compared to operating income of $14.6 million (5.4% of segment net sales) for the first quarter of 2009. The increase was primarily driven by lower manufacturing and selling, general and administrative costs of approximately $13 million, primarily related to 2009 restructuring actions and cost savings initiatives, higher sales volume of approximately $9 million and a $3 million decrease in restructuring costs, partially offset by the net effect of price and product mix of approximately $14 million.
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