GlobeNewswire by notified

Mohawk Industries Reports Q1 Results

Share

CALHOUN, Ga., April 28, 2022 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) today announced 2022 first quarter net earnings of $245 million and diluted earnings per share (EPS) of $3.78. Adjusted net earnings were $246 million, and adjusted EPS was $3.78, excluding restructuring, acquisition, and other charges. Net sales for the first quarter of 2022 were $3.0 billion, an increase of 13.0% as reported and 17.3% on a constant currency and days basis. For the first quarter of 2021, net sales were $2.7 billion, net earnings were $237 million and EPS was $3.36. Adjusted net earnings were $246 million, and adjusted EPS was $3.49, excluding restructuring, acquisition, and other charges.

Commenting on Mohawk Industries’ first quarter performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, “Mohawk’s results exceeded our expectations as first quarter sales rose to an all-time record, reflecting higher pricing, growth in our ceramic businesses, an improving commercial sector and benefit from our small acquisitions. Operating income exceeded our forecast as strength in our global ceramic businesses offset rising European energy costs, improved operational strategies enhanced Flooring North America’s results and our management of European market pressures benefited Flooring Rest of the World.”

During the quarter, we ran our operations at high levels in most markets to address order backlogs and replenish our inventory. During the past year, rapid cost escalations have required multiple pricing actions to pass through inflation. We have implemented these unprecedented increases across our markets and have announced additional increases across the business as inflation continues to rise. We are also controlling SG&A spending, enhancing operational efficiencies, and introducing innovative new product features. In some markets, our growth in the quarter was limited by inventory and production constraints. We are executing multiple expansion projects so that we can satisfy demand for our higher growth products, create new innovation and improve operational efficiencies. The categories that we are expanding include U.S. laminate, LVT and quartz countertops; European laminate, high-end porcelain slabs and specialty ceramic products; and ceramic tile in Brazil and Mexico. Our recent, bolt-on acquisitions in Europe are enhancing our growing insulation and panels businesses. Sales of our products remain strong, and the design and features we are bringing to market give us competitive advantages in all price points.

Market conditions for flooring remain favorable, even as governments raise interest rates to combat inflation. Employment is at high levels and wages are increasing in most of our markets. Millions of millennials in their late 20s and early 30s are forming households and desire home ownership. Unlike past cycles, U.S. housing inventory is historically low, more single-family homes are under construction and the U.S. home deficit will require years to align supply with demand. Remodeling should remain strong with rising home equity and buyers of existing homes still completing long-term projects that they initiated over the past few years. Commercial new construction and remodeling continue to strengthen as business conditions improve and projects that were delayed due to the pandemic are initiated.

Against a background of geopolitical tensions and rising inflation, Mohawk has continued to deliver sales growth, generate strong cash flow, and maintain historically low leverage. Given the undervaluation of our stock relative to our earnings, our board approved an additional $500 million share repurchase program in February. We acquired 2.1 million shares during the first quarter for a total of $307 million. Since the start of 2020, we have acquired 8.5 million shares representing 12% of the outstanding balance reflecting our confidence in Mohawk’s long-term growth and profitability.

In the first quarter, our Global Ceramic Segment sales increased 14.5% as reported and 18.5% on a constant days and currency basis. The Segment’s operating margin was 9.4%, as a result of pricing and mix improvements, productivity and higher volumes, offset by rising inflation, including the European gas crisis and more normal seasonality. Our U.S. ceramic business continues to improve its sales and margins by enhancing its product mix and implementing multiple price increases to cover inflation. Our U.S. sales should be positively impacted by providing alternatives to tile imports, which are increasing in price and experiencing shipping delays. Our quartz countertop sales are growing rapidly, and to satisfy demand we have initiated construction to expand capacity at our Tennessee countertop facility. The results of our ceramic businesses in Mexico and Brazil continued to be strong, even with our sales in the quarter being limited by low inventory levels. To relieve constraints, we have increased capacity in Mexico, and we are negotiating with government agencies for permits and incentives to construct a new porcelain tile facility in Brazil. In our European ceramic business, sales in the first quarter grew as consumer demand strengthened, and our customers increased inventory levels in anticipation of inflation. Ceramic industry production in Europe was interrupted when Ukrainian clay supplies to Western Europe ceased. We anticipated the supply problems and increased inventory levels before the invasion to avoid interrupting our production. Natural gas prices for the balance of the year have escalated from prior estimates, raising our future costs. We improved our results by increasing prices more than expected, as well as enhancing our product mix.

For the quarter, our Flooring Rest of World Segment net sales increased 14.2% as reported or approximately 22.1% on a constant currency basis. The Segment’s operating margin was 15.3% as reported and 15.5% on an adjusted basis, impacted by inflation, supply chain disruptions and the impact of foreign exchange, partially offset by pricing and mix gains during the quarter. In challenging conditions, the segment’s leadership team took actions to manage escalating energy costs, rising inflation and unstable supply chains. Despite multiple price increases, we are lagging rapidly rising costs in Europe and have announced additional price increases in response to continuing inflationary pressures. Though material supply limited production, laminate sales increased in the quarter, and we expect continued long-term growth as we expand the premium laminate category. To support higher future sales, our laminate expansion in Belgium should be operational by the end of 2023. Sales in our LVT and sheet vinyl businesses were negatively impacted by material disruptions and low inventory levels. Raw material supply for both categories was especially challenging but improved as we progressed through the quarter. Our purchase of an insulation manufacturer with plants in Ireland and the U.K. increased our market share of polyurethane insulation products. In one of the insulation plants we acquired, a new production line with state-of-the-art technology is presently starting up. Our panel sales grew significantly in the quarter, and our new high-pressure laminate line is extending our manufacturing into a new product category that coordinates with our other wood panels. The integration of our recently acquired MDF facility is progressing as we improve efficiencies and expand its capacity. Our Australian business had robust demand in the quarter following the loosening of pandemic restrictions while New Zealand remains difficult due to continued restrictions.

In the quarter, our Flooring North America Segment sales increased 10.6% as reported or 12.3% on a constant days basis, and our operating margin was 8.9% as a result of pricing and mix improvements and productivity, partially offset by inflation and a return to more normal seasonality. The Segment is managing the greatest inflation we have ever experienced and is implementing further price increases. The strategies we have been implementing during the past two years have improved our sales execution, cost structure, service levels, and enabled us to manage this difficult environment. Across the Segment, we have initiated many projects to increase productivity, improve efficiencies and upgrade our assets to enhance our results. Mohawk holds a leading share of the laminate market, and sales of our premium collections continued to grow in the quarter as our new production line ramped up. Escalating market demand in North America is absorbing our additional production as it comes online, and we are further expanding our U.S. capacity next year to support continued growth. Our LVT sales continued to grow substantially in the first quarter as we benefited from an improved offering across all channels. Our LVT margins were impacted by supply disruptions that interrupted manufacturing, delays in sourced products and higher ocean freight costs. Our new West Coast LVT facility is initiating production and fine-tuning processes. Residential carpet service improved substantially, and customers are lowering inventory, impacting sales. We are raising prices to further offset escalating material and energy cost. By reducing complexity, simplifying operations and increasing efficiencies we are improving cost. Our commercial flooring sales continue to rebound, led by strength in the government, workplace, and health care channels. Sales in both our carpet tile and commercial LVT collections are growing, as new and deferred projects are being initiated. We have introduced a new carpet tile that provides superior acoustics and comfort, while achieving the highest level of sustainability certifications with half the carbon footprint. We continue to find innovative solutions to strengthen our environmental performance to maintain our leadership in eco-friendly products.

Four months into 2022, we remain cautiously optimistic about industry growth this year despite inflation and interest rate pressures. We have announced additional price increases in most of our products and markets as inflation continues to rise. Housing supply is historically low, and rising mortgage rates are spurring families to purchase homes sooner. Remodeling should be supported by continued existing home sales, higher home equity and the upgrading of homes purchased over the past two to three years. We expect that the commercial sector will continue its rebound with people returning to pre-pandemic routines. We expect improvements in the supply of constrained materials which should increase our production levels. Even though we are increasing prices, the historic rise in European energy costs continues to impact our business. Our capital investments, when completed, will relieve our specific capacity constraints and increase our offering. This year, we are focused on optimizing our mix and margins, controlling our spending and initiating additional productivity actions. Given these factors, we anticipate our second quarter adjusted EPS to be $4.25 to $4.35, excluding any restructuring charges.

“We have confidence in the long-term future of our business despite near-term uncertainties. Globally, there is a structural deficit for housing that will take years to satisfy, and we should benefit from strong long-term trends in new home construction, residential remodeling, and commercial projects. Our brands are the most recognized in flooring and provide a comprehensive product portfolio that includes the industry’s strongest collection of sustainable products. We are making it easier for our customers to grow their businesses through leading digital tools that generate customer leads, simplify ordering and expedite deliveries. Through the innovation of our talented team, we continue to lead the industry in design, performance and value. The strength of our balance sheet allows us to pursue both transformational and bolt-on acquisitions that complement our business. Over the next three to five years, these advantages should enhance Mohawk’s sales and margin expansion.”

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, Daltile, Durkan, Eliane, Feltex, Godfrey Hirst, IVC, Karastan, Marazzi, Mohawk, Mohawk Group, 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 around the globe.

Certain of the statements in the immediately preceding paragraphs, particularly those 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 freight, raw material prices and other input costs; inflation and deflation in consumer markets; currency fluctuations; 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; taxes and tax reform, product and other claims; litigation; the risks and uncertainty related to the COVID-19 pandemic and Russian military actions in Ukraine or other geopolitical events; regulatory and political changes in the jurisdictions in which the Company does business and other risks identified in Mohawk’s SEC reports and public announcements.

Conference call Friday, April 29, 2022, at 11:00 AM Eastern Time

The telephone number is 1-800-603-9255 for U.S./Canada and 1-706-634-2294 for International/Local. Conference ID # 2649466. A replay will be available until May 29, 2022, by dialing 1-855-859-2056 for U.S./local calls and 1-404-537-3406 for International/Local calls and entering Conference ID # 2649466.

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
(Unaudited)
Condensed Consolidated Statement of Operations DataThree Months Ended
(Amounts in thousands, except per share data)April 2,2022April 3, 2021
Net sales$3,015,6632,669,026
Cost of sales2,213,5351,877,257
    Gross profit802,128791,769
Selling, general and administrative expenses481,327474,254
Operating income320,801317,515
Interest expense11,48115,241
Other (income) expense, net2,438(2,227)
    Earnings before income taxes306,882304,501
Income tax expense61,44867,690
        Net earnings including noncontrolling interests245,434236,811
Net earnings attributable to noncontrolling interests1054
Net earnings attributable to Mohawk Industries, Inc.$245,329236,807
Basic earnings per share attributable to Mohawk Industries, Inc.
Basic earnings per share attributable to Mohawk Industries, Inc.$3.793.37
Weighted-average common shares outstanding - basic64,68670,179
Diluted earnings per share attributable to Mohawk Industries, Inc.
Diluted earnings per share attributable to Mohawk Industries, Inc.$3.783.36
Weighted-average common shares outstanding - diluted64,97070,474
Other Financial Information
(Amounts in thousands)
Net cash provided by operating activities$54,954259,605
Less: Capital expenditures129,470114,735
Free cash flow$(74,516)144,870
Depreciation and amortization$141,415151,216
Condensed Consolidated Balance Sheet Data
(Amounts in thousands)
April 2,2022April 3, 2021
ASSETS
Current assets:
    Cash and cash equivalents$230,559557,262
    Short-term investments310,000782,267
    Receivables, net2,044,6981,813,858
    Inventories2,513,2441,996,628
    Prepaid expenses and other current assets466,238415,997
        Total current assets5,564,7395,566,012
Property, plant and equipment, net4,552,6124,432,110
Right of use operating lease assets384,740337,767
Goodwill2,579,3852,594,727
Intangible assets, net883,527921,846
Deferred income taxes and other non-current assets421,716437,611
    Total assets$14,386,71914,290,073
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
    Short-term debt and current portion of long-term debt$1,546,463953,913
    Accounts payable and accrued expenses2,220,3471,954,396
    Current operating lease liabilities104,82398,982
        Total current liabilities3,871,6333,007,291
Long-term debt, less current portion1,088,4011,719,115
Non-current operating lease liabilities293,239248,022
Deferred income taxes and other long-term liabilities845,843816,613
        Total liabilities6,099,1165,791,041
Total stockholders' equity8,287,6038,499,032
    Total liabilities and stockholders' equity$14,386,71914,290,073
Segment InformationAs of or for the Three Months Ended
(Amounts in thousands)April 2,2022April 3, 2021
Net sales:
    Global Ceramic$1,064,757929,871
    Flooring NA1,071,910969,250
    Flooring ROW878,996769,905
        Consolidated net sales$3,015,6632,669,026
Operating income (loss):
    Global Ceramic$100,33887,804
    Flooring NA95,32481,298
    Flooring ROW134,650159,306
    Corporate and intersegment eliminations(9,511)(10,893)
        Consolidated operating income$320,801317,515
Assets:
    Global Ceramic$5,240,2145,161,660
    Flooring NA4,220,7573,731,032
    Flooring ROW4,413,0134,120,381
    Corporate and intersegment eliminations512,7351,277,000
        Consolidated assets$14,386,71914,290,073



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
April 2,2022April 3, 2021
Net earnings attributable to Mohawk Industries, Inc.$245,329236,807
Adjusting items:
Restructuring, acquisition and integration-related and other costs1,91811,574
Acquisitions purchase accounting, including inventory step-up-303
Release of indemnification asset7,263-
Income taxes - reversal of uncertain tax position(7,263)-
Income taxes(1,684)(2,735)
Adjusted net earnings attributable to Mohawk Industries, Inc.$245,563245,949
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.$3.783.49
Weighted-average common shares outstanding - diluted64,97070,474
Reconciliation of Total Debt to Net Debt Less Short-Term Investments
(Amounts in thousands)
April 2,2022
Short-term debt and current portion of long-term debt$1,546,463
Long-term debt, less current portion1,088,401
Total debt2,634,864
Less: Cash and cash equivalents230,559
Net Debt2,404,305
Less: Short-term investments310,000
 Net debt less short-term investments$2,094,305
Reconciliation of Operating Income to Adjusted EBITDA
(Amounts in thousands)Trailing Twelve
Three Months EndedMonths Ended
July 3,2021October 2,2021December 31,2021April 2,2022April 2,2022
Operating income$404,424359,974253,098320,8011,338,297
Other income (expense)11,168(21)(1,140)(2,438)7,569
Net income attributable to noncontrolling interests(168)(206)(11)(105)(490)
Depreciation and amortization (1)148,466148,618143,411141,415581,910
EBITDA563,890508,365395,358459,6731,927,286
Restructuring, acquisition and integration-related and other costs3,3219824,6411,91810,862
Acquisitions purchase accounting, including inventory step-up1532261,067-1,446
Resolution of foreign non-income tax contingencies(6,211)---(6,211)
Release of indemnification asset---7,2637,263
 Adjusted EBITDA$561,153509,573401,066468,8541,940,646
Net Debt less short-term investments to adjusted EBITDA1.1
(1) Includes $8,417 of accelerated depreciation recorded for the trailing twelve months ended April 2, 2022.
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
Three Months Ended
April 2,2022April 3, 2021
Net sales$3,015,6632,669,026
Adjustment to net sales on constant shipping days21,018-
Adjustment to net sales on a constant exchange rate93,781-
Net sales on a constant exchange rate and constant shipping days$3,130,4622,669,026
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
Three Months Ended
Global CeramicApril 2,2022April 3, 2021
Net sales$1,064,757929,871
Adjustment to segment net sales on constant shipping days4,269-
Adjustment to segment net sales on a constant exchange rate32,423-
Segment net sales on a constant exchange rate and constant shipping days$1,101,449929,871
Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days
(Amounts in thousands)
Three Months Ended
Flooring NAApril 2,2022April 3, 2021
Net sales$1,071,910969,250
Adjustment to segment net sales on constant shipping days16,749-
Segment net sales on constant shipping days$1,088,659969,250
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate
(Amounts in thousands)
Three Months Ended
Flooring ROWApril 2,2022April 3, 2021
Net sales$878,996769,905
Adjustment to segment net sales on a constant exchange rate61,358-
Segment net sales on a constant exchange rate$940,354769,905
Reconciliation of Gross Profit to Adjusted Gross Profit
(Amounts in thousands)
Three Months Ended
April 2,2022April 3, 2021
Gross Profit$802,128791,769
Adjustments to gross profit:
Restructuring, acquisition and integration-related and other costs93810,182
Acquisitions purchase accounting, including inventory step-up-303
  Adjusted gross profit$803,066802,254
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses
(Amounts in thousands)
Three Months Ended
April 2,2022April 3, 2021
Selling, general and administrative expenses$481,327474,254
Adjustments to selling, general and administrative expenses:
Restructuring, acquisition and integration-related and other costs(980)(1,002)
  Adjusted selling, general and administrative expenses$480,347473,252
Reconciliation of Operating Income to Adjusted Operating Income on a Constant Exchange Rate
(Amounts in thousands)
Three Months Ended
April 2,2022April 3, 2021
Operating income$320,801317,515
Adjustments to operating income:
Restructuring, acquisition and integration-related and other costs1,91811,184
Acquisitions purchase accounting, including inventory step-up-303
Adjustment to operating income on a constant exchange rate11,210-
  Adjusted operating income on a constant exchange rate$333,929329,002
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income on a Constant Exchange Rate
(Amounts in thousands)
Three Months Ended
Global CeramicApril 2,2022April 3, 2021
Operating income$100,33887,804
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs-1,273
Adjustment to segment operating income on a constant exchange rate2,989-
  Adjusted segment operating income on a constant exchange rate$103,32789,077
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
Three Months Ended
Flooring NA April 2,2022April 3, 2021
Operating income$95,32481,298
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs1058,859
  Adjusted segment operating income$95,42990,157
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income on a Constant Exchange Rate
(Amounts in thousands)
Three Months Ended
Flooring ROW April 2,2022April 3, 2021
Operating income$134,650159,306
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs1,8131,054
Acquisitions purchase accounting, including inventory step-up-303
Adjustment to segment operating income on a constant exchange rate8,221-
  Adjusted segment operating income on a constant exchange rate$144,684160,663
Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes
(Amounts in thousands)
Three Months Ended
April 2,2022April 3, 2021
Earnings before income taxes$306,882304,501
Net earnings attributable to noncontrolling interests(105)(4)
Adjustments to earnings including noncontrolling interests before income taxes:
Restructuring, acquisition and integration-related and other costs1,91811,574
Acquisitions purchase accounting, including inventory step-up-303
Release of indemnification asset7,263-
  Adjusted earnings including noncontrolling interests before income taxes$315,958316,374
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
(Amounts in thousands)
Three Months Ended
April 2,2022April 3, 2021
Income tax expense$61,44867,690
Income taxes - reversal of uncertain tax position7,263-
Income tax effect of adjusting items1,6842,735
  Adjusted income tax expense$70,39570,425
      Adjusted income tax rate22.3%22.3%
The Company supplements its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, with certain non-GAAP financial measures. As required by the Securities and Exchange Commission rules, the tables above present a reconciliation of the Company's non-GAAP financial measures to the most directly comparable US GAAP measure. Each of the non-GAAP measures set forth above should be considered in addition to the comparable US GAAP measure, and may not be comparable to similarly titled measures reported by other companies. The Company believes these non-GAAP measures, when reconciled to the corresponding US GAAP measure, help its investors as follows: Non-GAAP revenue measures that assist in identifying growth trends and in comparisons of revenue with prior and future periods and non-GAAP profitability measures that assist in understanding the long-term profitability trends of the Company's business and in comparisons of its profits with prior and future periods.
The Company excludes certain items from its non-GAAP revenue measures because these items can vary dramatically between periods and can obscure underlying business trends. Items excluded from the Company's non-GAAP revenue measures include: foreign currency transactions and translation and the impact of acquisitions.
The Company excludes certain items from its non-GAAP profitability measures because these items may not be indicative of, or are unrelated to, the Company's core operating performance. Items excluded from the Company's non-GAAP profitability measures include: restructuring, acquisition and integration-related and other costs, acquisition purchase accounting, including inventory step-up, release of indemnification assets and the reversal of uncertain tax positions.



Contact: James Brunk, Chief Financial Officer (706) 624-2239


To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Robex Announces Share Consolidation29.3.2024 00:30:00 CET | Press release

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES QUEBEC CITY, March 28, 2024 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" or the "Company") (TSXV: RBX) announces today that its Board of Directors has approved the implementation of the consolidation of the issued and outstanding common shares of the Company approved by its shareholders on June 29, 2023, on the basis of one (1) post-consolidation common share for ten (10) pre-consolidation common shares (the "Consolidation"), which will take effect on April 1st, 2024 (the "Effective Date"). As a result, the Company's consolidated shares are expected to commence trading on the TSX Venture Exchange a few days after the Effective Date. After the Consolidation, the shares will have a new CUSIP number and a new ISIN number. The Consolidation will reduce the number of issued and outstanding common shares of the Company from approximately 844,054,403 common shares to 84,405,449 common shares upon complet

Golar LNG Limited - Announcement of filing of Form 20-F Annual Report28.3.2024 22:47:27 CET | Press release

Golar LNG Limited announces that it has filed its Form 20-F for the year ended December 31, 2023 with the Securities and Exchange Commission in the U.S. Form 20-F can be downloaded from the link below, is available on our website (www.golarlng.com) and shareholders may receive a hard copy free of charge upon request. March 28, 2024 The Board of Directors Hamilton, Bermuda Enquiries: Golar Management Limited: + 44 207 063 7900 Stuart Buchanan This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act Attachment GLNG 2023 Annual Report Form 20-F

Magna Posts 2023 Annual Report28.3.2024 22:26:07 CET | Press release

AURORA, Ontario, March 28, 2024 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today announced that its 2023 Annual Report, including Management’s Discussion and Analysis and Audited Consolidated Financial Statements, Annual Information Form (AIF) and Form 40-F, are now available on the company’s website, www.magna.com. Magna has also filed these documents with the Canadian Securities Administrators (accessible through its website at www.sedarplus.ca) and the U.S. Securities and Exchange Commission (accessible through its website at www.sec.gov/edgar). Our 2024 Annual Meeting of Shareholders will be held on Thursday, May 9, 2024, commencing at 10:00 a.m. (Eastern Daylight Time). The meeting is being conducted as a virtual-only meeting accessible at www.virtualshareholdermeeting.com/MGA2024. Magna will provide a paper copy of its audited financial statements as contained in our 2023 Annual Report to Shareholders, free of charge, on request through our website, www.mag

Fortuna files Form 40-F, Annual Report28.3.2024 22:00:00 CET | Press release

VANCOUVER, British Columbia, March 28, 2024 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports that the Company has filed today its fiscal 2023 annual report on Form 40-F with the U.S. Securities and Exchange Commission (“SEC”). The Form 40-F, which includes the Company’s fiscal 2023 annual audited financial statements, management’s discussion and analysis, and annual information form, is available on the Company’s website and on the SEC´s website. Printed copies of the annual financial statements are available free of charge to Fortuna shareholders upon written request. About Fortuna Silver Mines Inc. Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental p

Nokia Corporation: Repurchase of own shares on 28.03.202428.3.2024 21:30:00 CET | Press release

Nokia Corporation Stock Exchange Release 28 March 2024 at 22:30 EET Nokia Corporation: Repurchase of own shares on 28.03.2024 Espoo, Finland – On 28 March 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL467,1243.29CEUX--BATE--AQEU--TQEX--Total467,1243.29 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 4 April 2023 started on 20 March 2024 and ends by 18 December 2024 with a maximum aggregate purchase price of EUR 300 million. Total cost of

HiddenA line styled icon from Orion Icon Library.Eye