Whirlpool Full-Year Report 2023

“In 2023, we delivered over a point of North America share gains and approximately $800 million of cost take out as expected” said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation “Looking forward to 2024 we expect to further reset our cost structure with an additional $300-$400 million of cost take out, while our portfolio transformation will unlock margin lift with the close of the Europe transaction, expected in April 2024.”

Highlights

• Fourth-quarter net sales growth of approximately 3% with 1 point of North America share gains year-over-year
• Fourth-quarter GAAP net earnings margin of 9.7% compared to prior year period of (32.6)%, impacted by the Europe transaction
• Fourth-quarter ongoing (non-GAAP) EBIT margin” of 5.2% (+170bps year-over-year)
• Full-year GAAP and ongoing (non-GAAP) earnings per diluted share of $8.72 and $16.16, respectively, including $800 million of cost take out
• Paid $384 million in dividends in 2023 and repaid $500 million of term loan
• 2024 outlook includes GAAP and ongoing earnings per diluted share of $8.50 to $10.50 and $13.00 to $15.00, respectively; cash provided by operating activities of $1.15 to $1.25 billion and free cash flow of $550 to $650 million