Whirlpool Q1 Report 2024

Whirlpool Corporation reported first-quarter 2024 financial results.

“The closing of the Europe transaction marks a critical portfolio transformation milestone,” said Marc Bitzer. “We saw strong performance in Global SDA as well as our international businesses, and announced promotional program price increases in MDA North America consistent with the value of our products and brands to address sticky inflation.”

Highlights

  • Europe transaction closed on April 1st; expected to deliver $750M+ net present value of future cash flows and $250-$300M incremental cash flow in 2025.
  • Strong Q1 performance from Latin America, Asia, and SDA Global driven by share gains and cost performance, offset by the challenging macro environment in North America, as expected.
  • Announced -5% increase to all promotional program prices in MDA North America.
  • Declared $1.75 dividend per share in both Q1 & Q2; repaid $500 million of term loan in April.
  • Q1 GAAP net earnings margin of (5.8)% compared to prior year period of (3.9) %, impacted by a non-cash charge related to the Europe transaction; GAAP loss per diluted share of $(4.72).
  • Ongoing (non-GAAP) EBIT margin of 4.3%; ongoing earnings per diluted share(2) of $1.78.
  • Expect full-year GAAP earnings per diluted share of $5.00 to $7.00 impacted by the non-cash charge related to the Europe transaction.
  • Reaffirming full-year ongoing earnings per diluted share(2) of $13.00 to $15.00, cash provided by operating activities of $1.15 to $1.25 billion and free cash flow of $550 to $650 million.

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