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24.04.2024 16:05
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Whirlpool Announces First-Quarter Results; Significant Portfolio Transformation Milestone
Ein Whirlpool und im Hintergrund der Sonnenuntergang. (Symbolbild)
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PR Newswire
BENTON HARBOR, Mich., April 24, 2024
-- 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 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(1) 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(3) of $550 to $650 million
BENTON HARBOR, Mich., April 24, 2024 /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR), today reported first-quarter 2024 financial results.
"The closing of the Europe transaction marks a critical portfolio transformation milestone," said Marc Bitzer. "We saw strong performance in Global SDA as well as our international businesses, and announced promotional program price increases in MDA North America consistent with the value of our products and brands to address sticky inflation."
MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER
| First-Quarter Results | 2024 | 2023 | Change |
| Net sales ($M) | $4,490 | $4,649 | (3.4) % |
| Net sales excluding currency ($M) | $4,446 | $4,649 | (4.4) % |
| GAAP net earnings (loss) available to Whirlpool ($M) | $(259) | $(179) | (44.7) % |
| Ongoing EBIT(1) ($M) | $195 | $251 | (22.3) % |
| GAAP earnings (loss) per diluted share | $(4.72) | $(3.27) | (44.3) % |
| Ongoing earnings per diluted share(2) | $1.78 | $2.66 | (33.1) % |
| | | | |
| Free Cash Flow | 2024 | 2023 | Change |
| Cash provided by (used in) operating activities ($M) | $(873) | $(477) | $(396) |
| Free cash flow(3) ($M) | $(988) | $(573) | $(415) |
"During 2024, we have demonstrated our commitment to our capital allocation priorities," said Jim Peters. "We have launched several new products, declared very strong dividends in Q1 and Q2, and repaid $500 million of our maturing term loan."
JIM PETERS, CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER
SEGMENT REVIEW
| SEGMENT INFORMATION ($M) | | Q1 2024 | Q1 2023 | Change | |
| MDA North America | Net Sales | | $2,428 | $2,641 | (8.1) % |
| EBIT | | $135 | $266 | (49.2) % | |
| % of sales | | 5.6 % | 10.1 % | (4.5pts) | |
| MDA Europe | Net Sales | | $804 | $846 | (5.0) % |
| EBIT | | $(9) | $(5) | (80.0) % | |
| % of sales | | (1.1) % | (0.6) % | (0.5pts) | |
| MDA Latin America | Net Sales | | $837 | $747 | 12.0 % |
| EBIT | | $65 | $36 | 80.6 % | |
| % of sales | | 7.8 % | 4.8 % | 3.0pts | |
| MDA Asia | Net Sales Werbung Mehr Nachrichten zur Whirlpool Aktie kostenlos abonnieren
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