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Mar 31, 2023
Whirlpool Q1 2023 Earnings Report
Whirlpool delivered significant sequential margin expansion and is on track to deliver a solid 2023.
Key Takeaways
Whirlpool Corporation reported Q1 2023 financial results, highlighting significant sequential margin expansion, particularly in North America, and progress against operational priorities. The company is on track to deliver a solid 2023 and is advancing its portfolio transformation.
Net sales declined by (5.5)%, or (3.7)% excluding currency impacts, due to global demand softness and unfavorable product price/mix.
GAAP net loss margin was (3.9)%, and GAAP loss per diluted share was $(3.27), impacted by a non-cash charge from the EMEA transaction.
Ongoing (non-GAAP) EBIT margin was 5.4%, with approximately 200 basis points of sequential improvement; ongoing (non-GAAP) earnings per diluted share was $2.66.
North America region delivered EBIT margins of 10%, with over 400 basis point sequential improvement and share gains both year-over-year and sequentially.
Revenue by Segment
Forward Guidance
Whirlpool reaffirmed its full-year expectations for 2023 net sales of approximately $19.4 billion (down 1 to 2 percent compared to the prior year) and ongoing earnings per diluted share of $16.00 to $18.00. Cash provided by operating activities of approximately $1.4 billion and free cash flow of approximately $800 million remains unchanged.
Positive Outlook
- Reaffirming full-year expectations for 2023 net sales of approximately $19.4 billion (down 1 to 2 percent compared to the prior year)
- Reaffirming ongoing earnings per diluted share of $16.00 to $18.00
- Cash provided by operating activities of approximately $1.4 billion remains unchanged
- Free cash flow of approximately $800 million remains unchanged
Challenges Ahead
- Revising GAAP earnings per diluted share from $16.00 to $18.00 to $13.00 to $15.00
- Revising GAAP tax rate from 14 to 16 percent to 19 to 21 percent
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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