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Whirlpool
🇺🇸 NYSE:WHR
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•
Mar 31, 2024

Whirlpool Q1 2024 Earnings Report

Whirlpool's Q1 2024 performance was marked by a significant portfolio transformation with the closing of the Europe transaction, strong performance in Latin America, Asia, and SDA Global, offset by a challenging macro environment in North America.

Key Takeaways

Whirlpool reported a decrease in net sales and a GAAP net loss for Q1 2024, impacted by a non-cash charge related to the Europe transaction. Strong performance in Latin America, Asia, and SDA Global was offset by challenges in North America. The company reaffirmed its full-year ongoing earnings per diluted share and free cash flow guidance.

Europe transaction closed on April 1st, expected to deliver $750M+ net present value and $250-$300M incremental cash flow in 2025.

Strong Q1 performance in Latin America, Asia, and SDA Global driven by share gains and cost performance.

Announced approximately 5% increase to all promotional program prices in MDA North America.

Declared $1.75 dividend per share in both Q1 & Q2 and repaid $500 million of term loan in April.

Total Revenue
$4.49B
Previous year: $4.65B
-3.4%
EPS
$1.78
Previous year: $2.66
-33.1%
Net Earnings Margin
-5.8%
Ongoing EBIT Margin
4.3%
Gross Profit
$645M
Previous year: $763M
-15.5%
Cash and Equivalents
$1.23B
Previous year: $1.36B
-9.4%
Free Cash Flow
-$988M
Previous year: -$573M
+72.4%
Total Assets
$17.4B
Previous year: $16.9B
+3.0%

Whirlpool

Whirlpool

Whirlpool Revenue by Segment

Forward Guidance

Whirlpool reaffirmed its full-year 2024 net sales expectations of approximately $16.9 billion and full-year ongoing earnings per diluted share of $13.00 to $15.00. The company also reaffirmed cash provided by operating activities and free cash flow guidance.

Positive Outlook

  • Reaffirming full-year 2024 net sales expectations of approximately $16.9 billion
  • Reaffirming full-year ongoing earnings per diluted share of $13.00 to $15.00, including $300-$400 million of cost actions
  • Reaffirming full-year cash provided by operating activities of $1.15 to $1.25 billion
  • Reaffirming full-year free cash flow of approximately $550 to $650 million
  • Expect full-year 2024 GAAP tax rate of approximately 25 percent and adjusted (non-GAAP) tax rate of approximately 0 percent

Challenges Ahead

  • Full-year GAAP earnings per diluted share of $5.00 to $7.00 impacted by non-cash charge related to the Europe transaction
  • Includes approximately $200 million of MDA Europe cash usage in 2024
  • Challenging macro environment in North America
  • Unfavorable price/mix in MDA North America
  • Continued demand weakness in Europe

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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