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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.
Whirlpool
Whirlpool
Whirlpool Revenue by Segment
Whirlpool Revenue by Geographic Location
Revenue by Segment
MDA North America Revenue
CapyFin.comMDA Latin America Revenue
CapyFin.comMDA Asia Revenue
CapyFin.comSDA Global Revenue
CapyFin.comRevenue by Geographic Location
Global Revenue
CapyFin.com 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