Loading...
•
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.
Revenue by Segment
Revenue by Geographic Location
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...