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Jun 30, 2020
Whirlpool Q2 2020 Earnings Report
Whirlpool delivered resilient results amidst COVID-19 crisis.
Key Takeaways
Whirlpool Corporation reported solid Q2 results despite the impact of COVID-19, driven by decisive actions and a resilient business model. The company saw demand recovery in June and implemented a COVID-19 response plan that resulted in cost savings and a strong cash balance.
Positive GAAP and ongoing (non-GAAP) earnings per diluted share of $0.55 and $2.15, respectively, were delivered despite significant COVID-19 related disruptions.
North America had a strong performance, with EBIT margins expanding 20 basis points to 12.6%.
Significant demand recovery across all regions in June led to year-over-year global margin expansion on a GAAP and ongoing basis.
COVID-19 response plan is on track, resulting in approximately $100M in cost takeout and a cash balance of $2.5B as of June 30, 2020.
Revenue by Segment
Forward Guidance
Whirlpool expects a full-year 2020 net sales decline of approximately 10% to 15% and organic net sales decline of 7% to 12%. The COVID-19 response plan is on track to deliver over $500 million in cost takeout in 2020.
Positive Outlook
- Capturing raw material deflation opportunities
- Significantly reducing structural and discretionary costs
- Continue to effectively and efficiently manage working capital
- Adjust supply chain and labor levels to match demand environment
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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