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Jun 30, 2024
Whirlpool Q2 2024 Earnings Report
Whirlpool's Q2 2024 results reflected sequential margin expansion and solid performance in SDA Global, MDA Latin America, and MDA Asia, alongside continued progress in cost reduction.
Key Takeaways
Whirlpool Corporation reported solid Q2 2024 results with sequential margin expansion globally and in MDA North America. The company is on track to deliver $300-$400 million in cost take out for the year. Net sales were $3,989 million, and GAAP earnings per diluted share were $3.96.
Sequential margin expansion globally and in MDA North America, driven by MDA North America promotional pricing actions.
Solid performance in SDA Global, MDA Latin America, and MDA Asia, all delivering double-digit net sales growth in the quarter.
Continued progress toward cost take out goals; on track to deliver $300-$400 million in 2024.
Completed organizational simplification actions, putting the company on track to deliver cost take out goal of $300-$400 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Whirlpool expects full-year GAAP earnings per diluted share of approximately $3.00, primarily impacted by the non-cash charge related to the Europe transaction. Revised full-year ongoing earnings per diluted share to approximately $12.00, cash provided by operating activities to approximately $1.05 billion and free cash flow to approximately $500 million.
Positive Outlook
- Reaffirm full-year 2024 net sales expectations of approximately $16.9 billion.
- Adjusted full-year ongoing earnings per diluted share to approximately $12.00, including $300-$400 million of cost actions.
- Adjusted full-year cash provided by operating activities to approximately $1.05 billion and free cash flow of approximately $500 million; includes approximately $250-$300 million of MDA Europe cash usage in 2024.
- Expect full-year 2024 GAAP tax rate of approximately 25 percent and adjusted (non-GAAP) tax rate of approximately (8) percent.
- Continue to expect to pay approximately $400 million of 2024 dividends (subject to board approval).
Challenges Ahead
- Full-year GAAP earnings per diluted share of approximately $3.00 impacted by non-cash charge related to the Europe transaction and organization simplification restructuring expense.
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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