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Sep 30, 2021
Whirlpool Q3 2021 Earnings Report
Announced increased long-term value creation goals following continued record performance and delivered very strong third-quarter results.
Key Takeaways
Whirlpool Corporation reported strong third-quarter results with net sales growth of ~4%, driven by cost-based pricing initiatives and continued strong consumer demand. GAAP net earnings margin increased by 120 bps to 8.6%, and ongoing EBIT margin was a very strong 11.1%. The company also increased its full-year 2021 earnings per diluted share guidance to ~$27.80 on a GAAP basis and ~$26.25 on an ongoing basis.
Net sales increased by ~4%, driven by cost-based pricing initiatives and strong consumer demand.
GAAP net earnings margin increased to 8.6%, up 120 bps.
Ongoing EBIT margin was a very strong 11.1%, although down 80 bps due to raw material inflation.
Full-year 2021 earnings per diluted share guidance increased to ~$27.80 on a GAAP basis and ~$26.25 on an ongoing basis.
Revenue by Segment
Forward Guidance
Whirlpool expects full-year 2021 net sales growth of ~13 percent, increased GAAP earnings per diluted share to ~$27.80, and increased ongoing earnings per diluted share to ~$26.25. Cash provided by operating activities of $1.95 billion and adjusted free cash flow of $1.70 billion remain unchanged.
Positive Outlook
- Expect full-year 2021 net sales growth of ~13 percent
- Increased GAAP earnings per diluted share to ~$27.80 from ~$26.95, driven by the gain resulting from our additional investment in Elica PB India(7) and lower restructuring charges
- Increased ongoing earnings per diluted share(1) to ~$26.25
- Cash provided by operating activities of $1.95 billion remain unchanged
- Adjusted free cash flow of $1.70 billion remain unchanged
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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