Whirlpool Q3 2023 Earnings Report
Key Takeaways
Whirlpool Corporation reported a net sales increase of approximately 3% in Q3 2023, driven by North America. Cost take out actions delivered approximately $300 million of year-over-year benefit in the quarter. The Europe transaction is expected to close by April 2024.
Net sales growth of approximately 3% driven by share gains and strong replacement and builder demand in North America.
Ongoing EBIT margin of 6.5% (+100bps YoY) driven by cost take out actions.
Cost take out actions delivered approximately $300 million of year-over-year benefit in the quarter; on track to deliver over $800 million full-year benefit.
The Europe transaction is approved by the European Commission, Germany, Austria, and China; expect to close by April 2024.
Whirlpool
Whirlpool
Forward Guidance
Whirlpool reaffirmed full-year 2023 net sales and updated full-year 2023 earnings guidance.
Positive Outlook
- Full-year GAAP and ongoing earnings per diluted share of approximately $9.00 and approximately $16.00, respectively
- Cash provided by operating activities of approximately $1.1 billion
- Free cash flow of approximately $500 million