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Sep 30, 2024
Whirlpool Q3 2024 Earnings Report
Whirlpool's Q3 performance reflected sequential margin expansion in MDA North America and ongoing EBIT margin expansion, with revised full-year GAAP earnings per diluted share and reaffirmed ongoing earnings per diluted share and free cash flow.
Key Takeaways
Whirlpool Corporation reported Q3 2024 financial results, highlighting sequential ongoing EBIT margin expansion despite macroeconomic challenges in North America. The company is revising its full-year GAAP earnings per diluted share while reaffirming its ongoing earnings per diluted share and free cash flow guidance.
Sequential margin expansion in MDA North America for the second consecutive quarter, driven by promotional pricing actions.
Q3 GAAP net earnings margin of 2.7%; GAAP earnings per diluted share of $2.00; GAAP tax rate of 25%.
Ongoing (non-GAAP) EBIT margin of 5.8%; ongoing earnings per diluted share of $3.43 supported by favorable adjusted (non-GAAP) tax rate of (32)%.
Revising full-year GAAP earnings per diluted share to approximately $0.50, impacted by the updated GAAP tax rate and non-cash losses related to the Europe transaction.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Whirlpool is revising its full-year GAAP earnings per diluted share to approximately $0.50, impacted by the non-cash charge related to the Europe transaction, while reaffirming its full-year ongoing earnings per diluted share of approximately $12.00 and free cash flow of approximately $500 million.
Positive Outlook
- Reaffirming full-year ongoing earnings per diluted share of approximately $12.00, including ~$300 million of cost actions.
- Reaffirming cash provided by operating activities of approximately $1.05 billion and free cash flow of approximately $500 million; includes $250-$300 million of MDA Europe cash usage in 2024.
- Approximately $400 million of 2024 dividends
Challenges Ahead
- Revising full-year GAAP earnings per diluted share to approximately $0.50, primarily impacted by the non-cash charge related to the Europe transaction.
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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