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Dec 31, 2023
Whirlpool Q4 2023 Earnings Report
Reported a net sales growth and margin expansion, driven by cost take out actions and share gains.
Key Takeaways
Whirlpool Corporation reported Q4 2023 results with net sales growth of approximately 3% and a GAAP net earnings margin of 9.7%. The company achieved approximately $350 million in cost take out during the quarter and expects further cost reductions in 2024.
Net sales increased by approximately 3% with 1 point of North America share gains year-over-year.
GAAP net earnings margin was 9.7%, compared to (32.6)% in the prior year period.
Ongoing EBIT margin was 5.2%, a 170bps increase year-over-year.
The company expects to close the Europe transaction in April 2024, which will unlock margin lift.
Revenue by Segment
Forward Guidance
Whirlpool anticipates full-year 2024 net sales of approximately $16.9 billion and GAAP earnings per diluted share of $8.50 to $10.50. The company also expects cash provided by operating activities of $1.15 to $1.25 billion and free cash flow of $550 to $650 million.
Positive Outlook
- Full-year GAAP and ongoing earnings per diluted share of $8.50 to $10.50 and $13.00 to $15.00, respectively, including $300-$400 million of cost actions
- Cash provided by operating activities of $1.15 to $1.25 billion
- Free cash flow of approximately $550 to $650 million
- Expect to pay dividends of approximately $400 million in 2024
- Reduce debt by approximately $500 million
Challenges Ahead
- Full year guidance includes three months MDA Europe expected results (approximately $700 million of net sales and EBIT margin of approximately 1.5%)
- Expect full-year 2024 net sales of approximately $16.9 billion (approximately flat on a like-for-like basis; down approximately 13 percent compared to the prior year reported results)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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