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Whirlpool
🇺🇸 NYSE:WHR
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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.

Total Revenue
$5.09B
Previous year: $4.92B
+3.4%
EPS
$3.85
Previous year: $3.89
-1.0%
Gross Profit
$792M
Previous year: $645M
+22.8%
Cash and Equivalents
$1.57B
Previous year: $1.96B
-19.8%
Free Cash Flow
$366M
Previous year: $844M
-56.6%
Total Assets
$17.3B
Previous year: $17.1B
+1.1%

Whirlpool

Whirlpool

Whirlpool 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)
  • Includes approximately $200 to $300 million of MDA Europe cash usage in 2024
  • GAAP tax rate and adjusted (non-GAAP) tax rate of approximately 24 percent and 0 percent, respectively
  • Resegmenting the business to reflect transformed portfolio

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Whirlpool