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Dec 31, 2024
Whirlpool Q4 2024 Earnings Report
Whirlpool reported mixed Q4 2024 results with a net sales decline due to the Europe divestiture, but organic net sales growth driven by strong small domestic appliances and international businesses. The company delivered on its cost take out commitment while experiencing a GAAP net loss due to a Maytag brand impairment.
Key Takeaways
Whirlpool's Q4 2024 results showed a decline in net sales primarily due to the Europe divestiture, though organic net sales saw growth. The company achieved its cost savings target but reported a GAAP net loss due to brand impairment. Looking ahead, Whirlpool is focused on further cost reductions and positioning for a U.S. housing market recovery.
Net sales decreased by (18.7)%, with organic net sales growing by 1.9%.
GAAP earnings per diluted share was $(7.10), impacted by a Maytag brand impairment.
Ongoing earnings per diluted share was $4.57, supported by a favorable adjusted tax rate.
The company delivered approximately $300 million of net cost take out in 2024 as expected.
Whirlpool
Whirlpool
Whirlpool Revenue by Segment
Revenue by Segment
MDA North America Revenue
CapyFin.comMDA Latin America Revenue
CapyFin.comMDA Asia Revenue
CapyFin.comSDA Global Revenue
CapyFin.com Forward Guidance
Whirlpool anticipates approximately $15.8 billion in net sales for the full year, with about 3% growth on a like-for-like basis. The company expects to deliver over $200 million in structural cost reductions and projects GAAP earnings per diluted share of approximately $8.75 and ongoing earnings per diluted share of approximately $10.00.
Positive Outlook
- Expect full-year net sales of approximately $15.8 billion; approximately 3% growth on a like-for-like(6) basis
- Expect to deliver more than $200 million of structural cost take out actions
- Expect full-year GAAP earnings per diluted share of approximately $8.75 and full-year ongoing earnings per diluted share(3) of approximately $10.00
- Cash provided by operating activities of approximately $1 billion and free cash flow(4) of $500 to $600 million
- Expect net cash proceeds of $550 to $600 million from the anticipated India transaction
Challenges Ahead
- Guidance relies on market factors and certain other conditions and assumptions that are outside of the Company’s control.
- Anticipated India transaction expected to close by mid to late 2025.
- Expect approximately $700 million of debt pay down in 2025
- Full-year GAAP earnings per diluted share of approximately $8.75
- Full-year ongoing earnings per diluted share of approximately $10.00
Revenue & Expenses
Visualization of income flow from segment revenue to net income