Whirlpool Q4 2024 Earnings Report
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
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