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Whirlpool Corporation Reports Solid First-Quarter GAAP and Ongoing Earnings Despite Revenue Decline

Strategic Insights

— 1 min read

Whirlpool Corporation, a global kitchen and laundry company, reported solid first-quarter GAAP and ongoing earnings despite a revenue decline caused by a temporary slowdown primarily driven by ongoing supply disruptions. The company's net earnings available to Whirlpool were $313 million (net earnings margin of 6.4%), or $5.33 per share, compared to GAAP net earnings available to Whirlpool of $433 million (net earnings margin of 8.1%), or $6.81 per share in the same prior-year period. Whirlpool's operating segments consist of North America, Europe, Middle East and Africa, Latin America, and Asia, with approximately $22 billion in annual net sales and 69,000 employees in 2021.

Key Takeaways:

  • Whirlpool delivered solid first-quarter GAAP net earnings available to Whirlpool of $313 million (net earnings margin of 6.4%), or $5.33 per share.
  • The company reported ongoing earnings per share of $5.31 and ongoing EBIT margin of 9.4%, compared to $7.20 and 12.4% in the same prior-year period.
  • Whirlpool's revenue decline was caused by a temporary slowdown primarily driven by ongoing supply disruptions and the Whirlpool China divestiture.
  • Margins were negatively impacted by accelerated cost inflation and decline in volume, partially offset by positive price/mix and decreased selling, general and administrative expenses.
  • The company took actions to deliver strong margins, including the execution of cost-based price increases and diligent cost management practices.
  • Whirlpool has 69,000 employees and $22 billion in annual net sales, operating in 10 countries and marketing products in nearly every country around the world.
  • The company received worldwide recognition for its business, social, and community involvement efforts.

Statistics:

  • Whirlpool's first-quarter GAAP net earnings available to Whirlpool: $313 million
  • Whirlpool's first-quarter ongoing earnings per share: $5.31
  • Whirlpool's first-quarter ongoing EBIT margin: 9.4%
  • Whirlpool's 2021 annual net sales: $22 billion
  • Whirlpool's 2021 number of employees: 69,000
  • Whirlpool operates in 10 countries
  • Whirlpool markets products in nearly every country around the world

Sources:

  • Whirlpool Corporation, Form 10-Q (April 26, 2022) - https://www.sec.gov/Archives/edgar/data/1409064/000140906420000050/whr-20220426.htm
  • COMTEX_406264975/2041/2022-04-26T10:05:39 (c) 1995-2022 Cybernet Data Systems, Inc. All Rights Reserved

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