Whirlpool: two big names in the running for EMEA activities

The ‘strategic review’ is almost finished but the press release is extremely laconic.

In the third quarter, Europe is the only area with negative margins and it is the one with the most significant decline: -28% in dollars.Whirlpool Corporation Announces Q3 Results Impacted by Short Term Macro Headwinds
And Provides Update on Portfolio Transformation; Business Well Positioned for Future
• Portfolio transformation advances with announced acquisition of InSinkErator and the completed
divestiture of the Whirlpool Russia business
• Strategic review of EMEA nears conclusion with two potential strategic investors in final evaluation
• GAAP net earnings margin of 3.0% and ongoing (non-GAAP) EBIT margin(2) of 5.5%, despite double digit
industry declines across most major marketplaces and continued elevated cost inflation
• In anticipation of a temporary soft demand environment, reduced production volumes by 35% in the
third quarter
• Delivered GAAP and ongoing (non-GAAP) earnings per diluted share(1)of $2.60 and $4.49, respectively
• Revised full-year 2022 guidance to ~$5.00 earnings per diluted share on a GAAP basis and ~$19.00 on
an ongoing basis(2)
, cash provided by operating activities of $1.5 billion and free cash flow(4) of $950
• Structurally improved Whirlpool well positioned to navigate current environment and benefit from
long-term demand tailwinds

Whirlpool Corporation (NYSE: WHR), committed to being
the best global kitchen and laundry company, in constant pursuit of improving life at home, today reported
third quarter 2022 financial results.

While our Q3 results were impacted by ongoing
macroeconomic headwinds and continued elevated
levels of inflation that resulted in slowing demand,
we remain on track to deliver the second-best year in
our 111-year history in 2022,” said Marc Bitzer,
chairman and chief executive officer of Whirlpool
Corporation. “Looking ahead, we see these
challenges persisting into the first half of 2023,
however, we believe we have the right actions in
place that will allow us to navigate through the
current environment while advancing our portfolio
transformation and delivering strong shareholder

Friday CEO Marc Bitzer’s Conference call with analysts should provide some more details. For now it is known that the ‘strategic review’ of European activities involved costs of 25 million dollars, probably in fees for investment banks and consultants

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