Tag Archives: The Whirlpool Europe sell

Whirlpool Europe update

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In the conference call with analysts, the CEO does not reveal the names of the possible buyers of Whirlpool Emea and fails to stop the collapse of the stock after the disappointing results announced the previous day.

The things are clear to the 15,000 Whirlpool employees in Europe (especially Italy and Poland), Africa and the Middle East, to the related industries of the 10 factories (5 of which in Italy) and to the trade, in short, to those who try to understand what the destiny of Whirlpool EMEA. The little information shared by Whirlpool Corporation in presenting the data for the third quarter allows us to establish some fixed points 10 financial and industrial groups have proposed to acquire (it is not known whether in part or in whole) the assets of Whirlpool Emea.
Two of these groups, both industrial, remained ‘in the running’ and their offers are being evaluated.


The choice between one of the two offers and an internal solution will be submitted to a meeting of the Board of Whirlpool Corporation, probably before the end of the year, based on an analysis of the various market segments in which Whirlpool Emea operates.The markets in which the group intends to invest both to produce and to sell are other: obviously the USA and Canada, Brazil and Mexico and India.

Globally, Whirlpool Corp closed a bad third quarter disappointing analysts’ expectations. Whirlpool’s sales fell by 12.8%, in the third quarter by 7% net of the strengthening of the dollar. During the year, Whirlpool transferred $ 2.6 billion in dividends and buy backs to its shareholders

Whirlpool: two big names in the running for EMEA activities

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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
stage
• 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
million
• 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
returns.”

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