| --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|---------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 Earnings Review | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | and 2024 Perspective | | | | | | | | | | | | | | | | | | TUESDAY, JANUARY 30, 2024 | | | | | | | | | | | Cautionary Statement 2 This document contains forward-looking statements a ...

Whirlpool Corporation (NYSE:WHR) Q3 2023 Results Conference Call October 26, 2023 8:00 AM ET Company Participants Korey Thomas - Senior Director of Investor Relations Marc Bitzer - Chairman and Chief Executive Officer Jim Peters - Chief Financial Officer Conference Call Participants Susan Maklari - Goldman Sachs Sam Darkatsh - Raymond James David MacGregor - Longbow Research Eric Bosshard - Cleveland Research Mike Dahl - RBC Capital Markets Liz Suzuki - Bank of America Doug Wardlaw - JPMorgan Operator Good ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-3932 WHIRLPOOL CORPORATION (Exact name of registrant as speci ...

Whirlpool Corporation (NYSE:WHR) Q2 2023 Earnings Conference Call July 25, 2023 8:00 AM ET Company Participants Korey Thomas - Senior Director of Investor Relations Marc Bitzer - Chairman and Chief Executive Officer Jim Peters - Chief Financial Officer Conference Call Participants Mike Rehaut - JPMorgan David MacGregor - Longbow Research Susan Maklari - Goldman Sachs Sam Darkatsh - Raymond James Eric Bosshard - Cleveland Research Mike Dahl - RBC Capital Markets Liz Suzuki - Bank of America Operator Good mor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WHIRLPOOL CORPORATION (Exact name of registrant as specified in its charter) 2000 North M-6 ...

| --- | --- | --- | |-------|-------|---------------------| | | | | | | | | | | | | | | | | | | | | | | | Second-Quarter 2023 | | | | | | | | | | | | | Cautionary Statement This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding future financia ...

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------------------------|--------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | First-Quarter 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Earnings Review | | | | | | | TUESDAY, APRIL 25, 2023 | | | | Cautionary Statement This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool di ...

Financial Data and Key Metrics Changes - The company reported a revenue decline of 5.5% in Q1 2023, attributed to lower consumer sentiment impacting discretionary appliance purchases [78] - The ongoing EBIT margin improved to 5.4%, reflecting a 200 basis points increase from Q4 2022 [78] - North America EBIT margin improved by 420 basis points to 10% [78] - Ongoing earnings per share for Q1 were $2.66, in line with expectations, and the company reaffirmed its ongoing EPS guidance of $16 to $18 [78][87] Business Line Data and Key Metrics Changes - The North America region saw a 1 point share gain both sequentially and year-over-year, driven by product innovation and improved supply chain execution [83] - The EMEA region experienced an 8% revenue decline, primarily due to continued industry demand weakness [12] - The Asia region's revenue declined by 3%, with EBIT margins at 3.1% [13] Market Data and Key Metrics Changes - The company expects a Q2 industry decline of 5% to 10% and a second half industry decline of low to mid-single digits [10] - Replacement demand, which represents 55% of total industry, is expected to increase in the mid-to-long term [84] Company Strategy and Development Direction - The company is focused on enhancing product offerings and manufacturing efficiencies to drive growth and margin expansion [18] - The integration of InSinkErator is expected to strengthen the portfolio and contribute approximately 50 basis points to consolidated EBIT margins [90] - The company aims to invest over $1 billion in capital expenditures and research and development, including a significant product launch for InSinkErator [88] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the medium-to-long term demand dynamics despite current macroeconomic challenges [19] - The company anticipates that easing inflation and cost takeout actions will support performance in the second half of the year [87] - Management noted that consumer sentiment has been impacted by external factors, but they expect gradual improvement in discretionary demand [31][64] Other Important Information - The company recorded approximately $60 million in charges related to EMEA legacy legal matters and a non-cash loss of $222 million due to working capital changes and foreign currency impacts [14] - The company remains committed to returning cash to shareholders, with nearly 70 consecutive years of dividends [15] Q&A Session All Questions and Answers Question: What drove the market share gains this quarter? - The market share gains were driven by improved supply chain execution and product innovations [21] Question: How do you expect commodity pressures to evolve? - The company expects commodity prices to ease, but at a slower pace than initially anticipated, trending towards the lower end of the $300 million to $400 million benefit range [22][79] Question: What are the indications for promotions for the full year? - Management expects the promotional environment for 2023 to be similar to the back half of 2022, with a reasonably normalized promotional environment [28][140] Question: How is the current consumer demand trend characterized? - Current consumer demand is expected to be softer in the first half, with a gradual improvement anticipated towards the year-end [64][154] Question: What impact will the EMEA transaction have on free cash flow? - The timing of the EMEA transaction closing could impact 2023 free cash flow, with potential variations based on when the transaction is completed [112][155]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2023 results show a net loss and decreased sales, driven by a business disposal loss [Consolidated Condensed Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income%20(Loss)) Q1 2023 net sales fell 5.5% to $4.65 billion, resulting in a net loss of $179 million due to a business disposal Q1 2023 vs Q1 2022 Income Statement Highlights | Metric | Q1 2023 (Millions) | Q1 2022 (Millions) | Change | | :--- | :--- | :--- | :--- | | Net sales | $4,649 | $4,920 | -5.5% | | Gross margin | $763 | $851 | -10.3% | | Operating profit (loss) | $43 | $461 | -90.7% | | (Gain) loss on sale and disposal of businesses | $222 | $0 | N/A | | Net earnings (loss) available to Whirlpool | $(179) | $313 | N/A | | Diluted net earnings (loss) per share | $(3.27) | $5.33 | N/A | [Consolidated Condensed Balance Sheets](index=7&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Total assets and stockholders' equity decreased slightly to $16.86 billion and $2.23 billion respectively by March 31, 2023 Balance Sheet Summary | Metric (Millions of dollars) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total current assets | $6,095 | $6,394 | | Total assets | $16,864 | $17,124 | | Total current liabilities | $5,982 | $5,931 | | Total liabilities | $14,630 | $14,618 | | Total stockholders' equity | $2,234 | $2,506 | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Cash used in operations increased to $477 million, contributing to an overall $599 million decrease in cash for Q1 2023 Cash Flow Summary (Three Months Ended March 31) | Activity (Millions of dollars) | 2023 | 2022 | | :--- | :--- | :--- | | Cash provided by (used in) operating activities | $(477) | $(328) | | Cash provided by (used in) investing activities | $(110) | $(12) | | Cash provided by (used in) financing activities | $(38) | $(631) | | **Increase (decrease) in cash** | **$(599)** | **$(930)** | [Notes to the Consolidated Condensed Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Condensed%20Financial%20Statements) Notes detail the EMEA business disposal, InSinkErator acquisition goodwill, new debt, and key risks and contingencies - The company's **JennAir and Maytag trademarks** continue to be at risk for future impairment due to potential negative impacts from market conditions[30](index=30&type=chunk)[31](index=31&type=chunk) - In February 2023, the company issued **$300 million of 5.5% Senior Notes** due 2033 to repay existing notes and for general corporate purposes[55](index=55&type=chunk) - The company faces significant outstanding tax assessments in Brazil, including approximately **$428 million** related to BEFIEX credits[74](index=74&type=chunk)[75](index=75&type=chunk) - An additional loss of **$222 million** was recorded in Q1 2023 for the EMEA business divestiture, bringing the total estimated loss to **$1.743 billion**[137](index=137&type=chunk)[176](index=176&type=chunk) - The InSinkErator acquisition resulted in a preliminary goodwill allocation of **$1.15 billion** from a total purchase price of **$3.021 billion**[143](index=143&type=chunk) Disaggregated Revenue by Major Product Category (Three Months Ended March 31) | Product Category (Millions) | 2023 | 2022 | | :--- | :--- | :--- | | Laundry | $1,295 | $1,333 | | Refrigeration | $1,372 | $1,528 | | Cooking | $1,092 | $1,281 | | Dishwashing | $432 | $450 | | **Total major product category** | **$4,191** | **$4,592** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the sales decline, the impact of the EMEA disposal, and reaffirms full-year 2023 guidance [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q1 2023 saw a 5.5% sales decline and contracting margins across most regions, impacted by the EMEA disposal loss - North America's net sales decreased **1.6%**, with EBIT declining due to cost inflation and unfavorable product/price mix[162](index=162&type=chunk)[163](index=163&type=chunk) - EMEA's net sales decreased **18.0%**, but EBIT improved due to favorable price/mix and held-for-sale accounting benefits[165](index=165&type=chunk)[166](index=166&type=chunk) - Consolidated SG&A expenses increased to **10.5% of net sales** from 7.6%, driven by higher compensation and marketing costs[173](index=173&type=chunk) Segment EBIT Margin (Three Months Ended March 31) | Region | 2023 EBIT Margin | 2022 EBIT Margin | | :--- | :--- | :--- | | North America | 10.0% | 16.3% | | EMEA | 0.6% | (2.5)% | | Latin America | 5.2% | 7.1% | | Asia | 3.1% | 4.8% | [Financial Condition and Liquidity](index=38&type=section&id=Financial%20Condition%20and%20Liquidity) Liquidity is supported by $1.4 billion in cash and credit facilities, despite a $477 million operating cash outflow - Cash used in operating activities increased to **$(477) million** in Q1 2023 from $(328) million in Q1 2022 due to lower cash earnings[196](index=196&type=chunk) - The company maintains total committed credit facilities of approximately **$6.2 billion**, with **$2.5 billion** drawn to fund the InSinkErator acquisition[200](index=200&type=chunk) - Cash and cash equivalents stood at approximately **$1.4 billion** at March 31, 2023, with the majority held in the United States[187](index=187&type=chunk) [Non-GAAP Financial Measures](index=40&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures adjust for items like the EMEA disposal, showing ongoing EBIT of $251 million and EPS of $2.66 GAAP to Non-GAAP Reconciliation (Q1 2023) | Metric (Millions, except per share) | GAAP | Adjustments | Ongoing (Non-GAAP) | | :--- | :--- | :--- | :--- | | **EBIT** | **$(33)** | **$284** | **$251** | | *Impact of M&A transactions* | | *$222* | | | *Legacy EMEA legal matters* | | *$62* | | | **Diluted EPS** | **$(3.27)** | **$5.93** | **$2.66** | [Forward-Looking Perspective](index=43&type=section&id=Forward-Looking%20Perspective) The company reaffirms its 2023 outlook, projecting GAAP EPS of $13.00-$15.00 and free cash flow of ~$800 million Full-Year 2023 Outlook | Metric | Current Outlook | | :--- | :--- | | Estimated GAAP EPS | $13.00 - $15.00 | | Cash from operating activities | ~$1,400 million | | Free cash flow | ~$800 million | 2023 Industry Demand Forecast | Region | Demand Change | | :--- | :--- | | North America | (6)% - (4)% | | EMEA | (6)% - (4)% | | Latin America | (3)% - (1)% | | Asia | 2% - 4% | [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposures were reported since year-end 2022 - There have been **no material changes** to the company's market risk exposures since December 31, 2022[220](index=220&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2023[221](index=221&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter[221](index=221&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) Details on legal proceedings are cross-referenced to specific notes in the financial statements - Details on legal proceedings are cross-referenced to **Note 6 and Note 11** of the Consolidated Condensed Financial Statements[223](index=223&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) No material changes in risk factors were reported compared to the latest annual report - **No material changes** in risk factors were reported compared to the latest Form 10-K[224](index=224&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares in Q1 2023, with $2.6 billion remaining under its repurchase authorization - **No shares were repurchased** during the first quarter of 2023[225](index=225&type=chunk)[226](index=226&type=chunk) - Approximately **$2.6 billion remains available** for share repurchases under the authorized program as of March 31, 2023[225](index=225&type=chunk)

ISTRO re 1974 Raymond James 44th Annual Conference Whj Cautionary Statement This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding future financial results, long-term value creation goals, portfolio transformation, restructuring, repurchase ex ...