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 ...

Sales and Revenue - Whirlpool's sales to Lowe's accounted for approximately 14% of consolidated net sales in 2022, with a 9% decrease in accounts receivable from the prior year[72]. Environmental Commitment - The company aims for a 20% reduction in emissions linked to the use of its products by 2030, compared to 2016 levels, with this target approved by the Science Based Targets initiative[50]. - Whirlpool has committed to achieving net zero emissions in its plants and operations by 2030, covering over 30 manufacturing sites and large distribution centers globally[51]. - Whirlpool's Environmental, Social and Governance (ESG) strategy is integral to its long-term strategic imperatives and operating priorities[49]. - The company has entered into a second Virtual Purchase Power Agreement (VPPA) for an additional 53 megawatts of renewable wind energy over the next 12 years[51]. - Whirlpool's carbon offsetting initiative in North America allows it to generate tradable environmental assets, although the revenue from ACR credit sales in 2022 was immaterial[52]. - The company is focused on developing innovative products that drive efficiencies in water and energy use, tailored to regional consumer preferences and infrastructure[50]. - Whirlpool's compliance with environmental laws and regulations did not materially affect capital expenditures or earnings in 2022 and is not expected to be material in 2023[54]. Workforce and Inclusion - As of December 31, 2022, Whirlpool employed approximately 61,000 employees across 48 countries, with 32% located in the United States[60]. - The company has a history of achieving a perfect score of 100 on the Corporate Equality Index for nearly two decades, demonstrating its commitment to inclusion in the workplace[67]. Financial Risk Management - As of December 31, 2022, a 10% favorable or unfavorable exchange rate movement in foreign currency contracts would have resulted in an incremental unrealized gain of approximately $258 million or loss of approximately $267 million, respectively[297]. - A 100 basis point increase or decrease in interest rates would have resulted in an incremental unrealized gain of approximately $4 million or unrealized loss of approximately $5 million related to interest rate swap contracts as of December 31, 2022[298]. - A 10% favorable or unfavorable shift in commodity prices would have resulted in an incremental gain or loss of approximately $18 million related to commodity swap contracts as of December 31, 2022[299]. - The most significant foreign currency exposures as of December 31, 2022, were related to the Brazilian Real, Canadian Dollar, and British Pound[297]. - The company employs derivatives as risk management tools to mitigate exposure to market risks, including foreign currency exchange rates, interest rates, and commodity prices[296]. - The enterprise risk management process is integrated into the internal audit planning and execution cycle, receiving oversight from the Board of Directors and management[295]. - There has been no material change to market risk exposure other than foreign exchange, which is attributed to a change in the size of the derivative portfolio year over year[300].

Call Start: 08:00 January 1, 0000 8:58 AM ET Whirlpool Corporation (NYSE:WHR) Q4 2022 Earnings Conference Call January 31, 2023 08:00 ET Company Participants Korey Thomas - Senior Director of Investor Relations Marc Bitzer - Chairman & Chief Executive Officer Jim Peters - Chief Financial Officer Conference Call Participants David MacGregor - Longbow Research Sam Darkatsh - Raymond James Mike Rehaut - JPMorgan Mike Dahl - RBC Capital Markets Susan Maklari - Goldman Sachs Eric Bosshard - Cleveland Research Op ...

Whirlpool Corporation (NYSE:WHR) Q3 2022 Results Conference Call October 21, 2022 8:00 AM ET Company Participants Korey Thomas - Senior Director, Investor Relations Marc Bitzer - Chairman and Chief Executive Officer Jim Peters - Chief Financial Officer Joe Liotine - Chief Operating Officer Conference Call Participants Sam Darkatsh - Raymond James Eric Bosshard - Cleveland Research Susan Maklari - Goldman Sachs Mike Dahl - RBC Capital Markets Mike Rehaut - JPMorgan Ken Zener - KeyBanc Capital Markets Operato ...

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, 2022 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 ...

| --- | --- | |---------------------|-------| | | | | | | | Second Quarter 2022 | | 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, ...

Whirlpool Corporation (NYSE:WHR) Q2 2022 Earnings Conference Call July 26, 2022 8:00 AM ET Company Participants Korey Thomas - Senior Director, Investor Relations Marc Bitzer - Chairman and CEO Jim Peters - Chief Financial Officer Joe Liotine - Chief Operating Officer Conference Call Participants Michael Rehaut - JPMorgan Sam Darkatsh - Raymond James David MacGregor - Longbow Research Liz Suzuki - Bank of America Susan Maklari - Goldman Sachs Chris Kalata - RBC Capital Markets Eric Bosshard - Cleveland Rese ...

________________________________________________________ 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, 2022 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-3932 WHIRLPOOL CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Exact name of registrant as specified ...

Whirlpool Corporation (NYSE:WHR) Q1 2022 Earnings Conference Call April 26, 2022 8:00 AM ET Company Participants Korey Thomas - Senior Director of IR Marc Bitzer - Chairman and CEO Joe Liotine - President and COO Jim Peters - CFO Conference Call Participants Susan Maklari - Goldman Sachs David MacGregor - Longbow Research Sam Darkatsh - Raymond James Michael Rehaut - JPMorgan Eric Bosshard - Cleveland Research Company Liz Suzuki - Bank of America Merrill Lynch Dan Oppenheim - Credit Suisse Operator Goo ...