[First-Quarter 2024 Financial Highlights](index=1&type=section&id=First-Quarter%202024%20Financial%20Highlights) The company reported a net loss in Q1 2024, with declines in sales and EBIT, while reaffirming full-year guidance - The company announced the closing of its Europe transaction on April 1st, a significant milestone in its portfolio transformation This is expected to deliver over **$750 million** in net present value of future cash flows and an incremental **$250-$300 million** in cash flow in 2025[3](index=3&type=chunk) - The company declared a **$1.75 dividend per share** in both Q1 and Q2 and repaid a **$500 million** term loan in April, demonstrating commitment to its capital allocation priorities[3](index=3&type=chunk) - Full-year 2024 guidance is reaffirmed, with ongoing earnings per diluted share expected to be between **$13.00 and $15.00**, and free cash flow between **$550 million and $650 million**[3](index=3&type=chunk) Q1 2024 Key Financial Results | First-Quarter Results | 2024 | 2023 | Change | | --- | --- | --- | --- | | Net sales ($M) | $4,490 | $4,649 | (3.4)% | | GAAP net earnings (loss) available to Whirlpool ($M) | $(259) | $(179) | (44.7)% | | Ongoing EBIT ($M) | $195 | $251 | (22.3)% | | GAAP earnings (loss) per diluted share | $(4.72) | $(3.27) | (44.3)% | | Ongoing earnings per diluted share | $1.78 | $2.66 | (33.1)% | Q1 2024 Free Cash Flow | Free Cash Flow | 2024 | 2023 | Change | | --- | --- | --- | --- | | Cash provided by (used in) operating activities ($M) | $(873) | $(477) | $(396) | | Free cash flow ($M) | $(988) | $(573) | $(415) | [Segment Performance Review](index=2&type=section&id=SEGMENT%20REVIEW) Q1 2024 segment performance showed strength in Latin America, Asia, and SDA Global, counteracting weakness in North America and Europe [MDA North America](index=2&type=section&id=MDA%20North%20America) MDA North America net sales declined by **8.1%** and EBIT margin fell to **5.6%** due to unfavorable price/mix and a challenging promotional environment - The decline in sales and EBIT margin was attributed to an unfavorable price/mix and a challenging promotional environment, alongside a **2%** decline in the overall industry[6](index=6&type=chunk) MDA North America Q1 Performance | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales ($M) | $2,428 | $2,641 | (8.1)% | | EBIT ($M) | $135 | $266 | (49.2)% | | EBIT Margin | 5.6% | 10.1% | (4.5pts) | [MDA Europe](index=2&type=section&id=MDA%20Europe) MDA Europe net sales decreased by **5.0%** and EBIT margin worsened to **-1.1%** due to persistent weak demand and unfavorable price/mix - The sales decline was primarily due to continued demand weakness in the European market[6](index=6&type=chunk) MDA Europe Q1 Performance | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales ($M) | $804 | $846 | (5.0)% | | EBIT ($M) | $(9) | $(5) | (80.0)% | | EBIT Margin | (1.1)% | (0.6)% | (0.5pts) | [MDA Latin America](index=2&type=section&id=MDA%20Latin%20America) MDA Latin America delivered strong performance with **12.0%** net sales growth and EBIT margin improving to **7.8%**, driven by market share gains and cost actions - Strong share gains in the region more than offset unfavorable price/mix, leading to sales growth[6](index=6&type=chunk) - EBIT margin expansion was driven by volume, cost actions, and a tax benefit[6](index=6&type=chunk) MDA Latin America Q1 Performance | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales ($M) | $837 | $747 | 12.0% | | EBIT ($M) | $65 | $36 | 80.6% | | EBIT Margin | 7.8% | 4.8% | 3.0pts | [MDA Asia](index=2&type=section&id=MDA%20Asia) MDA Asia net sales declined slightly by **2.4%**, but EBIT margin improved to **4.6%** due to effective cost take-out actions offsetting unfavorable price/mix - EBIT margin increased due to cost take-out actions, which successfully offset negative price/mix impacts[6](index=6&type=chunk) MDA Asia Q1 Performance | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales ($M) | $239 | $245 | (2.4)% | | EBIT ($M) | $11 | $8 | 37.5% | | EBIT Margin | 4.6% | 3.3% | 1.3pts | [SDA Global](index=2&type=section&id=SDA%20Global) SDA Global reported robust growth with **7.1%** net sales increase and EBIT margin expanding to **18.1%**, driven by cost actions and volume growth - Growth was observed throughout key countries and the direct-to-consumer business, with EBIT margin expansion driven by cost actions and higher volumes[6](index=6&type=chunk) SDA Global Q1 Performance | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales ($M) | $182 | $170 | 7.1% | | EBIT ($M) | $33 | $19 | 73.7% | | EBIT Margin | 18.1% | 11.2% | 6.9pts | [Full-Year 2024 Outlook](index=3&type=section&id=FULL-YEAR%202024%20OUTLOOK) The company reaffirms its full-year 2024 guidance for net sales, ongoing EPS, and free cash flow, with specific tax rate expectations - The company reaffirms its full-year 2024 net sales expectation of approximately **$16.9 billion**[8](index=8&type=chunk) - Full-year ongoing EPS is reaffirmed at **$13.00 to $15.00**, which includes **$300-$400 million** of cost actions[8](index=8&type=chunk) - GAAP EPS is expected to be **$5.00 to $7.00**, impacted by a non-cash charge from the Europe transaction[8](index=8&type=chunk) - The company reaffirms full-year free cash flow guidance of approximately **$550 million to $650 million**[8](index=8&type=chunk) - The expected full-year 2024 adjusted (non-GAAP) tax rate is approximately **0 percent**, while the GAAP tax rate is expected to be approximately **25 percent**[8](index=8&type=chunk) Full-Year 2024 Guidance Summary | Guidance Summary | 2023 Reported | 2023 Like for Like | 2024 Guidance | | --- | --- | --- | --- | | Net sales ($M) | $19,455 | ~$16,900 | ~$16,900 | | Cash provided by operating activities ($M) | $915 | N/A | $1,150 - $1,250 | | Free cash flow ($M) | $366 | N/A | $550 - $650 | | GAAP net earnings margin (%) | 2.5% | N/A | ~2.0% | | Ongoing EBIT margin (%) | 6.1% | ~6.9% | ~6.8% | | GAAP earnings per diluted share | $8.72 | N/A | $5.00 - $7.00 | | Ongoing earnings per diluted share | $16.16 | N/A | $13.00 - $15.00 | [Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements for Q1 2024, including Income Statements, Balance Sheets, and Cash Flows [Consolidated Condensed Statements of Income (Loss)](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Income%20%28Loss%29) Q1 2024 net sales were **$4.49 billion**, down from **$4.65 billion** in Q1 2023, resulting in a net loss of **$259 million** or **$(4.72)** per diluted share Q1 2024 Consolidated Condensed Statement of Income (Loss) | (Millions of dollars, except per share data) | Three Months Ended 2024 | Three Months Ended 2023 | | :--- | :--- | :--- | | Net sales | $4,490 | $4,649 | | Gross margin | $642 | $763 | | Operating (loss) profit | $(116) | $43 | | Net earnings (loss) available to Whirlpool | $(259) | $(179) | | Diluted net earnings (loss) available to Whirlpool | $(4.72) | $(3.27) | [Consolidated Condensed Balance Sheets](index=7&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) As of March 31, 2024, total assets were **$17.37 billion**, with total liabilities at **$14.76 billion** and stockholders' equity at **$2.61 billion** Consolidated Condensed Balance Sheet Highlights | (Millions of dollars) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,231 | $1,570 | | Total current assets | $6,192 | $6,207 | | Total assets | $17,370 | $17,312 | | Total current liabilities | $6,550 | $6,948 | | Long-term debt | $6,674 | $6,414 | | Total stockholders' equity | $2,610 | $2,537 | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Q1 2024 cash used in operating activities was **$873 million**, resulting in a **$988 million** free cash outflow after capital expenditures, with **$818 million** from financing activities Q1 2024 Consolidated Condensed Statement of Cash Flows | (Millions of dollars) | Three Months Ended 2024 | Three Months Ended 2023 | | :--- | :--- | :--- | | Cash provided by (used in) operating activities | $(873) | $(477) | | Cash provided by (used in) investing activities | $(115) | $(110) | | Cash provided by (used in) financing activities | $818 | $(38) | | Increase (decrease) in cash, cash equivalents and restricted cash | $(339) | $(599) | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section details reconciliations of non-GAAP financial measures, including ongoing EBIT and free cash flow, to their GAAP equivalents for Q1 2024 and full-year outlook [Definition of Non-GAAP Measures](index=9&type=section&id=Definition%20of%20Non-GAAP%20Measures) The company utilizes non-GAAP "ongoing" measures like EBIT, EPS, organic net sales, and free cash flow to analyze core operational performance trends - Key non-GAAP measures used by management include: - **Ongoing EBIT/EPS:** Excludes items not indicative of ongoing operations[19](index=19&type=chunk) - **Organic net sales:** Excludes impacts from M&A and foreign currency[22](index=22&type=chunk) - **Free cash flow:** Cash from operating activities less capital expenditures, used as a measure of liquidity[28](index=28&type=chunk) [Q1 2024 Reconciliation](index=11&type=section&id=Q1%202024%20Reconciliation) Q1 2024 GAAP net loss per share of **$(4.72)** was reconciled to an ongoing EPS of **$1.78**, primarily adjusted for restructuring and M&A impacts Q1 2024 GAAP to Ongoing EPS Reconciliation | | Earnings before interest & taxes ($M) | Earnings per diluted share | | :--- | :--- | :--- | | **Reported measure (GAAP)** | **$(87)** | **$(4.72)** | | Restructuring expense | $23 | $0.41 | | Impact of M&A transactions | $259 | $4.72 | | Normalized tax rate adjustment | - | $1.37 | | **Ongoing measure (Non-GAAP)** | **$195** | **$1.78** | [Full-Year 2024 Outlook Reconciliation](index=13&type=section&id=Full-Year%202024%20Outlook%20Reconciliation) The full-year 2024 outlook reconciles GAAP EPS of **$5.00 - $7.00** to ongoing EPS of **$13.00 - $15.00**, adjusted for restructuring and M&A impacts FY 2024 Outlook GAAP to Ongoing EPS Reconciliation | | Earnings before interest & taxes ($M) | Earnings per diluted share | | :--- | :--- | :--- | | **Reported measure (GAAP)** | **~$820** | **$5.00 - $7.00** | | Restructuring Expense | ~$50 | ~1.00 | | Impact of M&A transactions | ~$275 | ~5.00 | | Normalized tax rate adjustment | - | ~2.00 | | **Ongoing measure (Non-GAAP)** | **~$1,150** | **$13.00 - $15.00** | [Free Cash Flow Reconciliation](index=17&type=section&id=Free%20Cash%20Flow%20Reconciliation) Free cash flow is reconciled from operating activities by subtracting capital expenditures, showing a **$988 million** Q1 2024 outflow and a **$550-$650 million** full-year 2024 projected inflow Free Cash Flow Reconciliation (Q1 and FY 2024 Outlook) | (millions of dollars) | Three Months Ended March 31, 2024 | 2024 Outlook | | :--- | :--- | :--- | | Cash provided by (used in) operating activities | $(873) | $1,150 - $1,250 | | Capital expenditures | (115) | (600) | | **Free cash flow** | **$(988)** | **$550 - $650** | [Company Information and Disclosures](index=4&type=section&id=Company%20Information%20and%20Disclosures) This section provides corporate information, including a company overview, investor website disclosure, and a safe harbor statement for forward-looking statements [About Whirlpool Corporation](index=4&type=section&id=About%20Whirlpool%20Corporation) Whirlpool Corporation is a leading kitchen and laundry appliance company with iconic brands, reporting approximately **$19 billion** in 2023 annual net sales - Whirlpool is a leading appliance company with brands such as Whirlpool, KitchenAid, JennAir, Maytag, and InSinkErator[9](index=9&type=chunk) - In 2023, the company generated approximately **$19 billion** in annual net sales and employed **59,000** people[9](index=9&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This document contains forward-looking statements on financial performance and future expectations, subject to risks and uncertainties detailed in SEC filings - The report includes forward-looking statements concerning 2024 financial performance, cost take-out, portfolio transformation, and future cash flow expectations[11](index=11&type=chunk) - Key risks include intense industry competition, reliance on significant trade customers, ability to innovate, supply chain disruptions, geopolitical events, cybersecurity threats, and fluctuations in material costs[11](index=11&type=chunk)[12](index=12&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 1-3932 WHIRLPOOL CORPORATION (Exact name of registrant as specified in its charter) Delaware 38-1490038 (State of Incorpo ...

Whirlpool Corporation (NYSE:WHR) Q4 2023 Earnings Conference Call January 30, 2024 8:00 AM ET Company Participants Korey Thomas - Investor Relations Marc Bitzer - Chairman and Chief Executive Officer Jim Peters - Chief Financial Officer Conference Call Participants Sam Darkatsh - Raymond James Mike Rehaut - JPMorgan Susan Maklari - Goldman Sachs David MacGregor - Longbow Research Mike Dahl - RBC Capital Markets Jason Haas - Bank of America Eric Bosshard - Cleveland Research Korey Thomas Good morning, and we ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|---------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 ...

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides a comprehensive overview of Whirlpool Corporation's financial performance and position for the period [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Q2 2023, including income, balance, and cash flow, with notes on policies and corporate activities [Consolidated Condensed Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Net sales decreased to **$4.79 billion** in Q2 2023, with a net profit of **$85 million**, a turnaround from a **$371 million** loss in Q2 2022 Consolidated Income Statement Highlights (Unaudited) | (Millions of dollars, except per share data) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $4,792 | $5,097 | $9,441 | $10,017 | | **Gross margin** | $816 | $897 | $1,579 | $1,748 | | **Operating profit (loss)** | $303 | $(306) | $346 | $155 | | **Net earnings (loss) available to Whirlpool** | $85 | $(371) | $(94) | $(58) | | **Diluted net earnings (loss) per share** | $1.55 | $(6.62) | $(1.71) | $(1.00) | [Consolidated Condensed Balance Sheets](index=7&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Total assets decreased to **$16.98 billion**, while total liabilities increased to **$14.79 billion**, leading to a decrease in stockholders' equity Balance Sheet Summary (Unaudited) | (Millions of dollars) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $6,194 | $6,394 | | **Total assets** | $16,981 | $17,124 | | **Total current liabilities** | $7,087 | $5,931 | | **Total liabilities** | $14,788 | $14,618 | | **Total stockholders' equity** | $2,193 | $2,506 | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Cash used in operating activities increased to **$370 million**, while financing activities significantly reduced cash usage, resulting in a **$649 million** decrease in cash Cash Flow Summary (Unaudited) | (Millions of dollars) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | **Cash provided by (used in) operating activities** | $(370) | $(180) | | **Cash provided by (used in) investing activities** | $(222) | $(142) | | **Cash provided by (used in) financing activities** | $(110) | $(1,022) | | **Increase (decrease) in cash** | $(649) | $(1,402) | | **Cash, cash equivalents and restricted cash at end of period** | $1,309 | $1,642 | [Notes to the Consolidated Condensed Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Condensed%20Financial%20Statements) Detailed notes cover accounting policies, revenue breakdown by product, financing arrangements, contingencies, and strategic transactions including acquisitions and divestitures - Refrigeration is the largest product category by revenue, generating **$1.48 billion** in Q2 2023, followed by Laundry (**$1.29 billion**) and Cooking (**$1.10 billion**)[46](index=46&type=chunk) - The company has ongoing supply chain financing arrangements where suppliers can sell receivables. As of June 30, 2023, approximately **$1.2 billion** had been issued to financial institutions under these programs[37](index=37&type=chunk) - The company entered into a contribution agreement with Arçelik A.Ş. to contribute its European major domestic appliance business into a new entity, of which Whirlpool will own **25%**. This business is now classified as held for sale, and a total loss of **$1.761 billion** has been recorded for the transaction as of June 30, 2023[109](index=109&type=chunk)[140](index=140&type=chunk)[144](index=144&type=chunk) - The acquisition of InSinkErator was completed on October 31, 2022, for a purchase price of **$3 billion**. The preliminary purchase price allocation includes **$1.15 billion** in goodwill and **$1.63 billion** in other intangible assets[150](index=150&type=chunk)[151](index=151&type=chunk)[154](index=154&type=chunk) - In Q2 2022, the company recorded a goodwill impairment charge of **$278 million** for the EMEA reporting unit and a **$106 million** impairment for the Indesit and Hotpoint trademarks due to adverse macroeconomic impacts and the Russia/Ukraine conflict[161](index=161&type=chunk)[164](index=164&type=chunk)[167](index=167&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2023 financial results, highlighting sales decline, portfolio transformation, strong liquidity, and providing a full-year 2023 outlook [Overview](index=36&type=section&id=MD%26A%20Overview) Q2 2023 GAAP net earnings improved to **$85 million**, driven by share gains and cost reductions, despite unfavorable price/mix and weak EMEA demand Q2 2023 Key Performance Indicators | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | **GAAP Net Earnings (loss) available to Whirlpool** | $85 million | $(371) million | | **GAAP Diluted EPS** | $1.55 | $(6.62) | | **Ongoing (non-GAAP) Diluted EPS** | $4.21 | $5.97 | | **Ongoing (non-GAAP) EBIT Margin** | 7.3% | 9.0% | - The company is advancing its portfolio transformation through the integration of InSinkErator and progressing towards the completion of the European major domestic appliance transaction, expected in **Q4 2023**[176](index=176&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Consolidated net sales declined **6.0%** to **$4.79 billion**, with varied regional performance and a significant loss from the European business divestiture Q2 2023 Net Sales and EBIT by Segment | Segment | Net Sales (in millions) | % Change YoY | EBIT (in millions) | EBIT Margin | | :--- | :--- | :--- | :--- | :--- | | **North America** | $2,824 | (4.7)% | $290 | 10.3% | | **EMEA** | $854 | (15.3)% | $17 | 2.0% | | **Latin America** | $819 | 4.1% | $53 | 6.5% | | **Asia** | $295 | (12.7)% | $11 | 3.7% | - Consolidated net sales decreased **6.0%** in Q2 2023, driven by unfavorable product price/mix and weak demand in EMEA, partially offset by share gains in North America and Latin America and the InSinkErator acquisition[180](index=180&type=chunk) - A loss of **$240 million** was recorded for the six months ended June 30, 2023, related to the planned divestiture of the European major domestic appliance business[202](index=202&type=chunk) [Financial Condition and Liquidity](index=41&type=section&id=Financial%20Condition%20and%20Liquidity) The company maintains strong liquidity with **$1.3 billion** in cash and access to credit facilities, despite increased cash usage in operating activities - Cash and cash equivalents stood at **$1.3 billion** at June 30, 2023[214](index=214&type=chunk) - The company has total committed credit facilities of approximately **$6.2 billion**, including a **$3.5 billion** revolving credit facility and a **$2.5 billion** term loan[216](index=216&type=chunk)[228](index=228&type=chunk) - Cash used in operating activities increased to **$370 million** for the first half of 2023, up from **$180 million** in the same period of 2022[223](index=223&type=chunk)[224](index=224&type=chunk) [Forward-Looking Perspective](index=47&type=section&id=Forward-Looking%20Perspective) The company projects full-year 2023 GAAP EPS between **$13.00** and **$15.00**, with anticipated cash from operations and free cash flow, and varied regional demand outlook 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 | | **Capital Expenditures** | ~$600 million | 2023 Industry Demand Outlook | Region | Expected Demand Change | | :--- | :--- | | **North America** | (6)% - (4)% | | **EMEA** | (6)% - (4)% | | **Latin America** | (3)% - (1)% | | **Asia** | 2% - 4% | [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the company's market risk exposures have occurred since December 31, 2022 - There have been no material changes to the company's market risk exposures since the end of the previous fiscal year[250](index=250&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[251](index=251&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[251](index=251&type=chunk) [PART II - OTHER INFORMATION](index=49&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers additional disclosures including legal proceedings, risk factors, and equity security sales [Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) Detailed information on legal proceedings is referenced in Note 6 and Note 11 of the financial statements - Information on legal proceedings is detailed in Note 6 and Note 11 of the financial statements[253](index=253&type=chunk) [Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported compared to the 2022 Annual Report on Form 10-K - No material changes to risk factors were reported compared to the 2022 Annual Report[254](index=254&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased in the first half of 2023, with **$2.6 billion** remaining authorized for future repurchases - No shares were repurchased in the first six months of 2023[255](index=255&type=chunk) - Approximately **$2.6 billion** remains authorized for share repurchases as of June 30, 2023[128](index=128&type=chunk)[255](index=255&type=chunk)

| --- | --- | --- | |-------|-------|---------------------| | | | | | | | | | | | | | | | | | | | | | | | 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 Performance - Net sales were $46 billion, a decrease of 55% year-over-year, with a 52% organic decline[6] - Ongoing EBIT margin was 54%, a year-over-year decrease of 40 percentage points[7] - The company delivered ongoing EPS of $266[9] Guidance and Outlook - The company reaffirmed its full-year ongoing EPS guidance of $1600 - $1800[9] - Net sales for 2023 are projected to be approximately $194 billion, representing a year-over-year decrease of (1)-(2)%[29] - The company expects approximately $300 million to $400 million of raw material inflation tailwinds in 2023[41] Regional Performance - North America experienced a 3% sequential decrease in net sales and a 65% year-over-year decrease, with EBIT margins of 10%[24] - EMEA saw a 13% sequential decrease in net sales and an 18% year-over-year decrease[25] - Asia experienced a 17% sequential increase in net sales and a 10% year-over-year decrease[26] Strategic Initiatives - Cost structure reset is expected to deliver $800 million - $900 million benefit[22] - The company is on track with its EMEA transaction, expecting it to close in the second half of 2023, retaining a 25% stake in a newly formed European appliance company[25, 35] - Share repurchase authorization of approximately $26 billion remaining[30]