Whirlpool (US:WHR)2025-10-27 20:15Financial Performance - Third-quarter net sales increased by 1.0% year-over-year to $4,033 million, with net sales excluding currency also up by 1.0%[3] - GAAP net earnings available to Whirlpool decreased by 33.3% to $73 million, with GAAP earnings per diluted share at $1.29, down 35.5%[3][4] - Ongoing EBIT was $180 million, a decline of 22.7% year-over-year, resulting in an ongoing EBIT margin of 4.5%[3][4] - Net sales for the three months ended September 30, 2025, were $4,033 million, a slight increase from $3,993 million in the same period of 2024, while net sales for the nine months ended were $11,426 million, down from $12,471 million in 2024[15] - Operating profit for the three months ended September 30, 2025, was $206 million, down from $265 million in 2024, reflecting a decline of about 22.2%[15] - Net earnings available to Whirlpool for the three months ended September 30, 2025, were $73 million, compared to $109 million in 2024, representing a decrease of approximately 33.1%[15] - Basic net earnings per share available to Whirlpool for the three months ended September 30, 2025, were $1.30, down from $2.01 in 2024, a decline of about 35.4%[15] - For Q3 2025, net earnings available to Whirlpool were $73 million, with a net sales of $4,033 million, resulting in a net earnings margin of 1.8%[35] - Ongoing earnings per diluted share for Q3 2025 was $2.09, compared to $3.43 in Q3 2024[35][37] - For the full year 2024, net sales were $16,607 million, with a net earnings margin of (1.9)%[39] - The ongoing measure for full-year 2024 resulted in earnings of $887 million, with an ongoing EBIT margin of 5.3%[39] - The company anticipates full-year 2025 ongoing earnings of approximately $800 million, translating to an ongoing earnings per diluted share of around $7.00[43] Segment Performance - MDA North America segment net sales rose by 2.8% to $2,722 million, while EBIT fell by 30.6% to $134 million[5] - MDA Latin America segment net sales decreased by 5.2% to $802 million, with EBIT down 22.0% to $45 million[5] - MDA Asia segment net sales declined by 7.3% to $222 million, with EBIT down 37.9% to $4 million[5] - SDA Global segment net sales increased by 10.5% to $288 million, with EBIT rising by 28.8% to $47 million[5] Cash Flow and Capital Management - Free cash flow for the third quarter was $(907) million, a decrease of $321 million compared to the previous year[4] - Free cash flow for the nine months ended September 30, 2025, was negative at $(669) million, compared to $(271) million in 2024, indicating a worsening cash flow situation[18] - Cash provided by operating activities for 2025 is projected to be approximately $600 million, improving from $(271) million in 2024[52] - Capital expenditures for 2025 are estimated to be around $400 million, down from $315 million in 2024[52] - The company anticipates a free cash flow outlook of approximately $200 million for 2025[52] Debt and Assets - Total assets as of September 30, 2025, were $16,893 million, an increase from $16,301 million at the end of 2024, reflecting a growth of approximately 3.6%[17] - Long-term debt increased to $6,165 million as of September 30, 2025, compared to $4,758 million at the end of 2024, indicating a rise of about 29.5%[17] - Cash and cash equivalents at the end of the period were $934 million, down from $1,275 million at the beginning of the year, a decrease of approximately 26.8%[18] Guidance and Projections - Full-year 2025 guidance includes net sales of approximately $15.8 billion and GAAP earnings per diluted share of approximately $6.00[8][9] - The company plans to achieve approximately $200 million in structural cost take out in 2025[4][9] - The anticipated full-year GAAP tax rate for 2025 is approximately 8.8%, with an adjusted non-GAAP tax rate of about 8.0%[42][47] Restructuring and Other Costs - Restructuring expenses for Q3 2025 were $6 million, down from $8 million in Q3 2024[48] - Unique transaction-related costs for portfolio transformation in Q3 2025 totaled $4 million[48] - The company recorded a gain of $30 million from the release of a reserve related to an indemnity that is no longer considered probable[48]