Whirlpool (US:WHR) Prnewswireยท2024-10-23 20:05Core Viewpoint - Whirlpool Corporation reported its third-quarter 2024 financial results, highlighting a sequential margin expansion in MDA North America and reaffirming its full-year ongoing earnings guidance despite challenges in the macroeconomic environment [1][2]. Financial Performance - Q3 2024 net sales were $3,993 million, a decrease of 18.9% from Q3 2023's $4,926 million [2]. - GAAP net earnings available to Whirlpool increased by 31.3% to $109 million compared to $83 million in Q3 2023 [2]. - Ongoing EBIT for Q3 2024 was $233 million, down 27.6% from $322 million in Q3 2023 [2]. - GAAP earnings per diluted share rose to $2.00, a 30.7% increase from $1.53 in Q3 2023 [2]. - Ongoing earnings per diluted share decreased by 37.1% to $3.43 from $5.45 in Q3 2023 [2]. Segment Performance - MDA North America reported net sales of $2,647 million, down 4.3% year-over-year, with EBIT of $194 million, a decrease of 23.6% [3]. - MDA Latin America saw net sales increase by 8.8% year-over-year, with EBIT rising by 11.5% [4]. - MDA Asia experienced a 10.3% increase in net sales year-over-year, with EBIT growing by 40.0% [4]. - SDA Global's net sales decreased by 3.3% year-over-year, with EBIT down 24.5% [4]. Cash Flow and Outlook - Cash provided by operating activities for Q3 2024 was $(271) million, an improvement from $(322) million in Q3 2023 [2]. - Free cash flow for Q3 2024 was $(586) million, compared to $(660) million in Q3 2023 [2]. - The company revised its full-year GAAP earnings per diluted share to approximately $0.50, primarily due to non-cash losses related to the Europe transaction [1][4]. - Full-year ongoing earnings per diluted share is reaffirmed at approximately $12.00, with cash provided by operating activities expected to be around $1.05 billion and free cash flow of approximately $500 million [1][4].