Whirlpool (US:WHR)2023-04-25 14:37First-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]