Benton Harbor-based Whirlpool Corporation on Wednesday reported a loss of $393 million in its fourth quarter.
Chief Executive Officer Marc Bitzer said the results from 2024 were due in part to cost take out actions and the company plans to deliver more this year.
“In 2024, we continued to make progress in our operations and delivered on our cost take out commitment of $300 million while achieving the closure of the Europe transaction, supporting our ongoing portfolio transformation,” said Bitzer. “In 2025, we expect to deliver more than $200 million of cost take out and position our business for the eventual U.S. housing recovery.”
On a per-share basis, the company said it had a loss of $7.10. Earnings, adjusted for non-recurring costs, came to $4.57 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $4.39 per share.
The maker of Maytag, KitchenAid and other appliances posted revenue of $4.14 billion in the period.
“We are proud of the actions we took to strengthen our balance sheet, paying down $500 million in debt and driving significant working capital efficiency,” said Chief Financial Officer Jim Peters. “In 2025, our clear capital allocation priorities along with the anticipated India transaction will maximize shareholder value and further strengthen our balance sheet.”
For the year, the company reported a loss of $323 million, or $5.87 per share. Revenue was reported as $16.61 billion.
Whirlpool expects full-year earnings to be $10 per share.
This story includes reporting from the Associated Press.
