They’re feeling better—and more confident going forward—in the executive suite at Whirlpool Corporation, after announcing Q2 2023 results following the Wall Street close today.
Whirlpool reported 2nd quarter Net Sales up 3.1 % over 1st quarter of this year. However, sales were down 6 % Year over Year, comparing 2023 to 2022. That’s not unexpected with the general state of the US economy and a more normal retail environment, still settling down after the extremes of the COVID pandemic.
Whirlpool reported Q2 earnings (EBIT) up 40 % over Q1, but off 23.6 % Year over Year from 2022’s Q2.
Chairman & CEO Marc Bitzer says Whirlpool is consistently improving its performance as 2023 plays out:
“We continue to build on our momentum with sequentially improved margins in Q2. Our portfolio transformation towards a higher-growth, higher-margin business is well underway, and we are well-positioned to benefit from housing-driven demand recovery, including now having 8 of the top 10 national builders as trade customers.”
Whirlpool made some tough choices over the past couple of years. And Chief Financial Officer Jim Peters says they are contributing to a brighter picture going forward:
“Our cost take out actions of $800-900 million are fully on track, delivering $150 million benefit in the quarter. These actions, combined with our healthy balance sheet, give us confidence in reaffirming our full-year EPS and free cash flow guidance as we continue to fund innovation and growth, while returning cash to shareholders.”
The Whirlpool leaders reaffirmed their 2023 annual projections of $ 19.4 Billion in Net Sales and approximately $800 Million in Free Cash Flow. That translates to $ 16 to $ 18 per share in earnings.
Peters and Bitzer will face Wall Street reporters and appliance industry analysts Tuesday morning at 8 AM for their quarterly financial results conference call.
