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From the outset of this global crisis, we have taken decisive actions to weather the uncertainty and win in the eventual economic recovery. Our results this quarter are a testament to those actions, the exceptional execution by our employees, and the resiliency of our long-term strategy - Marc Bitzer, Chairman and Chief Executive Officer "
More About Whirlpool (WHR)
P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide
Overview of Whirlpool's 3rd quarter 2020 earnings report
Q3 2020 earnings report highlights
FULL-YEAR 2020 OUTLOOK
- Delivered net sales growth of 3.9% globally and organic net sales(5) (non-GAAP) growth of 7.0%, driven by solid industry demand across the globe.
- Strong Q3 GAAP net earnings margin of 7.5% (up 50 basis points) and record ongoing (nonGAAP) EBIT margin of 12.0% (up 480 basis points), with three of four regions delivering significant margin expansion.
- $500 million cost takeout program (including raw material savings) fully on track, delivering approximately $175 million in the quarter and $350 million year-to-date.
- Cash provided by operating activities and free cash flow improved by approximately $1 billion and were positive in the quarter, driven by increased net earnings and disciplined working capital management.
- Reinstating full-year 2020 guidance, forecasting earnings per diluted share of $14.90 to $15.40 on a GAAP basis and $17.50 to $18.00 on an ongoing basis; cash provided by operating activities in 2020 of ~$1.2 billion and free cash flow(4) of approximately ~$900 million.
- Increased quarterly dividend to $1.25 per share on October 20, 2020, resulting in the eighth consecutive year of dividend increases.
FULL-YEAR 2020 OUTLOOK
- Full-year 2020 net sales decline of 5 percent to 7 percent and organic net sales(5) of 0 percent to a decline of 1 percent
- GAAP earnings per diluted share of $14.90 to $15.40
- Ongoing earnings per diluted share(1) of $17.50 to $18.00
- GAAP and adjusted tax rate (non-GAAP) of 23 to 25 percent
- Cash provided by operating activities of approximately $1.2 billion
- Free cash flow of approximately $900 million
Whirlpool management commentary on their 3rd quarter 2020 earnings
BENTON HARBOR, Mich., October 21, 2020 - Whirlpool Corporation (NYSE: WHR) today reported financial results for the third-quarter of 2020.
“From the outset of this global crisis, we have taken decisive actions to weather the uncertainty and win in the eventual economic recovery. Our results this quarter are a testament to those actions, the exceptional execution by our employees, and the resiliency of our long-term strategy,” said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. “Looking ahead, while uncertainty remains, our Q3 performance serves as an additional proofpoint that we are well-positioned to capitalize on the structural improvements in housing and consumer trends, and firmly demonstrates the viability of our longterm shareholder value creation strategy.” - Marc Bitzer, Chairman and Chief Executive Officer
“From the outset of this global crisis, we have taken decisive actions to weather the uncertainty and win in the eventual economic recovery. Our results this quarter are a testament to those actions, the exceptional execution by our employees, and the resiliency of our long-term strategy,” said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. “Looking ahead, while uncertainty remains, our Q3 performance serves as an additional proofpoint that we are well-positioned to capitalize on the structural improvements in housing and consumer trends, and firmly demonstrates the viability of our longterm shareholder value creation strategy.” - Marc Bitzer, Chairman and Chief Executive Officer
"We are pleased to announce that we are increasing our full-year revenue expectations and reinstating our earnings per share guidance for full-year 2020 above our initial range, despite the ongoing COVID-19 pandemic," said Jim Peters, chief financial officer of Whirlpool Corporation. "Our liquidity position remains exceptionally strong, and we expect to continue to strengthen our balance sheet by paying down the short term debt we took on at the outset of the pandemic by the end of the year. Finally, we are happy to have announced a dividend increase for the eighth consecutive year, reflecting the confidence we have in our business now and in the future.” - Jim Peters, Chief Financial Officer
Stock price history of Whirlpool (WHR) over the last 5 years
The image below shows the stock price history of Whirlpool (WHR) over the last 5 years. And it's been a very average time for Whirlpool over the last 5 years. Over the last 5 years the stock of Whirlpool only returned 21.91% to stockholders. Which is by no means shooting the lights out.
Next earnings report of Whirlpool (WHR)
It is expected that Whirlpool will release their 4th quarter 2020 earnings report in late January 2021
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