Whirlpool Reports Q2 2024 Results: Net Sales Down, Net Loss Widens

TL;DR

Whirlpool's sales are down, and they're losing more money in Q2 2024 than last year. Big losses here.

AI Summary

Whirlpool Corporation reported its financial results for the period ending June 30, 2024. The company's net sales for the six months ended June 30, 2024, were $7.38 billion, a decrease from $7.79 billion for the same period in 2023. The company also reported a net loss of $1.05 billion for the six months ended June 30, 2024, compared to a net loss of $303 million for the same period in 2023.

Why It Matters

This filing indicates a significant downturn in Whirlpool's financial performance, with declining sales and a widening net loss, which could impact investor confidence and future strategic decisions.

Risk Assessment

Risk Level: medium — The widening net loss and decrease in net sales suggest potential financial instability or market challenges for Whirlpool.

Key Numbers

• $7.38B — Net Sales (YTD 2024) (Decrease from $7.79B in YTD 2023)
• $1.05B — Net Loss (YTD 2024) (Wider loss than $303M in YTD 2023)

Key Players & Entities

• WHIRLPOOL CORP /DE/ (company) — Filer
• 20240630 (date) — Period of Report
• $7.38 billion (dollar_amount) — Net sales for the six months ended June 30, 2024
• $7.79 billion (dollar_amount) — Net sales for the six months ended June 30, 2023
• $1.05 billion (dollar_amount) — Net loss for the six months ended June 30, 2024
• $303 million (dollar_amount) — Net loss for the six months ended June 30, 2023

FAQ

Key Financial Figures

• $1.00 — ich registered Common stock, par value $1.00 per share WHR Chicago Stock Exchange an

Filing Documents

• whr-20240630.htm (10-Q) — 1815KB
• exb311-06302024.htm (EX-31.1) — 10KB
• exb312-06302024.htm (EX-31.2) — 10KB
• exb321-06302024.htm (EX-32.1) — 7KB
• whr-20240630_g1.jpg (GRAPHIC) — 75KB
• whr-20240630_g10.jpg (GRAPHIC) — 31KB
• whr-20240630_g11.jpg (GRAPHIC) — 26KB
• whr-20240630_g2.jpg (GRAPHIC) — 34KB
• whr-20240630_g3.jpg (GRAPHIC) — 31KB
• whr-20240630_g4.jpg (GRAPHIC) — 33KB
• whr-20240630_g5.jpg (GRAPHIC) — 28KB
• whr-20240630_g6.jpg (GRAPHIC) — 31KB
• whr-20240630_g7.jpg (GRAPHIC) — 28KB
• whr-20240630_g8.jpg (GRAPHIC) — 31KB
• whr-20240630_g9.jpg (GRAPHIC) — 29KB
• 0000106640-24-000125.txt ( ) — 12269KB
• whr-20240630.xsd (EX-101.SCH) — 61KB
• whr-20240630_cal.xml (EX-101.CAL) — 110KB
• whr-20240630_def.xml (EX-101.DEF) — 377KB
• whr-20240630_lab.xml (EX-101.LAB) — 701KB
• whr-20240630_pre.xml (EX-101.PRE) — 538KB
• whr-20240630_htm.xml (XML) — 2461KB

Financial Statements

Item 1. Financial Statements Consolidated Condensed Statements of Comprehensive Income (Loss) 5 Consolidated Condensed Balance Sheets 6 Consolidated Condensed Statements of Cash Flows 7 Notes to the Consolidated Condensed Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

Item 4. Controls and Procedures 46 PART II

Legal Proceedings

Item 1. Legal Proceedings 47

Risk Factors

Item 1A. Risk Factors 47

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Other Information

Item 5. Other Information 47

Exhibit s

Item 6. Exhibit s 48

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. Certain statements contained in this quarterly report, including those within the forward-looking perspective section within the Management's Discussion and Analysis section, and other written and oral statements made from time to time by us or on our behalf do not relate strictly to historical or current facts and may contain forward-looking statements that reflect our current views with respect to future events and financial performance. As such, they are considered "forward-looking statements" which provide current expectations or forecasts of future events. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "guarantee," "seek," and the negative of these words and words and terms of similar substance. Our forward-looking statements generally relate to our growth strategies, financial results, product development, and sales efforts. These forward-looking statements should be considered with the understanding that such statements involve a variety of risks and uncertainties, known and unknown, and may be affected by inaccurate assumptions. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially. This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain,

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Consolidated Condensed Statements of Comprehensive Income (Loss) 5 Consolidated Condensed Balance Sheets 6 Consolidated Condensed Statements of Cash Flows 7 PAGE NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED) 1. Basis of Presentation 8 2. Revenue Recognition 11 3. Inventories 12 4. Property, Plant and Equipment 12 5. Financing Arrangements 12 6. Commitments and Contingencies 15 7. Pension and Other Postretirement Benefit Plans 18 8. Hedges and Derivative Financial Instruments 19 9. Fair Value Measurements 22 10. Stockholders' Equity 23 11. Restructuring Charges 26 12. Income Taxes 27 13. Segment Information 28 14. Acquisitions and Divestitures 30 4 WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) FOR THE PERIODS ENDED JUNE 30 (Millions of dollars, except per share data) Three Months Ended Six Months Ended 2024 2023 2024 2023 Net sales $ 3,989 $ 4,792 $ 8,478 $ 9,441 Expenses Cost of products sold 3,363 3,976 7,211 7,862 Gross margin 626 816 1,267 1,579 Selling, general and administrative 394 476 871 963 Intangible amortization 7 10 17 21 Restructuring costs 50 9 73 9 Loss (gain) on sale and disposal of businesses 45 18 292 240 Operating profit 130 303 14 346 Other (income) expense Interest and sundry (income) expense 7 10 ( 21 ) 87 Interest expense 93 89 183 164 Earnings (loss) before income taxes 30 204 ( 148 ) 95 Income tax expense (benefit) ( 206 ) 114 ( 130 ) 182 Equity method investment income (loss), net of tax ( 11 ) ( 3 ) ( 11 ) ( 2 ) Net earnings (loss) 225 87 ( 29 ) ( 89 ) Less: Net earnings (loss) available to noncontrolling interests 6 2 11 5 Net earnings (loss) available to Whirlpool $ 219 $ 85 $ ( 40 ) $ ( 94 ) Per share of common stock Basic net earnings (loss) available to Whirlpool $ 3.96 $ 1.56 $ ( 0.75 ) $ ( 1.71 ) Diluted net earnings (loss) availab

View Full Filing

View this 10-Q filing on SEC EDGAR