Whirlpool delivers strong Q1 results

Whirlpool Corporation has reported net sales of $5,358million in Q1 2021, up on $4,325million in Q1 2020.

05 May, 21

Home appliance manufacturer Whirlpool Corporation has reported its financial results for the first quarter of 2021, with net sales of $5,358million up on $4,325million in Q1 2020.

Whirlpool Corporation reports record year despite pandemic

Chairman and CEO Marc Bitzer

 

The company stated it was driven by “sustained” global industry demand and cost-based pricing actions.

It follows on from its financial reporting in 2020 which cited a record EBIT of 9.1%.

Sponsored Video

Whirlpool reported GAAP net earnings of $433million up from $154million and ongoing EBIT margin of 12.4%, with all regions delivering double digit growth across revenue and EBIT.

It has also delivered cash provided by operating activities of $182million and free cash flow of £132million, which stated was driven by strong earnings and working capital management.

In the EMEA (Europe, Middle East and Africa) region, net sales in Q1 were $1,171million, up 25% against Q1 sales in 2020 of $879million.

EBIT margin of 1.8%, compared to 1.7% in the same prior-year period, was driven “significantly” by top-line growth and cost takeout.

Executive vice president and president of Europe, Middle East, Africa, Gilles Morel commented: “Our first quarter results in EMEA demonstrate the effectiveness of our ongoing strategic actions in the region.

“We saw strong double-digit revenue growth (vs previous year and also vs 2019) leading to share gains in key countries.

“Together with effective cost management, this revenue growth drove a significant year over year EBIT improvement and our third consecutive quarter of profitable growth in the region.”

Speaking about the overall financial results, chairman and CEO of Whirlpool Corporation Marc Bitzer stated: “Our Q1 results successfully demonstrate our agile and resilience in dealing with component shortages and inflationary pressure.

“Sustained strong consumer demand and our recent cost-based pricing actions give us confidence to signifcantly raise our full-year guidance.”