Whirlpool Q2 sales impacted by supply chain and slowdown

Appliance manufacturer Whirlpool posted Q2 sales of $5.1billion in 2022, a 4.3% dip against like-for-like sales of $5.3bn last year.

29 Jul, 22

Appliance manufacturer Whirlpool Corporation posted Q2 sales of $5.1billion in 2022, a 4.3% dip against like-for-like sales of $5.3bn last year.

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It cited sales were impacted by supply chain disruptions and demand slowdown, attributed to the loss from the sale of its Russian Business and its Europe, Middle East and Africa region impairment.

However, Whirlpool Corporation looked to the longer-term future, where it stated demand remained strong.

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Chairman and chief executive officer of Whirlpool Corporation Marc Bitzer said it was “We delivered 9% ongoing EBIT margins globally and 14% in North America –further proof of our more profitable and agile business model.

“Moreover, long-term fundamentals of demand remain strong and we continue to progress our portfolio transformation to position ourselves to drive long-term value.”

Whereas the Europe, Middle East and Africa region showed a net sales decline of nearly 20% (19.4%) from £1.2bn in 2021 to $1bn in 2022.

The appliance manufacturer stated demand was negatively impacted by war in the Ukraine; revenue decline, excluding currency, of 10.3%

President of Whirlpool EMENA and executive vice president of Whirlpool Corporation Gilles Morel stated: “In the second quarter, our EMEA business delivered solid results including 270 basis-points of sequential EBIT margin improvement, despite cost inflation, continued supply chain challenges, and impacts of the war in Ukraine.

“I am proud of the ongoing commitment and dedication from our employees in the region as they remain focused on delivering for our customers through these turbulent times.

“Looking ahead, we continue to execute our strategy, while remaining agile and adapting to the shifting external environment”,

Whirpool Corporation expects to deliver full-year 2022 revenues of approximately $20.7 billion, down approximately 6%.