Whirlpool reports Q3 sales and profit growth

Appliance manufacturer Whirlpool Corporation has announced Q3 sales and profit growth, citing demand in North America and following cost take out actions.

01 Nov, 23

Appliance manufacturer Whirlpool Corporation has announced Q3 sales and profit growth, citing demand in North America and following cost take out actions.

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The company posted 3% growth year-on-year, bringing sales to $4.9billion in Q3.

It also reported a 21.5% increase in ongoing EBIT to $322m in Q3 2023, after cost take out actions delivered around $300million.

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Chief financial officer of Whirpool Corporation Jim Peters stated: “Our cost take out actions are on track to deliver over $800 million, as expected, delivering approximately $300 million benefit this quarter.

“These actions, combined with our value creating portfolio transformation, gives us the confidence to continue to fund innovation, growth, and shareholder returns.”

Its Europe, Middle East and African Region fell 4.4% in Q3 year-on-year from $903million to $863million.

Excluding currency, the appliance manufacturer reported net sales decline were 11.1% year-on-year, impacted by continued demand weakness in Europe, partially offset by positive price mix

Whirlpool recently sold its EMEA business to Arcelik which has been approved by the European Commission, Germany, Austria, and China.

However the UK’s  Competition and Markets Authority referred the transaction to an indepth investigation with expectations for it to close by April 2024.

The appliance manufacturrer reaffimed its full-year 2023 net sales would be around $19.4 billion with cash by operating activities of approximately $1.1 billion and free cash flow of approximately $500 million.

 

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