Whirlpool: very positive results in the second quarter

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In the second quarter Whirlpool achieved very positive results. These are the main data: net sales growth of about 32%, driven by sustained consumer demand and cost-based pricing initiatives, GAAP net earnings margin of 10.9% (up 1,020 basis points) and ongoing (non-GAAP) EBIT margin of 11.4% (up 640 basis points), delivered cash provided by operating activities of $646 million and free cash flow of $769 million, driven primarily by strong earnings; free cash flow also driven by the completion of the partial tender offer for Whirlpool China and the divestiture of the Turkey subsidiary. Besides, the full-year 2021 guidance has been raised: earnings per diluted share now expected to be ~$26.95 on a GAAP basis and ~$26.00 on an ongoing basis; cash provided by operating activities of $1.95 billion and free cash flow of $1.70 billion. “We are significantly raising guidance to reflect the strength of our business driven by sustained consumer demand and the successful implementation of our previously announced cost-based pricing initiatives – said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation -. Our Q2 results together with our record performance over the past three years impressively demonstrate our ability to perform in a volatile environment”. In EMEA region the EBIT margin was of 2.5 percent, compared to 7.9 percent in the same prior-year period, driven by very strong top-line growth and cost actions.

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