Q3 2024 Whirlpool Corp Earnings Call Transcript
Key Points
- Whirlpool Corp (WHR) achieved global sequential EBIT margin expansion, with North America seeing a 100 basis point increase due to pricing actions.
- The company delivered ongoing EPS of $3.43, supported by pricing actions, cost takeout, and a favorable adjusted effective tax rate.
- Strong working capital management improved inventory, generating approximately $130 million of cash in the third quarter.
- Whirlpool Corp (WHR) launched innovative new products, such as the Fresh Flow Vent System and KitchenAid's first four-door refrigerators, which are expected to drive future growth.
- The Latin America business segment demonstrated strong net sales growth of 9% year over year, excluding currency, with a solid EBIT margin of 6.9%.
- The US housing market remains constrained by elevated mortgage rates, impacting higher-margin discretionary demand.
- Net sales in North America were down 4% year over year due to unfavorable price mix and weak discretionary demand.
- Currency fluctuations negatively impacted margins, particularly due to the weakening of the Brazilian reais and Mexican pesos relative to the USD.
- The European transaction negatively impacted the third quarter by 25 basis points due to weak macro environment and integration efforts.
- The SDA global business saw a 3% year-over-year decrease in net sales, impacted by industry declines in the US and weak consumer sentiment.
Good morning, Welcome to Whirlpool Corporation third quatar 2024 Earnings call. Today's call is being recorded. Joining me today are Marc Bitzer, our Chairman and Chief Executive Officer, and James W. Peters, our Chief Financial and Administrative Officer. Our remarks today track with a presentation available on the Investors section of our website at whirlpool corp.com.
Before we begin, I want to remind you that as we conduct this call, we will be making forward-looking statements to assist you in better understanding Whirlpool Corporation's future expectations. Our actual results could differ materially from these statements due to many factors discussed in our latest 10 K, a 10 Q and other periodic reports.
We also want to remind you that today's presentation includes non-GAAP measures outlined in further detail at the beginning of our earnings presentation. We believe these measures are important indicators of our operations as they exclude items that may not be indicative of our results from ongoing business operations. We also think the adjusted measures will provide you with a
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