Whirlpool closed on second quarter with Net revenues to $5,097 billion, down 4,3% year over year (2,3% excluding the impact of foreign exchange rates). The company made it known in a note, specifying that the negative result was mainly due to supply chain problems and a slowdown in demand, two factors that were only partially offset by a favorable product price mix.
As for the quarterly's other financial data, the net profit margin of Whirlpool fell 7,3%, while theadjusted earnings per share is negative for 6,62 dollars, affected by non-recurring charges for 747 million, largely due to losses related to the sale of activities in Russia and the reduction of assets in the EMEA region.
Based on the new numbers, Whirlpool has revised negatively the budget targets for the whole of 2022: turnover is now forecast at around 20,7 billion, down 6% on previous estimates; expectations for earnings per share are also down, going from 24-26 dollars to 9,50-11,50 dollars; finally, the liquidity deriving from operating activities was cut, from 1,95 to 1,85 billion. Free cash flow forecasts unchanged (at €1,25 billion).
“We have achieved current EBIT margins of 9% globally and 14% in North America,” he commented Marc Bitzer, president and chief executive officer of Whirlpool Corporation – In addition, the long-term fundamentals of demand remain strong and we are proceeding with the transformation of our portfolio to position ourselves to be able to generate long-term value.”
In the second quarter, “we returned about 400 million dollars to shareholders, continuing to invest in innovation – he added Jim Peters, chief financial officer of Whirlpool Corporation – Our strong balance sheet allows us to invest in businesses with high margins and high growth levels and deliver on our commitment to return $1,5 billion to shareholders in 2022.”
