Whirlpool Sees FY24 Ongoing EPS $13.00-$15.00 Vs $13.24 Est.; Revenue ~$16.9B Vs $16.84B

Author: Benzinga Newsdesk | April 24, 2024 04:14pm

FULL-YEAR 2024 OUTLOOK

Guidance Summary	2023 Reported	2023 Like for Like (5)	2024 Guidance
Net sales ($M)	$19,455	~$16,900	~$16,900
Cash provided by operating activities ($M)	$915	N/A	$1,150 - $1,250
Free cash flow ($M)(3)	$366	N/A	$550 - $650
GAAP net earnings margin (%)	2.5 %	N/A	~2.0%
Ongoing EBIT margin (%)(1)	6.1 %	~6.9%	~6.8%
GAAP earnings per diluted share	$8.72	N/A	$5.00 - $7.00
Ongoing earnings per diluted share(2)	$16.16	N/A	$13.00 - $15.00

Europe transaction closed April 1, 2024, as expected, and full year guidance includes MDA Europe first-quarter net sales of $804 million and EBIT of (1.1)%
Reaffirming full-year 2024 net sales expectations of approximately $16.9 billion
Full-year GAAP earnings per diluted share of $5.00 to $7.00 impacted by non-cash charge related to the Europe transaction
Reaffirming full-year ongoing earnings per diluted share(2) of $13.00 to $15.00, including $300-$400 million of cost actions
Reaffirming full-year cash provided by operating activities of $1.15 to $1.25 billion and free cash flow(3) of approximately $550 to $650 million; includes approximately $200 million of MDA Europe cash usage in 2024
Expect full-year 2024 GAAP tax rate of approximately 25 percent and adjusted (non-GAAP) tax rate of approximately 0 percent
Continue to expect to pay approximately $400 million of 2024 dividends (subject to board approval)

(1)	A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings (loss) margin and other important information, appears below.

(2)	A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to Whirlpool and other important information, appears below.

(3)	A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below.

(4)	Segment EBIT represents our consolidated EBIT broken down by the Company's reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate "Other/Eliminations" of $(322) million and $(357) million for the first quarters of 2024 and 2023, respectively.

(5)	Like-for-like refers to a comparison between the 2024 guidance and pro forma results for 2023, which exclude the second through fourth quarter resegmented results for the historical Europe major domestic appliances business (MDA Europe under new segment operating structure). This comparison uses a prior period baseline that is aligned to the ongoing business expectations for 2024, with the Europe transaction closed April 2024. The like-for-like GAAP net earnings margin and corresponding reconciliation cannot be provided without unreasonable effort or expense. Please see below for a reconciliation of ongoing EBIT for the full year to GAAP net earnings.