Thu, Jul 25, 2:04 PM (44 days ago)
Whirlpool Corporation's Q2 2024 financial report highlights a 16.8% YoY decline in net sales to $3.99 billion, primarily due to the divestiture of its European major domestic appliance business. The gross margin decreased to 15.7% from 17.0% in Q2 2023. Notably, GAAP net earnings rose to $219 million ($3.96 per share) from $85 million ($1.55 per share) in the prior year, bolstered by tax benefits from legal entity restructuring. However, the company incurred significant restructuring costs ($50 million) and a $45 million loss on the disposal of businesses. Cash flow from operations was negative at $(485) million, impacted by working capital fluctuations. Whirlpool expects full-year 2024 GAAP earnings of ~$3.00 per share and free cash flow of ~$500 million, with a focus on cost reduction and sequential margin improvement.