Slide 1: Third-Quarter 2024 Earnings Review
Third-Quarter 2024 Earnings Review Thursday, October 24, 2024
Slide 2: Cautionary Statement
Cautionary Statement This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include,
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation includes certain non-GAAP financial measures. We supplement the reporting of our financial information determined under U.S. Generally Accepted Accounting Principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing" measures, inc
Slide 4: Third-Quarter Earnings
Third-Quarter Earnings Whirlpool Corporation Confidential Marc Bitzer Jim Peters CHAIRMAN AND EXECUTIVE VICE PRESIDENT CHIEF EXECUTIVE AND CHIEF FINANCIAL AND OFFICER ADMINISTRATIVE OFFICER
Slide 5: 2024 Third-Quarter Results
2024 Third-Quarter Results PROFITABLE GROWTH Net Sales YoY Change ● Achieved ~50bps of sequential global ongoing EBIT margin $4.0B (18.9)% expansion (0.7)% organic ○ ~100bps MDA North America sequential margin expansion MARGIN EXPANSION ● Delivered ongoing EPS of $3.43 Ongoing EBIT YoY Change Margin
Slide 6: Ongoing EBIT Margin Drivers
Ongoing EBIT Margin Drivers Q2’24 vs Q3’23 vs (Approximate impact) Q3’24 Q3’24 Ongoing EBIT Margin 5.3% 6.5% Price/Mix +0.75 -1.25 Net Cost* +0.25 +0.50 Raw Material Inflation nm nm Marketing & Technology Investments nm nm Currency -0.25 -0.50 Europe Transaction -0.25 +0.50 2024 Ongoing EBIT Margin 5
Slide 7: MDA North America Third-Quarter Results
MDA North America Third-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN -4% -24% 3% -1.9pts 19% 1.0pts Q2 2024 Q3 2024 Q3 2023 Q2 2024 Q3 2024 Q3 2023 Q2 2024 Q3 2024 Q3 2023 ● Delivered ~100bps sequential margin improvement driven by pricing actions ● Discretionary demand remains soft with wea
Slide 8: Continuing to Win With Product Leadership in North America
Continuing to Win With Product Leadership in North America WHIRLPOOL MAYTAG KITCHENAID FRONT LOAD PET PRO FRONT LOAD 4-DOOR REFRIGERATOR The innovative new FreshFlow Vent With help from the Pet Pro Filter, the Experience our most customizable System is the first fan-powered Pet Pro Option unleashes a
Slide 9: MDA Latin America Third-Quarter Results
MDA Latin America Third-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN 0% 12% 12% 1.1pts -5% 0.7pts Q2 2024 Q3 2024 Q3 2023 Q2 2024 Q3 2024 Q3 2023 Q2 2024 Q3 2024 Q3 2023 ● Net sales excluding currency increased ~9% year-over-year due to industry growth in both Brazil and Mexico ● Achieved ~1
Slide 10: MDA Asia Third-Quarter Results
MDA Asia Third-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN 9% -67% -30% -3.3pts 40% 0.6pts Q2 2024 Q3 2024 Q3 2023 Q2 2024 Q3 2024 Q3 2023 Q2 2024 Q3 2024 Q3 2023 ● Net sales excluding currency increased ~10% year-over-year ● Share gains year-over-year delivering strong volume growth ● EBIT
Slide 11: SDA Global Third-Quarter Results
SDA Global Third-Quarter Results NET SALES ($B) EBIT ($M) EBIT MARGIN 40% -24% -3% 0.3pts 42% -4.0pts Q2 2024 Q3 2024 Q3 2023 Q2 2024 Q3 2024 Q3 2023 Q2 2024 Q3 2024 Q3 2023 ● Net sales decrease year-over-year impacted by industry decline in the U.S. ● Strong direct-to-consumer sales and product lau
Slide 12: Continuing to Win With Product Leadership in SDA Global
Continuing to Win With Product Leadership in SDA Global KITCHENAID KITCHENAID GO CORDLESS SYSTEM EVERGREEN The KitchenAid Go Cordless System is powered by a single removable battery so you can make your favorite recipes—no cord needed. STANDMIXER The true walnut wood bowl TOP DOWN CITRUS HAND featur
Slide 13: Reaffirming 2024 Full-Year Guidance
Reaffirming 2024 Full-Year Guidance PROFITABLE GROWTH MARGIN EXPANSION CASH CONVERSION 2026 GOALS ~$17.2B ~9.0% ~7.0% ONGOING EARNINGS BEFORE INTEREST FREE CASH FLOW ANNUAL ORGANIC NET SALES AND TAX, % OF NET SALES AS % OF NET SALES Net Sales YoY Change Ongoing EBIT YoY Change Free FCF as % of Margin
Slide 14: 2024 Capital Allocation Priorities
2024 Capital Allocation Priorities 2024 Cash Expectations Clear Capital Allocation Priorities Beginning Cash ~$1.6B $500M of term loan repaid in April on Hand 2024 FCF ~$0.5B ● ~$400M dividends in 2024 India share sale & Brastemp ~$0.5B ● ~$50M share buyback in H1 water business 14
Slide 15: Closing Summary
Closing Summary ● Implemented actions leading to sequential margin expansion, globally and in North America ● MDA North America well positioned for expected growth and further margin expansion, supported by: ○ Interest rate moderation leading to future housing recovery ○ Strong product pipeline supp
Slide 16: Closing Remarks and Q&A
and Q&A Closing Remarks Whirlpool Corporation Confidential
Slide 17: Ongoing EBIT Margin Guidance Remains Unchanged
Ongoing EBIT Margin Guidance Remains Unchanged (Approximate impact) Current Comments 2023 Ongoing EBIT Margin 6.1% • ~5% promotional program actions Price/Mix -2.00 • 2023 lower promotional spend +1.50 to Net Cost* • Cost actions expected to deliver ~$300M benefit +1.75 Raw Material Inflation nm Marke
Slide 18: 2024 Free Cash Flow Guidance Remains Unchanged
2024 Free Cash Flow Guidance Remains Unchanged (Approximate impact in millions) 2023 2024 Comments Cash Earnings and Other Operating Items $910 ~$975 • Innovation, digital transformation and Capital Expenditures $(549) ~$(550) capacity investments Working Capital $37 ~$150 • Inventory reduction • Dr
Slide 19: 2024 Guidance Bridge
2024 Guidance Bridge Q2-Q4 2023 2023 As 2023 Like for 2024 MDA Reported Like Guidance** In billions Europe* Net Sales $19.46 $2.56 $16.90 ~$16.95 Ongoing EBIT $1.19 $0.03 $1.16 ~$1.00 Ongoing EBIT Margin 6.1% 1.2% ~6.9% ~6.0% *Q2-Q4 historical segment financial data (unaudited) **2024 guidance does n
Slide 20: Key Assumptions - Guidance
Key Assumptions - Guidance Income Statement FY2023 FY2024E Raw Material (Inflation) / Deflation $460M nm Restructuring Costs* $16M ~$85M Interest Expense $351M ~$365M Corporate Center $200M ~$200M Weighted-Average Diluted Shares Outstanding 55.2M 55.2M** GAAP Earnings per Diluted Share $8.72 ~$0.50 On
Slide 21: Interest and Sundry (Income) Expense
Interest and Sundry (Income) Expense Q3 (Approximate impact in millions) 2023 2024 Comments • Includes foreign exchange and hedge Net Foreign Exchange $9 $6 (gain)/loss Interest (Income) Expense/Other $(20) $(13) • 2024 interest income Equity Method Investment (Income) Loss* $1 $20 • 2024 EMEA minor
Slide 22: Restructuring Cash Outlays
Restructuring Cash Outlays (Approximate impact in millions) 2023 2024E Comments COVID-19 Related Actions $20 $0 Other Initiatives $12 ~$80 ● Primarily due to organizational simplification Total $32 ~$80 Note: Numbers may not reconcile due to rounding 22
Slide 23: Whirlpool
Whirlpool Whirlpool KitchenAid JENNAI? MAYIAG AMANA BRASTEMP' Consul inQDertor