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Whirlpool Corporation (NYSE: WHR) is a globally recognized leader in kitchen and laundry appliances. Established with a commitment to improving life at home, Whirlpool Corp. continues to innovate and meet the evolving needs of consumers worldwide.
With approximately $19 billion in annual sales in 2023 and a workforce of 59,000 employees, Whirlpool Corp. operates 55 manufacturing and technology research centers. The company’s extensive brand portfolio includes iconic names such as Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit, and InSinkErator. These brands are marketed and sold in nearly every country, making Whirlpool the number one major appliance manufacturer globally.
Whirlpool Corporation focuses on delivering purposeful innovation to enhance everyday living. Recent collaborations and projects highlight this commitment. In 2025, Whirlpool and BORA will introduce induction downdraft technology through JennAir and KitchenAid brand induction downdraft cooktops in North America. This partnership aims to revolutionize kitchen design by integrating technology that eliminates the need for overhead ventilation units, thus offering limitless design opportunities.
Another significant collaboration involves Whirlpool Foundation and The Washing Machine Project. This initiative will deliver thousands of manual washing machines to low-income and displaced communities globally, saving time and improving quality of life for an estimated 150,000 people over the next five years. This project underscores Whirlpool’s dedication to community development and sustainable solutions.
Whirlpool Corporation’s financial health remains robust, with strategic moves such as the Europe transaction expected to deliver $750M+ in future cash flows and $250-$300M in incremental cash flow by 2025. The company’s recent Q1 2024 performance highlighted strong results from Latin America, Asia, and the SDA Global segment, despite facing challenges in the North American market.
Whirlpool Corp. also actively engages in social responsibility programs. The “Feel Good Fridge” program, launched in 2021, provides refurbished refrigerators to food pantries and nonprofit organizations, contributing to food security and sustainability by keeping appliances out of landfills and delivering fresh food to those in need. The program aims to place 3,000 refrigerators by 2030, significantly impacting food-insecure communities across the U.S.
Whirlpool Corp. (NYSE: WHR) announced a second Virtual Power Purchase Agreement (VPPA) with ENGIE North America, committing to 53 megawatts of renewable wind energy over 12 years. This initiative supports Whirlpool's goal to achieve Net Zero emissions in its operations by 2030, offsetting emissions equivalent to removing 30,633 gasoline vehicles from the road each year. The agreement, expected to be operational in 2023, aligns with Whirlpool's sustainability strategy, building on its previous investments in renewable energy and energy efficiency.
Whirlpool Corporation (NYSE: WHR) has declared a quarterly dividend of $1.75 per share, payable on September 15, 2022, to stockholders of record by the close of business on August 26, 2022. As of 2021, Whirlpool reported approximately $22 billion in annual sales and employed 69,000 individuals, showcasing its significant manufacturing and innovation capabilities. The company continues its commitment to enhancing home life through its well-known brands, including Whirlpool, KitchenAid, and Maytag.
Whirlpool Corporation (NYSE: WHR) has agreed to acquire InSinkErator from Emerson Electric Co. (NYSE: EMR) for $3.0 billion in cash. InSinkErator, the leader in food waste disposal with a 70% market share, is expected to generate $650 million in sales and $170 million in EBITDA for the fiscal year ending September 30, 2022. The deal, set to close in Q4 2022, aims to enhance Whirlpool's portfolio and is projected to add $1.25 to EPS in fiscal 2023. The acquisition will be initially funded through liquidity, with debt financing to follow.
Emerson (NYSE: EMR) has announced the sale of its InSinkErator business to Whirlpool Corporation (NYSE: WHR) for $3.0 billion. As of March 31, 2022, InSinkErator generated $595 million in revenue and $166 million in EBITDA, marking a transaction value of 18.1x EBITDA. This move is part of Emerson’s strategy to diversify and enhance its growth portfolio. The deal is expected to close in Emerson's 2023 fiscal year, pending regulatory approvals. This acquisition allows Whirlpool to expand its product lineup in the home appliance sector.
Whirlpool Corporation (NYSE: WHR) reported a GAAP net loss margin of (7.3)% and a loss per diluted share of $(6.62), affected by non-recurring charges of $747 million. Ongoing EBIT margin was at 9.0%, yielding earnings per diluted share of $5.97 despite inflation and lowered demand. North America saw an EBIT margin of 14.1% due to cost-based price increases. The company returned ~$400 million to shareholders and revised its full-year guidance to earnings of $9.50 to $11.50 per diluted share on a GAAP basis.
Whirlpool Corporation (NYSE: WHR) will announce its second-quarter financial results on July 25, 2022, at 4:05 p.m. ET. A conference call for investors is scheduled for July 26, 2022, at 8 a.m. ET, accessible via phone and live webcast. The company reported approximately $22 billion in annual sales in 2021 and operates with a workforce of 69,000 across 54 manufacturing and technology research centers. More details and archived materials can be found on their website under the 'Investors' section.
Whirlpool Corporation has appointed Rob Byrd as the new General Manager of Builder Sales, effective immediately. With nearly 15 years at Whirlpool, Byrd aims to enhance support for builder and distributor customers nationwide. Previously, he served as Director of National Accounts Sales & Operations, gaining valuable experience across various roles, including product development and merchandising. Vice President Dave Cichocki expressed confidence in Byrd's leadership to drive improvements and support customer needs.
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