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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 brand has become the founding partner of the Premier Lacrosse League's Maryland Whipsnakes for their homecoming weekend in Baltimore on August 3-4, 2024. This partnership expands on Whirlpool's existing three-year collaboration with the PLL. Key initiatives include player meet & greets, jersey care cards, branded merchandise, and exclusive broadcast rights for the Whipsnakes' homecoming weekend. Whirlpool will also feature prominently on team uniforms with exclusive jersey patches.
The partnership aims to enhance fan engagement and support youth lacrosse organizations. Paul Rabil, PLL co-founder, and Shannon Blakely, VP of North America Brand Marketing at Whirlpool, expressed enthusiasm for the collaboration and its potential impact on fans and the sport's accessibility.
Whirlpool (WHR) celebrated its 25th anniversary of supporting Habitat for Humanity by sending 25 employees to Colombia to participate in a life-changing project. The initiative, part of Habitat's "100,000 Floors to Play On" program, aims to replace dirt floors with concrete in 100,000 homes by 2028. This project directly benefited 25 families, impacting 125 people in total.
The concrete floors significantly improve living conditions, supporting cognitive development in children and reducing health risks associated with dirt floors. A World Bank study showed at least a 36% improvement in cognitive development among children after floor replacement, along with reductions in parasitic infections, diarrhea, and anemia. The project also boosted the local economy by hiring local labor and purchasing materials from local establishments.
Whirlpool Corp. (NYSE: WHR) reported Q2 2024 results, highlighting global sequential margin expansion driven by improved promotional pricing in North America.
Key Highlights:
- GAAP net earnings margin of 5.5%; $3.96 GAAP EPS
- Ongoing EBIT margin of 5.3%; $2.39 ongoing EPS
- Net sales: $3.99 billion, a 16.8% decline YoY
- Solid performance in Latin America, Asia, and small domestic appliances with double-digit sales growth
- Cost reduction on track to achieve $300-$400 million in 2024
- Revised full-year ongoing EPS to approximately $12.00
- Cash flow from operations expected to be $1.05 billion, free cash flow around $500 million
CEO Marc Bitzer emphasized the company's strategic moves positioning it for a recovery in the U.S. housing market. CFO Jim Peters highlighted continued simplification actions, anticipating significant cost savings and strong working capital management.
Whirlpool celebrated its third annual 'Day of Impact' by revitalizing Charles Yarbrough Park in Benton Harbor, Michigan. Over 100 employees and elected officials volunteered to improve the park, chosen for its rich history and proximity to Benton Harbor High School. This marks the third local park revitalized with funding from the Whirlpool Foundation and volunteer efforts.
Improvements include resurfacing the riverfront deck, adding a new sidewalk, building a bathroom plaza, updating the play area, installing a Charles Yarbrough monument, and creating a community serenity garden. The initiative, which began in 2021 as part of Whirlpool's Juneteenth commemoration, demonstrates the company's commitment to Benton Harbor, its home for over 100 years.
Mayor Marcus Muhammad and Berrien County Commissioner Mamie Yarbrough, widow of Charles Yarbrough, expressed gratitude for the project's impact on the community and its potential to bring families together.
Whirlpool (NYSE: WHR) has announced the release of its second-quarter financial results for 2024, scheduled for July 24th at 4:05 p.m. ET. The company will hold a conference call to discuss its performance with investors on July 25th at 8 a.m. ET. Participants can join the call by dialing 1 (888) 440-4038 (US) or 1 (646) 960-0861 (International) with Conference ID 2610251. A live webcast will be available on the company's website, along with key financial statistics and the earnings presentation. An archived recording of the call will be accessible for at least 30 days after the event.
Whirlpool has been named one of America's Best Brands for Social Impact in 2024 by Forbes. This recognition reflects the company's dedication to creating a more sustainable and socially responsible future. The list, created in partnership with customer insights company HundredX, is based on an online survey conducted from March 2023 to February 2024, involving over 185,000 consumers rating brands in various categories.
The survey evaluated brands on four key aspects: Overall Brand Values and Trust, Social Stances, Sustainability, and Community Support. Pam Klyn, Whirlpool's executive vice president of corporate relations and sustainability, expressed pride in the company's efforts to positively impact consumers globally and its commitment to serving local communities.
Whirlpool has announced that several of its engineers have been nominated for the Society of Women Engineers (SWE) 2024 Individual Awards. These nominations come from colleagues and regional SWE chapter members in the US, Brazil, and India. The company is celebrating these women and allies for their contributions to engineering solutions that enhance home life globally.
Whirlpool Foundation continues its support for the Michigan Council of Women in Technology Foundation (MCWT) by sponsoring the 'Girls Rock IT' event for a second consecutive year. Held in the spring, the event targeted local girls from grades 2-8, introducing them to coding and app development. Elementary students engaged with Scratch, while middle schoolers used MIT App Inventor to create apps. The initiative also included sessions for parents on Internet Safety and Careers in Technology to bolster support for the girls' tech aspirations. As women remain underrepresented in tech, Whirlpool Foundation aims to inspire and support future female tech talent in Michigan.
Whirlpool is expanding its 'Feel Good Fridge' program, collaborating with HelloFresh and Total Quality Logistics (TQL) to combat food insecurity in 13 U.S. markets. Initially launched in 2021, the program provides refurbished refrigerators to food pantries and nonprofits, offering free, fresh food to those in need. This expansion will see Whirlpool providing 2,000 refrigerators, TQL managing transportation, and HelloFresh supplying fresh ingredients. The initiative has already donated over 900 refrigerators and delivered 250,000 pounds of food, impacting more than 25,000 families. Current target markets include cities like Dallas, Detroit, Atlanta, and Los Angeles, with a goal of 3,000 refrigerators by 2030.
Whirlpool has partnered with Benton Harbor High School and Youth Solutions, Inc.'s Jobs for Michigan Graduates to support 30 students through a comprehensive mentorship program. The initiative included workplace simulations, presentation and etiquette tips, and a Dress For Success event, where students received tailored style advice through a hands-on shopping experience. This program aims to prepare students for college, technical training, or immediate employment. Whirlpool mentors played a key role, ensuring each student was styled for professional success.
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