Whirlpool Corporation Announces Additional $2 Billion Share Repurchase Program Authorization And Increases Quarterly Dividend By 12%

Rhea-AI Summary

Whirlpool Corporation has announced a new $2 billion share repurchase program, complementing the existing $531 million unused portion from the previous program. Additionally, the quarterly dividend will increase from $1.25 to $1.40 per share, marking the ninth consecutive year of dividend growth. This decision reflects the company's strong cash generation capabilities and commitment to enhancing shareholder value. The dividend is set to be payable on June 15, 2021, to stockholders of record as of May 21, 2021.

Positive

• Authorized an additional $2 billion share repurchase program.
• Increased quarterly dividend to $1.40 per share, up from $1.25.
• Ninth consecutive year of dividend increases, showcasing strong cash flow.

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• None.

BENTON HARBOR, Mich., April 19, 2021 /PRNewswire/ -- Today the board of directors of Whirlpool Corporation has authorized an additional $2 billion share repurchase program. The new authorization is in addition to the $531 million unused portion of the previous program as of December 31, 2020.

The Company's board of directors also approved a $0.15 increase in the quarterly dividend on the Company's common stock to $1.40 per share from $1.25 per share. The dividend is payable June 15, 2021, to stockholders of record at the close of business on May 21, 2021.

"I am pleased to announce that we are increasing our dividend for the ninth consecutive year and have approved a significant expansion of our share repurchase program," said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. "These actions highlight the confidence we have in our business to continue generating strong levels of cash and reflect our continued commitment to creating strong shareholder value."

About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is the world's leading kitchen and laundry appliance company, with approximately $19 billion in annual sales, 78,000 employees and 57 manufacturing and technology research centers in 2020. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and other major brand names in nearly every country throughout the world. Additional information about the company can be found at WhirlpoolCorp.com, or find us on Twitter at @WhirlpoolCorp.

Website Disclosure
We routinely post important information for investors on our website, whirlpoolcorp.com, in the "Investors" section. We also intend to update the Hot Topics Q&A portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.

Whirlpool Corporation Additional Information
This document contains forward-looking statements regarding shareholder value creation. Actual events or results may differ materially from those statements as a result of many factors, including the company's ability to execute on its short-term and  long-term plans. For information about the factors that could cause such differences, please refer to our Annual Report on Form 10-K for the year ended December 31, 2020, including the information set forth under the caption "Risk Factors."

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SOURCE Whirlpool Corporation

FAQ

What is the new share repurchase program amount for WHR?

Whirlpool Corporation has authorized an additional $2 billion share repurchase program.

When will the new dividend for WHR be paid?

The increased dividend of $1.40 per share will be payable on June 15, 2021.

What was the previous dividend amount for WHR before the increase?

The previous quarterly dividend was $1.25 per share.

How many consecutive years has WHR increased its dividend?

Whirlpool Corporation has increased its dividend for nine consecutive years.