Whirlpool Corporation Increases Quarterly Dividend by 25% and Share Repurchase Program Authorization by $2 Billion

Rhea-AI Summary

Whirlpool Corporation's board has authorized an additional $2 billion for its share repurchase program, following a residual $1.5 billion remaining from previous authorizations. The company also increased its quarterly dividend by 25% to $1.75 per share, effective March 15, 2022, marking the tenth consecutive year of dividend growth. Chairman Marc Bitzer emphasized the company's confidence in its cash generation capabilities and commitment to long-term shareholder value.

Positive

• Authorized an additional $2 billion for share repurchase, enhancing shareholder value.
• Increased quarterly dividend by 25% to $1.75, indicating strong cash flow and commitment to shareholders.

Negative

• None.

BENTON HARBOR, Mich., Feb. 14, 2022 /PRNewswire/ -- Today the board of directors of Whirlpool Corporation (the "Company") authorized an additional $2 billion in share repurchases under the Company's ongoing share repurchase program.  Approximately $1.5 billion remained available under the program as of December 31, 2021.

The Company's board of directors also approved a $0.35 increase in the quarterly dividend on the Company's common stock to $1.75 per share from $1.40 per share. The dividend is payable March 15, 2022, to stockholders of record at the close of business on February 25, 2022.

"I am pleased to announce that we are increasing our dividend for the tenth consecutive year and have approved another significant increase 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 delivering long-term shareholder value and returns."

About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home. In an increasingly digital world, the company is driving purposeful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and Yummly. In 2021, the company reported approximately $22 billion in annual sales, 69,000 employees and 54 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com, or find us on Twitter at @WhirlpoolCorp.com.

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 cash generation and 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, 2021, including the information set forth under the caption "Risk Factors."

 

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SOURCE Whirlpool Corporation

FAQ

What is the recent share repurchase authorization by Whirlpool Corporation (WHR)?

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

What is the new quarterly dividend amount for Whirlpool Corporation (WHR)?

The new quarterly dividend is $1.75 per share, up from $1.40.

When will the new dividend for Whirlpool Corporation (WHR) be payable?

The new dividend will be payable on March 15, 2022, to stockholders of record by February 25, 2022.

How many years has Whirlpool Corporation (WHR) increased its dividend?

Whirlpool Corporation has increased its dividend for ten consecutive years.