Whirlpool Corporation reported a significant decline in its financial performance for the fiscal year ended December 31, 2024, with net sales of $16.6 billion, a decrease of approximately 15% compared to $19.5 billion in 2023. This decline was primarily attributed to the deconsolidation of its European major domestic appliance business, which occurred on April 1, 2024. The company also recorded a GAAP net loss of $323 million, translating to a loss margin of 1.9%, compared to a net profit of $481 million and a margin of 2.5% in the previous year. Ongoing earnings per share were reported at $12.21, down from $16.16 in 2023.
In terms of operational changes, Whirlpool underwent a strategic portfolio transformation, which included the contribution of its European major domestic appliance business to a new entity with Arcelik, as well as the sale of its Middle East and North Africa operations. These transactions were aimed at enhancing growth and profitability. The company also reorganized its operating segments, effective January 1, 2024, to better align with its strategic goals, now comprising Major Domestic Appliances (MDA) North America, MDA Latin America, MDA Asia, and Small Domestic Appliances (SDA) Global.
Whirlpool's operational metrics showed mixed results across its segments. MDA North America reported a 4.9% decrease in net sales, while MDA Latin America experienced a 4.3% increase, driven by higher volumes. MDA Asia also saw a 9.0% increase in net sales, reflecting strong demand. The company maintained a workforce of approximately 44,000 employees as of December 31, 2024, with a focus on enhancing organizational efficiency through workforce reductions and restructuring initiatives.
Looking ahead, Whirlpool provided a cautious outlook for 2025, projecting GAAP earnings per diluted share to be around $8.75, with expectations of flat demand in MDA North America and SDA Global, and modest growth in MDA Latin America and Asia. The company anticipates generating approximately $1 billion in cash from operating activities and free cash flow of $500 to $600 million, despite ongoing challenges in the macroeconomic environment. The strategic focus remains on cost reduction and innovation to drive future growth and shareholder value.
About WHIRLPOOL CORP /DE/
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