Whirlpool Announces Second-Quarter Results; Delivers Sequential Margin Expansion
-- Sequential margin expansion globally and in
-- Solid performance in SDA Global, MDA Latin America, and MDA Asia, all delivering double-digit net sales growth in the quarter
-- Continued progress toward cost take out goals; on track to deliver
-- Q2 GAAP net earnings margin of 5.5%; GAAP earnings per diluted share of
-- Ongoing (non-GAAP) EBIT margin(1) of 5.3%; ongoing earnings per diluted share(2) of
-- Expect full-year GAAP earnings per diluted share of approximately
-- Revised full-year ongoing earnings per diluted share(2) to approximately
"Our solid Q2 results and actions put us firmly on track towards expanding our margins sequentially throughout 2024," said
Second-Quarter Results |
2024* |
2023 |
Change |
Net sales ($M) |
|
|
(16.8) % |
Net sales excluding currency ($M) |
|
|
(16.0) % |
GAAP net earnings (loss) available to |
|
|
157.6 % |
Ongoing EBIT(1) ($M) |
|
|
(39.8) % |
GAAP earnings (loss) per diluted share |
|
|
155.5 % |
Ongoing earnings per diluted share(2) |
|
|
(43.2) % |
*Excludes net sales from our previously-owned MDA Europe business |
|
|
|
Free Cash Flow |
2024 |
2023 |
Change |
Cash provided by (used in) operating activities ($M) |
|
|
|
Free cash flow(3) ($M) |
|
|
|
"We completed our organizational simplification actions in the second quarter, putting us on track to deliver our cost take out goal of
SEGMENT REVIEW
SEGMENT INFORMATION ($M) |
|
Q2 2024 |
Q2 2023 |
Change |
|
|
|
|
|
|
(5.7) % |
EBIT |
|
|
|
(40.7) % |
|
% of sales |
|
6.3 % |
10.1 % |
(3.8pts) |
|
MDA Latin America |
|
|
|
|
11.3 % |
EBIT |
|
|
|
6.1 % |
|
% of sales |
|
5.8 % |
6.1 % |
(0.3pts) |
|
MDA Asia |
|
|
|
|
19.7 % |
EBIT |
|
|
|
110.0 % |
|
% of sales |
|
6.2 % |
3.5 % |
2.7pts |
|
SDA Global |
|
|
|
|
11.3 % |
EBIT |
|
|
|
23.8 % |
|
% of sales |
|
13.9 % |
12.5 % |
1.4pts |
|
MDA: Major Domestic Appliances; SDA: Small Domestic Appliances |
|
|
|
|
MDA NORTH AMERICA
- Excluding currency, net sales decline of 5.6 percent year-over-year from unfavorable price/mix, which significantly improved throughout the quarter from promotional pricing actions
- EBIT margin(4) decreased compared to the same prior-year period, driven by unfavorable price/mix partially offset by cost take out actions
- Excluding currency, net sales increase of 14.9 percent year-over-year, with strong share gains in the segment more than offsetting unfavorable price/mix
- EBIT margin(4) decreased compared to the same prior-year period, driven by unfavorable price/mix partially offset by fixed cost leverage and cost take out actions
MDA
- Excluding currency, net sales increase of 21.5 percent year-over-year, with increased volumes from share gains partially offset by unfavorable price/mix
- EBIT margin(4) increased compared to the same prior-year period, driven by cost take out actions and fixed cost leverage
SDA GLOBAL
- Excluding currency, net sales increase of 11.9 percent year-over-year, with growth from new product launches and direct to consumer business more than offsetting unfavorable price/mix
- EBIT margin(4) increased compared to the same prior-year period, driven by cost take out actions and volume growth
FULL-YEAR 2024 OUTLOOK
Guidance Summary |
2023 Reported |
2023 Like for |
2024 Guidance |
Net sales ($M) |
|
|
|
Cash provided by operating activities ($M) |
|
N/A |
|
Free cash flow ($M)(3) |
|
N/A |
|
GAAP net earnings margin (%) |
2.5 % |
N/A |
~1.0% |
Ongoing EBIT margin (%)(1) |
6.1 % |
~6.9% |
~6.0% |
GAAP earnings per diluted share |
|
N/A |
|
Ongoing earnings per diluted share(2) |
|
N/A |
|
-
Europe transaction closedApril 1, 2024 , as expected - Reaffirm full-year 2024 net sales expectations of approximately
$16.9 billion - Full-year GAAP earnings per diluted share of approximately
$3.00 impacted by non-cash charge related to theEurope transaction and organization simplification restructuring expense - Adjusted full-year ongoing earnings per diluted share(2) to approximately
$12.00 , including$300-$400 million of cost actions - Adjusted full-year cash provided by operating activities to approximately
$1.05 billion and free cash flow(3) of approximately$500 million ; includes approximately$250-$300 million of MDA Europe cash usage in 2024 - Expect full-year 2024 GAAP tax rate of approximately 25 percent and adjusted (non-GAAP) tax rate of approximately (8) percent
- Continue to expect to pay approximately
$400 million of 2024 dividends (subject to board approval)
(1) |
A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to |
(2) |
A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to |
(3) |
A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below. |
(4) |
Segment EBIT represents our consolidated EBIT broken down by the Company's reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate "Other/Eliminations" of |
(5) |
Like-for-like refers to a comparison between the 2024 guidance and pro forma results for 2023, which exclude the second through fourth quarter resegmented results for the historical |
ABOUT
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,
This document contains forward-looking statements about
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
FOR THE PERIODS ENDED (Millions of dollars, except per share data) |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net sales |
$ 3,989 |
|
$ 4,792 |
|
$ 8,478 |
|
$ 9,441 |
Expenses |
|
|
|
|
|
|
|
Cost of products sold |
3,363 |
|
3,976 |
|
7,211 |
|
7,862 |
Gross margin |
626 |
|
816 |
|
1,267 |
|
1,579 |
Selling, general and administrative |
394 |
|
476 |
|
871 |
|
963 |
Intangible amortization |
7 |
|
10 |
|
17 |
|
21 |
Restructuring costs |
50 |
|
9 |
|
73 |
|
9 |
Loss (gain) on sale and disposal of businesses |
45 |
|
18 |
|
292 |
|
240 |
Operating profit |
130 |
|
303 |
|
14 |
|
346 |
Other (income) expense |
|
|
|
|
|
|
|
Interest and sundry (income) expense |
7 |
|
10 |
|
(21) |
|
87 |
Interest expense |
93 |
|
89 |
|
183 |
|
164 |
Earnings (loss) before income taxes |
30 |
|
204 |
|
(148) |
|
95 |
Income tax expense (benefit) |
(206) |
|
114 |
|
(130) |
|
182 |
Equity method investment income (loss), net of tax |
(11) |
|
(3) |
|
(11) |
|
(2) |
Net earnings (loss) |
225 |
|
87 |
|
(29) |
|
(89) |
Less: Net earnings (loss) available to noncontrolling interests |
6 |
|
2 |
|
11 |
|
5 |
Net earnings (loss) available to |
$ 219 |
|
$ 85 |
|
$ (40) |
|
$ (94) |
Per share of common stock |
|
|
|
|
|
|
|
Basic net earnings (loss) available to |
$ 3.96 |
|
$ 1.56 |
|
$ (0.75) |
|
$ (1.71) |
Diluted net earnings (loss) available to |
$ 3.96 |
|
$ 1.55 |
|
$ (0.75) |
|
$ (1.71) |
Dividends declared |
$ 1.75 |
|
$ 1.75 |
|
$ 3.50 |
|
$ 3.50 |
Weighted-average shares outstanding (in millions) |
|
|
|
|
|
|
|
Basic |
54.9 |
|
55.0 |
|
54.9 |
|
54.9 |
Diluted |
55.0 |
|
55.2 |
|
54.9 |
|
54.9 |
CONSOLIDATED CONDENSED BALANCE SHEETS (Millions of dollars, except share data) |
|||
|
|||
|
|
|
|
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ 1,179 |
|
$ 1,570 |
Accounts receivable, net of allowance of |
1,595 |
|
1,529 |
Inventories |
2,309 |
|
2,247 |
Prepaid and other current assets |
777 |
|
717 |
Assets held for sale |
— |
|
144 |
Total current assets |
5,860 |
|
6,207 |
Property, net of accumulated depreciation of |
2,254 |
|
2,234 |
Right of use assets |
882 |
|
721 |
|
3,328 |
|
3,330 |
Other intangibles, net of accumulated amortization of |
3,110 |
|
3,124 |
Deferred income taxes |
1,376 |
|
1,317 |
Other noncurrent assets |
533 |
|
379 |
Total assets |
$ 17,343 |
|
$ 17,312 |
Liabilities and stockholders' equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ 3,420 |
|
$ 3,598 |
Accrued expenses |
448 |
|
491 |
Accrued advertising and promotions |
480 |
|
603 |
Employee compensation |
172 |
|
238 |
Notes payable |
778 |
|
17 |
Current maturities of long-term debt |
350 |
|
800 |
Other current liabilities |
481 |
|
614 |
Liabilities held for sale |
— |
|
587 |
Total current liabilities |
6,129 |
|
6,948 |
Noncurrent liabilities |
|
|
|
Long-term debt |
6,313 |
|
6,414 |
Pension benefits |
120 |
|
147 |
Postretirement benefits |
103 |
|
107 |
Lease liabilities |
776 |
|
612 |
Other noncurrent liabilities |
543 |
|
547 |
Total noncurrent liabilities |
7,855 |
|
7,827 |
Stockholders' equity |
|
|
|
Common stock, |
115 |
|
114 |
Additional paid-in capital |
3,455 |
|
3,078 |
Retained earnings |
8,127 |
|
8,358 |
Accumulated other comprehensive loss |
(1,563) |
|
(2,178) |
|
(7,037) |
|
(7,010) |
Total |
3,097 |
|
2,362 |
Noncontrolling interests |
262 |
|
175 |
Total stockholders' equity |
3,359 |
|
2,537 |
Total liabilities and stockholders' equity |
$ 17,343 |
|
$ 17,312 |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE PERIODS ENDED (Millions of dollars) |
|||
|
|||
|
Six Months Ended |
||
|
2024 |
|
2023 |
Operating activities |
|
|
|
Net earnings (loss) |
$ (29) |
|
$ (89) |
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: |
|
|
|
Depreciation and amortization |
170 |
|
178 |
Loss (gain) on sale and disposal of businesses |
292 |
|
240 |
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
(211) |
|
(161) |
Inventories |
(54) |
|
(384) |
Accounts payable |
(123) |
|
(146) |
Accrued advertising and promotions |
(154) |
|
(182) |
Accrued expenses and current liabilities |
(170) |
|
50 |
Taxes deferred and payable, net |
(209) |
|
113 |
Accrued pension and postretirement benefits |
(14) |
|
(29) |
Employee compensation |
(22) |
|
47 |
Other |
39 |
|
(7) |
Cash provided by (used in) operating activities |
(485) |
|
(370) |
Investing activities |
|
|
|
Capital expenditures |
(228) |
|
(217) |
Proceeds from sale of assets and businesses |
42 |
|
9 |
Acquisition of businesses, net of cash acquired |
— |
|
(14) |
Cash held by divested businesses |
(245) |
|
— |
Other |
(1) |
|
— |
Cash provided by (used in) investing activities |
(432) |
|
(222) |
Financing activities |
|
|
|
Net proceeds from borrowings of long-term debt |
300 |
|
303 |
Net proceeds (repayments) of long-term debt |
(801) |
|
(250) |
Net proceeds (repayments) from short-term borrowings |
780 |
|
28 |
Dividends paid |
(191) |
|
(193) |
Repurchase of common stock |
(50) |
|
— |
Sale of minority interest in subsidiary |
462 |
|
— |
Common stock issued |
— |
|
4 |
Other |
1 |
|
(2) |
Cash provided by (used in) financing activities |
501 |
|
(110) |
Effect of exchange rate changes on cash and cash equivalents |
(72) |
|
55 |
Less: change in cash classified as held for sale |
— |
|
(2) |
Increase (decrease) in cash and cash equivalents |
(488) |
|
(649) |
Cash and cash equivalents at beginning of year (1) |
1,667 |
|
1,958 |
Cash and cash equivalents at end of period |
$ 1,179 |
|
$ 1,309 |
(1) Cash and cash equivalent at the beginning of 2024 include |
SUPPLEMENTAL
INFORMATION - CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Millions of dollars except per share data) (Unaudited)
We supplement the reporting of our financial information determined under
Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Sales excluding foreign currency: Current period net sales translated in functional currency, to
Organic net sales: Sales excluding the impact of certain acquisitions or divestitures, and foreign currency. Management believes that organic net sales provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations and certain acquisitions and/or divestitures.
Ongoing EBIT margin: Ongoing earnings before interest and taxes divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Ongoing earnings per diluted share: Diluted net earnings per share from continuing operations, adjusted to exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations. Ongoing measures provide a better baseline for analyzing trends in our underlying businesses.
Net debt leverage: Net debt to ongoing earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio is net debt outstanding, including long-term debt, current maturities of long-term debt, and notes payable, less cash and cash equivalents, divided by ongoing EBITDA. Management believes that net debt leverage provides stockholders with a view of our ability to generate earnings sufficient to service our debt.
Return on invested capital: Ongoing EBIT after taxes divided by total invested capital, defined as total assets less non-interest bearing current liabilities (NIBCLS). NIBCLS is defined as current liabilities less current maturities of long-term debt and notes payable. This ROIC definition may differ from other companies' methods and therefore may not be comparable to those used by other companies. Management believes that ROIC provides stockholders with a view of capital efficiency, a key driver of stockholder value creation.
Adjusted effective tax rate: Effective tax rate, excluding pre-tax income and tax effect of certain unique items. Management believes that adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of certain unique items.
Free cash flow: Cash provided by (used in) operating activities less capital expenditures. Management believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing the company's ability to fund its activities and obligations.
We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These ongoing financial measures should not be considered in isolation or as a substitute for reported net earnings available to
We also disclose segment EBIT as an important financial metric used by the Company's Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280 - Segment Reporting.
GAAP net earnings available to
SECOND-QUARTER 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to
|
Three Months Ended |
Earnings Before Interest & Taxes Reconciliation: |
|
Net earnings (loss) available to |
$ 219 |
Net earnings (loss) available to noncontrolling interests |
6 |
Income tax expense (benefit) |
(206) |
Interest expense |
93 |
Earnings before interest & taxes |
$ 112 |
Net sales |
$ 3,989 |
Net earnings (loss) margin |
5.5 % |
|
Results classification |
|
Earnings before |
|
Earnings per |
Reported measure |
|
|
$ 112 |
|
$ 3.96 |
Restructuring expense(a) |
Restructuring expense |
|
50 |
|
0.91 |
Impact of M&A |
(Gain) loss on sale and |
|
50 |
|
0.90 |
Total income tax impact |
|
|
|
|
0.26 |
Normalized tax rate |
|
|
|
|
(3.64) |
Ongoing measure |
|
|
$ 212 |
|
$ 2.39 |
Net sales |
|
|
$ 3,989 |
|
|
Ongoing EBIT margin |
|
|
5.3 % |
|
|
Note: Numbers may not reconcile due to rounding.
SECOND-QUARTER 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to
|
Three Months Ended |
Earnings Before Interest & Taxes Reconciliation: |
|
Net earnings (loss) available to |
$ 85 |
Net earnings (loss) available to noncontrolling interests |
2 |
Income tax expense (benefit) |
114 |
Interest expense |
89 |
Earnings before interest & taxes |
$ 290 |
Net sales |
$ 4,792 |
Net earnings (loss) margin |
1.8 % |
|
Results classification |
|
Earnings before |
|
Earnings per |
Reported measure |
|
|
$ 290 |
|
$ 1.55 |
Impact of M&A |
(Gain) loss on sale and |
|
26 |
|
0.47 |
Legacy EMEA legal matters(b) |
Interest and sundry |
|
36 |
|
0.65 |
Total income tax impact |
|
|
|
|
(0.12) |
Normalized tax rate |
|
|
— |
|
1.66 |
Ongoing measure |
|
|
$ 352 |
|
$ 4.21 |
Net sales |
|
|
$ 4,792 |
|
|
Ongoing EBIT margin |
|
|
7.3 % |
|
|
Note: Numbers may not reconcile due to rounding
FULL-YEAR 2024 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to
|
Twelve Months Ending |
Earnings Before Interest & Taxes Reconciliation: |
|
Net earnings available to |
|
Net earnings available to noncontrolling interests |
|
Income tax expense (benefit) |
|
Interest expense |
|
Earnings before interest & taxes |
|
Net sales |
|
Net earnings margin |
3.6 % |
|
Results classification |
|
Earnings before |
|
Earnings per |
Reported measure |
|
|
|
|
|
Restructuring Expense(a) |
|
|
~75 |
|
~1.25 |
Impact of M&A |
(Gain) loss on sale and |
|
~315 |
|
~5.75 |
Total income tax impact |
|
|
|
|
— |
Normalized tax rate adjustment(d) |
|
|
|
|
~1.50 |
Ongoing measure |
|
|
|
|
|
Note: Numbers may not reconcile due to rounding
FULL-YEAR 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to
|
Twelve Months Ended |
Earnings Before Interest & Taxes Reconciliation: |
|
Net earnings (loss) available to |
$ 481 |
Net earnings (loss) available to noncontrolling interests |
7 |
Income tax expense (benefit) |
77 |
Interest expense |
351 |
Earnings before interest & taxes |
$ 916 |
Net sales |
$ 19,455 |
Net earnings (loss) margin |
2.5 % |
|
Results classification |
|
Earnings before |
|
Earnings per |
Reported measure |
|
|
$ 916 |
|
$ 8.72 |
Impact of M&A |
(Gain) loss on sale and |
|
181 |
|
3.27 |
Legacy EMEA legal matters(c) |
Interest and sundry |
|
94 |
|
1.71 |
Total income tax impact |
|
|
|
|
0.35 |
Normalized tax rate adjustment(d) |
|
|
|
|
2.11 |
Ongoing measure |
|
|
$ 1,191 |
|
$ 16.16 |
|
|
|
$ 19,455 |
|
|
Ongoing EBIT Margin |
|
|
6.1 % |
|
|
Note: Numbers may not reconcile due to rounding
FOOTNOTES
a.
RESTRUCTURING EXPENSE - In
b.
IMPACT OF M&A TRANSACTIONS
- On
For the six months ended
c.
LEGACY MDA
d.
NORMALIZED TAX RATE ADJUSTMENT - During the second quarter of 2024, the Company calculated a GAAP tax rate of (687)%. Ongoing earnings per share was calculated using an adjusted tax rate of (14)%, which excludes the non-tax deductible impact of M&A transactions of approximately
During the second quarter of 2023, the Company calculated ongoing earnings per share using an adjusted tax rate of 11%, which excludes the non-tax deductible impact of M&A transactions of approximately
Additionally, in the full-year 2024 outlook, the Company calculated ongoing earnings per share using a full-year adjusted tax (non-GAAP) rate of approximately (8)%. Subsequent to the closure of the
ONGOING EBIT EXCLUDING MDA
The reconciliation provided below reconciles the impact of removing MDA Europe from our Q2 through Q4 net sales and ongoing EBIT, for twelve months ended
In billions |
2023 As |
Q2-Q4 2023 |
2023 Like |
|
$ 19.46 |
$ 2.56 |
$ 16.90 |
Ongoing EBIT |
$ 1.19 |
$ 0.03 |
$ 1.16 |
Ongoing EBIT Margin |
6.1 % |
1.2 % |
~6.9% |
Note: Numbers may not reconcile due to rounding
*Q2-Q4 historical segment financial data (unaudited).
FREE CASH FLOW
Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles six months ended
|
|
|
|
|
|
|
Six Months Ended |
|
|
||
|
|
|
|
||
(millions of dollars) |
2024 |
|
2023 |
|
2024 |
Cash provided by (used in) operating activities |
|
|
|
|
|
Capital expenditures |
(228) |
|
(217) |
|
~(550) |
Free cash flow |
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) investing activities* |
(432) |
|
(222) |
|
|
Cash provided by (used in) financing activities* |
501 |
|
(110) |
|
|
|
*Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control. |
Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles three months ended
|
Three Months Ended |
(millions of dollars) |
|
Cash provided by (used in) operating activities |
|
Capital expenditures |
(113) |
Free cash flow |
|
|
|
Cash provided by (used in) investing activities |
121 |
Cash provided by (used in) financing activities |
1,293 |
Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles twelve months ended
|
|
|
Twelve Months Ended |
|
|
(millions of dollars) |
2023 |
Cash provided by (used in) operating activities |
|
Capital expenditures |
(549) |
Free cash flow |
|
|
|
Cash provided by (used in) investing activities |
(553) |
Cash provided by (used in) financing activities |
(792) |
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