Whirlpool releases positive financial report

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Whirlpool Corporation released its full-year 2021 financial report and fourth-quarter quarterly numbers ahead of tomorrow’s “conference call” with Wall Street reporters and analysts.

Here are the highlights, according to the company’s official statement:

— Net sales growth of 13% for the full year, driven by strong consumer demand and cost-based pricing measures

— Record GAAP net profit margin of 8.1% (up 260 bps) and record (non-GAAP) continuing EBIT margin(2) of 10.8% (up 180 bps), fully offsetting $1 billion in commodity inflation

— Record GAAP and ongoing (non-GAAP) diluted earnings per share(1) of $28.36 and $26.59, respectively, exceeding guidance – Q4 results impacted by higher inflation, but in line to expectations: Revenues unchanged from 2020, but 8% up from 2019; GAAP net profit margin of 5.1% and EBIT (non-GAAP)(2) margin of 8.6%

— Significant cash generation for the year 2021; cash flow from operating activities of $2.2 billion and adjusted free cash flow(4) of $2.0 billion, driven by strong earnings and working capital improvements

— Returned $1.4 billion in cash to shareholders in 2021, including $1.0 billion in share buybacks
— The outlook for 2022 includes diluted earnings per share of $27.00 to $29.00 under GAAP and on a continuing basis; significant cash from operating activities of $2.2 billion and free cash flow(4) of $1.5 billion

Whirlpool management commented on the results:

“We achieved record results for the fourth consecutive year, demonstrating our ability to perform in any challenging environment,” said Marc Bitzer, president and CEO of Whirlpool Corporation. “We expect another year of record performance, while increasing organic growth investments and returning approximately $1.5 billion more in cash to shareholders.”

“In 2021, we delivered double-digit revenue growth of 13%, and we expect another year of strong growth in 2022 of 5-6%,” said Jim Peters, chief financial officer of Whirlpool Corporation. “Our strong balance sheet and strong cash flow provide us with the flexibility to continue to invest in profitable growth and return cash to shareholders.”

Whirlpool officials expect continued and stable growth for 2022:

OUTLOOK FOR THE YEAR 2022

–Expect net sales growth of 5-6% for full year 2022
– Diluted earnings per share of $27.00 to $29.00 under GAAP and on a continuous basis
– Cash provided by operating activities of $2.2 billion and free cash flow(4) of $1.5 billion
–GAAP and adjusted tax rate (non-GAAP) from 24 to 26%

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