Whirlpool (WHR) Tops Q4 EPS by 57c, Revenues Beat; Offers FY21 EPS Mid-Term Guidance Above Consensus

Whirlpool (NYSE: WHR) reported Q4 EPS of $6.64, $0.57 better than the analyst estimate of $6.07. Revenue for the quarter came in at $5.94 billion versus the consensus estimate of $5.59 billion.

• Q4 net sales growth of 7.7% and organic net sales(5) (non-GAAP) growth of 10.3%, driven by strong consumer demand
• Very strong Q4 GAAP net earnings margin of 8.6% (up 320 basis points) and ongoing (non-GAAP) EBIT margin(2) of 11.3% (up 410 basis points), with positive EBIT and significant margin expansion in all regions
• Solid full-year GAAP earnings per diluted share of $17.07 and record ongoing earnings per diluted share(1) (non-GAAP) of $18.55, exceeding guidance
• Significant cash generation for full-year 2020; cash provided by operating activities of $1.5 billion and free cash flow(4) of $1.25 billion, with positive cash flow in North America, Latin America and EMEA
• 2021 outlook includes earnings per diluted share of $17.80 to $18.80 on a GAAP basis and $19.00 to $20.00 on an ongoing(1) basis; cash provided by operating activities of ~$1.55 billion and free cash flow(4) of $1 billion or more

"Despite a challenging environment in 2020, we continued to deliver against our long-term strategy and reported our third consecutive year of record ongoing earnings per share," said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. "As we enter into 2021, we continue to see signs of economic recovery - such as positive demand and encouraging structural housing trends - and remain well-positioned to drive sustained shareholder value over the long term."

GUIDANCE:

Whirlpool sees FY2021 EPS of $19.00-$20.00, versus the consensus of $19.10.

Strong 2021 outlook delivering on long-term financial goals:

• Full-year 2021 net sales increase of ~6 percent (the impact of currency on net sales for future periods is not included)
• GAAP earnings per diluted share of $17.80 to $18.80
• Ongoing earnings per diluted share(1) of $19.00 to $20.00
• GAAP and adjusted tax rate (non-GAAP) of 24 to 26 percent
• Cash provided by operating activities of approximately $1.55 billion
• Free cash flow of $1 billion or more

For earnings history and earnings-related data on Whirlpool (WHR) click here.

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