Whirlpool (NYSE: WHR) reported Q1 EPS of $2.82, $0.20 better than the analyst estimate of $2.62. Revenue for the quarter came in at $4.33 billion versus the consensus estimate of $4.3 billion.

QUARTERLY HIGHLIGHTS

• Q1 GAAP net earnings margin of 3.5 percent of sales, compared to 9.9 percent of sales, as prior year results were favorably impacted by a $127 million gain related to a Brazil indirect tax credit and certain favorable tax items.
• Ongoing (non-GAAP) EBIT margin(2) of 6.1 percent of sales, compared to 6.3 percent of sales in the same prior-year period as COVID-19 related disruptions of nearly 150 basis points were nearly offset by aggressive cost actions.
• Strong liquidity position with a cash balance of $2.8 billion as of March 31, 2020 and approximately $2 billion available in remaining committed credit facilities.

"Whirlpool has a 108 year history of leading through challenges, and we are leveraging our leadership position to support our employees, consumers, and communities during this difficult time, while driving our business forward." said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. "Our strong performance in the first quarter reflects the hard work of our employees, our relentless focus on delivering on our commitment to consumers, and the resilience of our business. Our fixed cost discipline and strong liquidity position enable us to weather this crisis and emerge in a position of strength. Ultimately, we believe the underlying momentum we saw early in the quarter will return, and we are well prepared to win in the economic recovery."

- Marc Bitzer, Chairman and Chief Executive Officer

2020 PERSPECTIVE

While the full impact of COVID-19 on business results remains uncertain, the Company is providing the following perspective on 2020:

• Expects full-year 2020 net sales decline of approximately 13 percent to 18 percent (organic net sales(5) decline of 10 percent to 15 percent).
• Targeting over $500 million in net cost takeout (including raw materials savings) in 2020 through the following actions:
• Adjust supply chain and labor levels to match demand environment
  • Aggressively reduce structural and discretionary costs
  • Capture raw material deflation opportunity
  • Continue to effectively and efficiently manage working capital

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