Whirlpool (NYSE: WHR) reported Q2 EPS of $2.15, $1.28 better than the analyst estimate of $0.87. Revenue for the quarter came in at $4.04 billion versus the consensus estimate of $3.51 billion.

"Delivering a solid Q2 performance despite the far reaching impact of COVID-19 on our business is the result of the decisive actions we took throughout the quarter and ultimately demonstrates the resilience of our business model," said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. "While we recognize the uncertainty and volatility which lies ahead of us, we are proud of the way in which we managed through the most difficult quarter of this global crisis."

- Marc Bitzer, Chairman and Chief Executive Officer

QUARTERLY HIGHLIGHTS

• Q2 GAAP net earnings margin was 0.9 percent, compared to 1.3 percent in the same prior-year period. Prior-year results were unfavorably impacted by a $79 million loss primarily related to the sale of our South Africa business, partially offset by a $53 million gain related to a Brazil indirect tax credit and certain favorable tax items.
• Ongoing EBIT margin(2) was 5.2 percent, compared to 7.0 percent in the same prior-year period as COVID-19 related disruptions of nearly 300 basis points were mitigated by significant and decisive cost actions.
• Strong liquidity position with a cash balance of $2.5 billion as of June 30, 2020 and approximately $2.5 billion available under committed credit facilities.

"Our strong second-quarter results are a testament to our operational strength and the perseverance of our global team," said Jim Peters, chief financial officer of Whirlpool Corporation. "In the quarter, we delivered solid cost takeout globally and strong cash flow improvement through disciplined working capital management. The actions we took earlier this year to sustain our margins and protect our liquidity strengthened our ability to succeed through the ongoing COVID-19 pandemic and have prepared us to withstand current economic uncertainty."

- Jim Peters, Chief Financial Officer

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