Whirlpool (WHR) slips 4% after missing estimates for 2024 earnings and revenue

Shares of Whirlpool Corp. (NYSE: WHR) fell 4.1% in pre-open trade Tuesday after the company’s revenue guidance for 2024 missed Wall Street’s estimates.

RBC analyst Mike Dahl said the weakness in stock is also a result of core North America margin and guide coming in "short of already-low low expectations going into the print, while FCF also remains soft."

"We expect the stock to trade down as a result," Dahl said.

For Q4, Whirlpool reported earnings per share (EPS) of $3.85, topping the consensus projection of $3.54. Revenue came in at $5.09 billion, while analysts looked for $4.98 billion.

The home appliance manufacturer generated $2.88 billion in North America net sales, up 1.3% year-over-year, but missing the expected $2.96 billion.

EBIT stood at $266 million in the quarter, up 56% year-over-year, while analysts were looking for $304.6 million.

Looking ahead, Whirlpool expects 2024 revenue of $16.9 billion, notably below the consensus estimates of $17.68 billion.

Full-year EPS is anticipated to be in the range of $13 to $15, also missing Wall Street’s expectations of $15.34.

Whirlpool projects cash from operating activities to range between $1.15 billion and $1.25 billion, compared to analysts’ estimates of $1.27 billion.

Free cash flow is expected to be in the range of $550 million to $650 million, while analysts called for $888.3 million.

“The strength of our balance sheet, with approximately $1.6 billion cash on hand as we exit the year along with strong cash generation, positions us well to fund approximately $400 million of dividends in 2024 while further reducing debt by $500 million,” said Whirpool CFO Jim Peters.

By Vahid Karaahmetovic

Additional reporting by Senad Karaahmetovic

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