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WHIRLPOOL CORPORATION REPORTS RESILIENT FIRST-QUARTER 2020 RESULTS WITH AMPLE LIQUIDITY TO WITHSTAND CURRENT ECONOMIC UNCERTAINTY
Resilient Q1 results with GAAP and ongoing (non-GAAP) earnings per diluted share(1) of $2.41 and $2.82, respectively.
Solid year-over-year margin performance in North America, Latin America and Europe, Middle East and Africa regions despite COVID-19 related disruptions.
Cash used in operating activities and free cash flow(4) improvement of approximately $100 million driven by disciplined working capital management.
Implemented a robust COVID-19 response plan to protect margins and liquidity in 2020, while positioning the Company to win in the recovery.
Declared quarterly dividend of $1.20 per share on April 21, 2020, unchanged from the prior quarter, which translates to a 4.9 percent dividend yield.
BENTON HARBOR, Mich., April 30, 2020 - Whirlpool Corporation (NYSE: WHR) today reported financial results for the first-quarter of 2020.
 
 
"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."
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 - Marc Bitzer, Chairman and Chief Executive Officer
 
KEY RESULTS
First-Quarter Results
2020
2019
Change
Net sales ($M)
$4,325
$4,760
$(435)
(9.1)%
Organic net sales(5) ($M)
$4,433
$4,448
$(15)
(0.3)%
GAAP net earnings available to Whirlpool ($M)
$152
$471
$(319)
(67.7)%
Ongoing EBIT(2) ($M)
$266
$298
$(32)
(10.7)%
GAAP earnings per diluted share
$2.41
$7.31
$(4.90)
(67.0)%
Ongoing earnings per diluted share(1)
$2.82
$3.11
$(0.29)
(9.3)%

1

The following information was filed by Whirlpool Corp (WHR) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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