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WHIRLPOOL CORPORATION REPORTS RESILIENT SECOND-QUARTER 2020 RESULTS, DESPITE IMPACT OF COVID-19 CRISIS
Delivered positive GAAP and ongoing (non-GAAP) earnings per diluted share(1) of $0.55 and $2.15, respectively, despite significant COVID-19 related disruptions.
Very strong North America performance, expanding EBIT margins(3) 20 basis points to 12.6%.
Significant demand recovery across all regions in June, resulting in year-over-year global margin expansion in the month on a GAAP and ongoing basis.
COVID-19 response plan to protect margins and enhance liquidity in 2020 is on track, resulting in cost takeout (including raw material savings) of approximately $100M in Q2 and a cash balance of $2.5B as of June 30, 2020.
Cash used in operating activities and free cash flow(4) improvement of $76M and $124M, respectively, driven by disciplined working capital management.
BENTON HARBOR, Mich., July 22, 2020 - Whirlpool Corporation (NYSE: WHR) today reported financial results for the second-quarter of 2020.
 
 
“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.”
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 - Marc Bitzer, Chairman and Chief Executive Officer
 
KEY RESULTS
Second-Quarter Results
2020
2019
Change
Net sales ($M)
$4,042
$5,186
$(1,144)
(22.1)%
Organic net sales(5) ($M)
$4,191
$4,863
$(672)
(13.8)%
GAAP net earnings available to Whirlpool ($M)
$35
$67
$(32)
(48.2)%
Ongoing EBIT(2) ($M)
$210
$363
$(153)
(42.1)%
GAAP earnings per diluted share
$0.55
$1.04
$(0.49)
(46.9)%
Ongoing earnings per diluted share(1)
$2.15
$4.01
$(1.86)
(46.4)%

1

The following information was filed by Whirlpool Corp (WHR) on Wednesday, July 22, 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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