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Whirlpool Corp (WHR) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Whirlpool Corp

CIK: 106640 Ticker: WHR

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Whirlpool Announces Increased Long-Term Value Creation Goals on the Back of Continued Record Performance and Delivers Very Strong Third-Quarter Results
Announcing increased long-term value creation goals
Third-quarter net sales growth of ~4%, driven by cost-based pricing initiatives and a continued strong consumer demand environment
Strong GAAP net earnings margin of 8.6% (up 120 bps) and very strong ongoing (non-GAAP) EBIT margin(2) of 11.1% (down 80 bps), largely offsetting 650 bps of raw material inflation
Cash provided by operating activities improved by $887 million driven by strong earnings; adjusted free cash flow(4) improved by $1,126 million driven by strong earnings and positively impacted by the divestitures of Whirlpool China(6) and Turkey subsidiary
Repurchased $441 million of shares in the quarter
Increased full-year 2021 earnings per diluted share guidance to ~$27.80 on a GAAP basis and ~$26.25 on an ongoing basis(1); cash provided by operating activities of $1.95 billion and adjusted free cash flow(4) of $1.70 billion remain unchanged
BENTON HARBOR, Mich., October 21, 2021
- Whirlpool Corporation (NYSE: WHR), committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home, today reported financial results for the third quarter of 2021.
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We are announcing our increased long-term value creation targets as well as increasing our earnings per share guidance to ~$26.25,” said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. “We have, and will continue to deliver strong performance in a challenging environment."
MARC BITZER
LONG-TERM VALUE CREATION GOALS
Reconciliations to the equivalent GAAP measures -- net sales, net earnings, cash provided by (used in) operating activities, and return on assets -- for the metrics below are not provided as they rely on market factors and other assumptions outside of our control.
Long-Term Value Creation Goals
(Annual Expectation)
Sales (Annual Organic Net Sales Growth Excluding Currency)
EBIT (Ongoing Earnings Before Interest and Tax, % of Net Sales)
Adjusted FCF (Adjusted Free Cash Flow as % of Net Sales)
ROIC (Return of Invested Capital)
Updated5-6%11-12%7-8%15-16%
Previous~3%~10%6%+12-14%
Strong brand portfolio and compelling innovation pipeline position us to capitalize on positive demand trends across housing, increased appliance usage, e-commerce and D2C
Low fixed cost base structurally positioned to expand margins and grow profitably
Earnings growth and strong working capital discipline will drive delivery of adjusted free cash flow and our continued commitment to create shareholder value


1

The following information was filed by Whirlpool Corp (WHR) on Thursday, October 21, 2021 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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Inside Whirlpool Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Condensed Balance Sheets
Consolidated Condensed Balance Sheets (Parenthetical)
Consolidated Condensed Statements Of Cash Flows (Unaudited)
Consolidated Condensed Statements Of Comprehensive Income (Unaudited)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Cash, Cash Equivalents And Restricted Cash
Cash, Cash Equivalents And Restricted Cash (Details)
Cash, Cash Equivalents And Restricted Cash (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Product Warranty Reserves (Details)
Divestitures
Divestitures (Tables)
Divestitures - Schedule Of Whirlpool China's Assets And Liabilities (Details)
Divestitures - Turkey Subsidiary Divestment (Details)
Divestitures - Whirlpool China Divestiture (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Narrative (Details)
Financing Arrangements
Financing Arrangements (Tables)
Financing Arrangements - Narrative (Details)
Financing Arrangements - Notes Payable (Details)
Hedges And Derivative Financial Instruments
Hedges And Derivative Financial Instruments (Tables)
Hedges And Derivative Financial Instruments - Narrative (Details)
Hedges And Derivative Financial Instruments - Schedule Of Effects Of Derivative Instruments On Consolidated Condensed Statements Of Income (Details)
Hedges And Derivative Financial Instruments - Schedule Of Net Investment Hedging (Details)
Hedges And Derivative Financial Instruments - Schedule Of Outstanding Derivative Contracts (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Summary Of Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (Tables)
Pension And Other Postretirement Benefit Plans - Narrative (Details)
Pension And Other Postretirement Benefit Plans - Net Periodic Costs Recognized In Operating Profit And Interest And Sundry (Income) Expense (Details)
Pension And Other Postretirement Benefit Plans - Summary Of Components Of Net Periodic Pension Costs (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Restructuring Charges
Restructuring Charges (Tables)
Restructuring Charges - By Segment (Details)
Restructuring Charges - Change In Restructuring Liability (Details)
Restructuring Charges - Restructuring Actions (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Allowance For Doubtful Accounts By Operating Segment (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Net Earnings Per Share (Details)
Stockholders' Equity - Other Comprehensive Income (Details)
Stockholders' Equity - Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Details)
Stockholders' Equity - Schedule Of Changes In Stockholders' Equity (Details)
Stockholders' Equity - Share Repurchase Program (Details)

Material Contracts, Statements, Certifications & more

Whirlpool Corp provided additional information to their SEC Filing as exhibits

Ticker: WHR
CIK: 106640
Form Type: 10-Q Quarterly Report
Accession Number: 0000106640-21-000144
Submitted to the SEC: Fri Oct 22 2021 9:31:58 AM EST
Accepted by the SEC: Fri Oct 22 2021
Period: Thursday, September 30, 2021
Industry: Household Appliances

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