Our operational priorities
During 2023, we delivered approximately $800 million in cost take out through our decisive actions and a disciplined approach to reset our cost structure after $2.5 billion of cost inflation in 2021 and 2022. Our regional focus enables our local-for-local production model as we continue to produce and ship as efficiently as possible. Through our efforts to improve our supply chain resiliency and deliver innovative new products, we drove share gains in most of our key countries, including over one point of share gains in North America.
CASH RETURNED TO SHAREHOLDERS (in dollars)
ongoing ebit(a) (in dollars)
total annual revenue (in dollars)
ongoing ebit margin(a) (in percent)
(a) The ongoing measures, including ongoing earnings before interest and taxes and ongoing earnings per diluted share, are non-GAAP measures. Please see Financial Reconciliations for a reconciliation of these non-GAAP measures to their equivalent GAAP measures.
REGIONAL
ACHIEVEMENTS
North america
Alessandro Perucchetti
Executive Vice President
and President, Whirlpool North America
We delivered overall share gains through continued first-to-market innovations and growth of our industry-leading builder share, which were achieved in an industry of sustained product replacement. Strong cost take-out actions drove approximately 10% margins — despite a normalized promotional environment and softer discretionary spending. We expect further margin expansion and share gain in 2024.
Latin america
Juan Carlos Puente
Executive Vice President
and President, Whirlpool Latin America
Our continued commitment to ‘Win Americas’ delivered 9% net sales growth driven by strong growth in key countries (Argentina, Brazil and Mexico). We are well-positioned for 2024 as consumer confidence recovers and we continue to invest in our leading brands (Brastemp, Consul and Whirlpool) and value-creating product innovation.
europe, middle east and africa (EMEA)
Gilles Morel
Executive Vice President and President, Whirlpool EMEA
We delivered significant year-over-year margin expansion despite a challenging macroeconomic and geopolitical environment negatively impacting consumer confidence.
The transaction to contribute our European major appliance business to a newly formed European appliance company with Arçelik has passed nearly all milestones, receiving unconditional approval from the European Commission along with approval from Austria, China and Germany. The regulatory process continues to progress in the U.K., and we continue to work with all parties to close the transaction by April 2024.
ASIA
James Peters
Executive Vice President, Chief Financial Officer and President, Whirlpool Asia
In Asia, we were faced with a competitive industry and challenging but improving consumer sentiment. We believe we have the right operational priorities to accelerate growth, in particular in India, as we move into 2024, enabling both net sales growth and margin expansion.
