Whirlpool Corporation CEO Marc Bitzer on CNBC, Very Strong Q1 Results
24% Revenue Growth and more than double operating profits; people have a stronger orientation to house and home
“We knew that the expectations coming to earnings season were high and we’re really pleased to see that we even beat the most optimistic forecast. In the first quarter we’ve seen growth everywhere throughout the world.”
- Net sales growth of ~24%, driven by sustained global industry demand and cost-based pricing actions
- GAAP net earnings margin of 8.1% (up 450 basis points) and ongoing (non-GAAP) EBIT margin(2) of 12.4% (up 620 basis points) with all regions delivering double digit growth across revenue and EBIT
- Delivered cash provided by operating activities of $182 million and free cash flow(4) of $132 million, driven by strong earnings and disciplined working capital management
- Raised full-year 2021 guidance; earnings per diluted share now expected to be $23.10 to $24.10 on a GAAP basis and $22.50 to $23.50 on an ongoing basis(1), cash provided by operating activities of $1.70 billion and free cash flow(4) of ~$1.25 billion
- Increased quarterly dividend to $1.40 per share on April 19, 2021, the ninth consecutive year of dividend increases
- Increased share repurchase authorization by $2 billion to ~$2.4 billion