Whirlpool Chairman/CEO Marc Bitzer will face the Wall Street press corps Friday morning in his Quarterly Conference Call. The company released results after the market close Thursday, showing sales and earnings growth, but with indications of considerable challenges from rising costs of raw materials.
Here are the key points highlighted by Whirlpool in their late afternoon release:
— 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.
