Whirlpool Corporation Chairman Marc Bitzer says ‘the plan is working.’ The company’s financial performance is improving quarter by quarter, largely in line with the plan laid out by Bitzer and Chief Financial Officer Jim Peters earlier in 2023.
Bitzer and Peters met today with financial writers and appliance industry analysts for their Quarterly Conference Call, reviewing Q3 earnings numbers, released yesterday at the close of Wall Street’s trading day. Bitzer feels good about Q3 and how its building toward annual growth for the company.
Whirlpool’s Q3 net sales were at 4.9 Billion Dollars, up 3 % over Q3 of 2022. Bitzer credits stronger builder demand and the ‘replacement market’ for appliances, as well as a normal promotional environment that kept selling prices stable during the quarter.
Bitzer said Whirlpool delivered $ 300 Million in profits in Q3, and is on track to do $ 800 Million for the full year of 2023. He credited the company’s on-going cost containment efforts, which have been a continuing theme during the year. Bitzer seemed especially pleased with the company’s North America division performance. North America is Whirlpool’s largest market by far and drives much of the company’s success.
Bitzer singled out several product lines as leaders in Whirlpool’s improving performance picture.
Premium Top Load Washers
French Door Refrigerators
Third Rack Dishwashers
Offering what Wall Street terms “guidance” for the full year 2023 performance, Bitzer and Peters predicted Net Sales for the year will be up 5-6 %, profit (EBIT) up 11-12 %, free cash flow up 7-8 %, and Earnings per Share (EPS) of $ 16.
Despite the bright picture painted by Bitzer and Peters, Whirlpool stock opened sharply down on Wall Street this morning, off almost ten per cent in early trading.
