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Whirlpool Delivers Record Performance in 2021 and Guides Towards Another Strong 2022

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Whirlpool Corporation has released its 2021 full year financial report, and Q4 quarterly numbers, ahead of tomorrow’s ‘conference call’ with Wall Street reporters and analysts. 

Here are the highlights, according to the company’s official statement:

— Full-year net sales growth of 13%, driven by strong consumer demand and cost-based pricing actions

— Record full-year GAAP net earnings margin of 8.1% (up 260 basis points) and record ongoing (non-GAAP) EBIT margin(2) of 10.8% (up 180 basis points), fully offsetting $1 billion in raw material inflation

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— Record full-year GAAP and ongoing (non-GAAP) earnings per diluted share(1) of $28.36 and $26.59, respectively, exceeding guidance– Q4 results impacted by rising inflation, but in line with expectations: Revenues unchanged versus 2020, but 8% up versus 2019; GAAP net earnings margin of 5.1% and ongoing (non-GAAP) EBIT margin(2) of 8.6%

— Significant cash generation for full-year 2021; cash provided by operating activities of $2.2 billion and adjusted free cash flow(4) of $2.0 billion, driven by strong earnings and working capital improvements

— Returned $1.4 billion in cash to shareholders in 2021, including $1.0 billion of share repurchases
— 2022 outlook includes earnings per diluted share of $27.00 to $29.00 on a GAAP and ongoing basis; significant cash provided by operating activities of $2.2 billion and free cash flow(4) of $1.5 billion

Whirlpool leadership commented on the results:

” We delivered record results for the fourth consecutive year, demonstrating our ability to execute in any challenging environment,” said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. “We expect another year of record performance, while increasing organic growth investments and returning another approximately $1.5 billion in cash to shareholders.”

” In 2021, we reported double digit revenue growth of 13%, and we expect another year of strong growth in 2022 of 5-6%,” said Jim Peters, chief financial officer of Whirlpool Corporation. “Our strong balance sheet and significant cash flow provide us the flexibility to continue to invest in profitable growth and return cash to shareholders.”

Whirlpool officials expect stable continued growth for 2022:

FULL-YEAR 2022 OUTLOOK

–Expect full-year 2022 net sales growth of 5 to 6 percent
–Earnings per diluted share of $27.00 to $29.00 on a GAAP and ongoing basis
–Cash provided by operating activities of $2.2 billion and free cash flow(4) of $1.5 billion
–GAAP and adjusted tax rate (non-GAAP) of 24 to 26 percent