Whirlpool Corporation has announced its first quarter results for 2023, saying it is on track to deliver a “solid” year ahead, reporting significant sequential margin expansion across markets.
However, in this first quarter, the report highlighted a net sales decline of 5.5 per cent year-on-year – impacted by a dip in global demand, the company said.
“These results demonstrate our progress against our operational priorities and put us on track to deliver a solid 2023,” said Marc Bitzer, Chairman and CEO of Whirlpool Corporation.
“At the same time, we are continuing to advance our ongoing portfolio transformation of investing in higher growth and higher margin businesses, and remain confident in our ability to drive value over the long-term.”
Meanwhile, Jim Peters, CFO, added that with $1.4 billion of cash on hand, the manufacturer continues to have the flexibility to execute “a balanced capital allocation approach”… “this includes funding innovation and growth, while also maintaining nearly 70 years of dividends returned to our shareholders,” he said.
The company reaffirmed its expectations for net sales in 2023 of approximately $19.4 billion – which is down one to two per cent compared to the previous year. Cash provided by operating activities of approximately $1.4 billion and free cash flow of approximately $800 million remains unchanged.
In other news earlier this month, Whirlpool reported that it had achieved the Planet Mark Business Certification for the second year running. This recognises continuous progress within sustainability and social responsibility through the TOMs framework and PAS2060 carbon neutral verification.
The brand was recognised by Planet Mark, in particular, for its 20 per cent reduction in emissions used in its buildings as well as its 46 per cent reduction in waste emissions.
