– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
BENTON HARBOR, Mich., April 25, 2022 /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR), committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home, today reported first quarter 2022 financial results.
"We have delivered four consecutive years of all-time record results and we have a very strong balance sheet," said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. "Now we will accelerate the focus of our portfolio on high growth and high margin businesses, positioning our company for the future." |
|
MARC BITZER |
First Quarter Results |
2022 |
2021 |
Change |
|
Net sales ($M) |
$4,920 |
$5,358 |
$(438) |
(8.2)% |
Net sales excluding currency ($M) |
$4,988 |
$5,358 |
$(370) |
(6.9)% |
GAAP net earnings available to Whirlpool ($M) |
$313 |
$433 |
$(120) |
(27.7)% |
Ongoing EBIT(2) ($M) |
$463 |
$664 |
$(201) |
(30.3)% |
GAAP earnings per diluted share |
$5.33 |
$6.81 |
$(1.48) |
(21.7)% |
Ongoing earnings per diluted share(1) |
$5.31 |
$7.20 |
$(1.89) |
(26.3)% |
First Quarter Free Cash Flow |
2022 |
2021 |
Change |
Cash provided by (used in) operating activities ($M) |
$(328) |
$182 |
$(510) |
Free cash flow(4) ($M) |
$(415) |
$109 |
$(524) |
QUARTERLY HIGHLIGHTS
"Our solid Q1 performance, including North America's sustained strong margins of over 16%, continues to demonstrate we are a different Whirlpool," said Jim Peters, chief financial officer of Whirlpool Corporation. "The fundamental strength of consumer demand trends remain intact and the disciplined execution of our go-to-market actions position us to deliver another strong year of performance in 2022." |
|
JIM PETERS |
REGIONAL REVIEW
North America |
Q1 2022 |
Q1 2021 |
Change |
Change |
Net sales ($M) |
$2,791 |
$3,044 |
(8.3)% |
(8.3)% |
EBIT(3) ($M) |
$454 |
$607 |
(25.1)% |
- |
Europe, Middle East and Africa |
Q1 2022 |
Q1 2021 |
Change |
Change |
Net sales ($M) |
$1,084 |
$1,171 |
(7.4)% |
(0.5)% |
EBIT(3) ($M) |
$(27) |
$21 |
nm |
- |
Latin America |
Q1 2022 |
Q1 2021 |
Change |
Change |
Net sales ($M) |
$760 |
$732 |
3.8% |
0.8% |
EBIT(3) ($M) |
$54 |
$62 |
(12.9)% |
- |
Asia |
Q1 2022 |
Q1 2021 |
Change |
Change |
Net sales ($M) |
$285 |
$411 |
(30.7)% |
(28.8)% |
EBIT(3) ($M) |
$14 |
$21 |
(36.6)% |
- |
FULL-YEAR 2022 OUTLOOK
(1) |
A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings per diluted share available to Whirlpool and other important information, appears below. |
(2) |
A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings margin and other important information, appears below. |
(3) |
Segment EBIT represents our consolidated EBIT broken down by the Company's reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate "Other/Eliminations" of $(32) million and $(67) million for the first quarters of 2022 and 2021, respectively. |
(4) |
Reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below. Adjusted free cash flow of $132 million for the first quarter of 2021 has been restated to $109 million free cash flow measure to conform with current year presentation. |
(5) |
Partial tender offer by Galanz for majority ownership of the Whirlpool China business was closed May 6, 2021. |
ABOUT WHIRLPOOL CORPORATION
Whirlpool Corporation (NYSE: WHR) is committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home. In an increasingly digital world, the company is driving purposeful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and Yummly. In 2021, the company reported approximately $22 billion in annual sales, 69,000 employees and 54 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com.
WEBSITE DISCLOSURE
We routinely post important information for investors on our website, WhirlpoolCorp.com, in the "Investors" section. We also intend to update the "Hot Topics Q&A" portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the "Investors" section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.
WHIRLPOOL ADDITIONAL INFORMATION
This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding future financial results, long-term value creation goals, portfolio transformation, restructuring and repurchase expectations, productivity, direct-to-consumer sales growth, raw material prices and the impact of COVID-19 and the Russia/Ukraine conflict on our operations. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," and similar words or expressions. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) the ongoing Russian invasion of Ukraine and related conflict and sanctions; (2) COVID-19 pandemic-related business disruptions and economic uncertainty; (3) intense competition in the home appliance industry reflecting the impact of both new and established global competitors, including Asian and European manufacturers, and the impact of the changing retail environment, including direct-to-consumer sales; (4) Whirlpool's ability to maintain or increase sales to significant trade customers and the ability of these trade customers to maintain or increase market share; (5) Whirlpool's ability to maintain its reputation and brand image; (6) the ability of Whirlpool to achieve its business objectives and leverage its global operating platform, and accelerate the rate of innovation; (7) Whirlpool's ability to understand consumer preferences and successfully develop new products; (8) Whirlpool's ability to obtain and protect intellectual property rights; (9) acquisition and investment-related risks, including risks associated with our past acquisitions; (10) Whirlpool's ability to navigate risks associated with our presence in emerging markets; (11) risks related to our international operations, including changes in foreign regulations; (12) Whirlpool's ability to respond to unanticipated social, political and/or economic events; (13) information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (14) product liability and product recall costs; (15) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (16) our ability to attract, develop and retain executives and other qualified employees; (17) the impact of labor relations; (18) fluctuations in the cost of key materials (including steel, resins, copper and aluminum) and components and the ability of Whirlpool to offset cost increases; (19) Whirlpool's ability to manage foreign currency fluctuations; (20) impacts from goodwill impairment and related charges; (21) triggering events or circumstances impacting the carrying value of our long-lived assets; (22) inventory and other asset risk; (23) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (24) litigation, tax, and legal compliance risk and costs, especially if materially different from the amount we expect to incur or have accrued for, and any disruptions caused by the same; (25) the effects and costs of governmental investigations or related actions by third parties; (26) changes in the legal and regulatory environment including environmental, health and safety regulations, and taxes and tariffs; (27) Whirlpool's ability to respond to the impact of climate change and climate change regulation; and (28) the uncertain global economy and changes in economic conditions which affect demand for our products. Additional information concerning these and other factors can be found in Whirlpool's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. Price increases and/or actions referred to throughout the document reflect previously announced cost-based price increases.
WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED) FOR THE PERIODS ENDED MARCH 31 (Millions of dollars, except per share data) |
|||
Three Months Ended |
|||
2022 |
2021 |
||
Net sales |
$ 4,920 |
$ 5,358 |
|
Expenses |
|||
Cost of products sold |
4,069 |
4,210 |
|
Gross margin |
851 |
1,148 |
|
Selling, general and administrative |
376 |
493 |
|
Intangible amortization |
9 |
17 |
|
Restructuring costs |
5 |
20 |
|
Operating profit |
461 |
618 |
|
Other (income) expense |
|||
Interest and sundry (income) expense |
(7) |
(26) |
|
Interest expense |
41 |
45 |
|
Earnings before income taxes |
427 |
599 |
|
Income tax expense (benefit) |
106 |
159 |
|
Equity method investment income (loss), net of tax |
(5) |
— |
|
Net earnings |
316 |
440 |
|
Less: Net earnings (loss) available to noncontrolling interests |
3 |
7 |
|
Net earnings available to Whirlpool |
$ 313 |
$ 433 |
|
Per share of common stock |
|||
Basic net earnings available to Whirlpool |
$ 5.37 |
$ 6.87 |
|
Diluted net earnings available to Whirlpool |
$ 5.33 |
$ 6.81 |
|
Dividends declared |
$ 1.75 |
$ 1.25 |
|
Weighted-average shares outstanding (in millions) |
|||
Basic |
58.3 |
63.0 |
|
Diluted |
58.7 |
63.6 |
|
WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (Millions of dollars, except share data) |
|||
March 31, |
December 31, |
||
(Unaudited) |
|||
Assets |
|||
Current assets |
|||
Cash and cash equivalents |
$ 2,114 |
$ 3,044 |
|
Accounts receivable, net of allowance of $100 and $98, respectively |
2,860 |
3,100 |
|
Inventories |
3,136 |
2,717 |
|
Prepaid and other current assets |
858 |
834 |
|
Total current assets |
8,968 |
9,695 |
|
Property, net of accumulated depreciation of $6,696 and $6,619, respectively |
2,764 |
2,805 |
|
Right of use assets |
947 |
946 |
|
Goodwill |
2,476 |
2,485 |
|
Other intangibles, net of accumulated amortization of $524 and $522, respectively |
1,962 |
1,981 |
|
Deferred income taxes |
1,897 |
1,920 |
|
Other noncurrent assets |
473 |
453 |
|
Total assets |
$ 19,487 |
$ 20,285 |
|
Liabilities and stockholders' equity |
|||
Current liabilities |
|||
Accounts payable |
$ 5,262 |
$ 5,413 |
|
Accrued expenses |
685 |
609 |
|
Accrued advertising and promotions |
582 |
854 |
|
Employee compensation |
343 |
576 |
|
Notes payable |
10 |
10 |
|
Current maturities of long-term debt |
548 |
298 |
|
Other current liabilities |
855 |
750 |
|
Total current liabilities |
8,285 |
8,510 |
|
Noncurrent liabilities |
|||
Long-term debt |
4,631 |
4,929 |
|
Pension benefits |
364 |
378 |
|
Postretirement benefits |
141 |
142 |
|
Lease liabilities |
798 |
794 |
|
Other noncurrent liabilities |
523 |
519 |
|
Total noncurrent liabilities |
6,457 |
6,762 |
|
Stockholders' equity |
|||
Common stock, $1 par value, 250 million shares authorized, 114 million and |
114 |
114 |
|
Additional paid-in capital |
3,028 |
3,025 |
|
Retained earnings |
10,380 |
10,170 |
|
Accumulated other comprehensive loss |
(2,299) |
(2,357) |
|
Treasury stock, 57 million and 55 million shares, respectively |
(6,648) |
(6,106) |
|
Total Whirlpool stockholders' equity |
4,575 |
4,846 |
|
Noncontrolling interests |
170 |
167 |
|
Total stockholders' equity |
4,745 |
5,013 |
|
Total liabilities and stockholders' equity |
$ 19,487 |
$ 20,285 |
|
WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE PERIODS ENDED MARCH 31 (Millions of dollars) |
|||
Three Months Ended |
|||
2022 |
2021 |
||
Operating activities |
|||
Net earnings |
$ 316 |
$ 440 |
|
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: |
|||
Depreciation and amortization |
112 |
141 |
|
Changes in assets and liabilities: |
|||
Accounts receivable |
248 |
(58) |
|
Inventories |
(384) |
(332) |
|
Accounts payable |
(217) |
185 |
|
Accrued advertising and promotions |
(272) |
(192) |
|
Accrued expenses and current liabilities |
186 |
172 |
|
Taxes deferred and payable, net |
79 |
110 |
|
Accrued pension and postretirement benefits |
(28) |
(28) |
|
Employee compensation |
(234) |
(181) |
|
Other |
(134) |
(75) |
|
Cash provided by (used in) operating activities |
(328) |
182 |
|
Investing activities |
|||
Capital expenditures |
(87) |
(73) |
|
Proceeds from sale of assets and businesses |
75 |
13 |
|
Cash provided by (used in) investing activities |
(12) |
(60) |
|
Financing activities |
|||
Dividends paid |
(103) |
(79) |
|
Repurchase of common stock |
(533) |
(150) |
|
Common stock issued |
2 |
31 |
|
Other |
3 |
(36) |
|
Cash provided by (used in) financing activities |
(631) |
(234) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
41 |
(58) |
|
Increase (decrease) in cash, cash equivalents and restricted cash |
(930) |
(170) |
|
Cash, cash equivalents and restricted cash at beginning of year |
3,044 |
2,934 |
|
Cash, cash equivalents and restricted cash at end of period |
$ 2,114 |
$ 2,764 |
|
SUPPLEMENTAL INFORMATION - CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Millions of dollars except per share data)
We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing" measures, including earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, ongoing earnings per diluted share, adjusted effective tax rate, sales excluding currency and free cash flow. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses. Sales excluding foreign currency is calculated by translating the current period net sales, in functional currency, to U.S. dollars using the prior-year period's exchange rate compared to the prior-year period net sales. Management believes that sales excluding foreign currency provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations. Management believes that adjusted tax rate provides investors with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of certain unique items. Management believes that free cash flow and adjusted free cash flow provides investors and stockholders with a relevant measure of liquidity and a useful basis for assessing the company's ability to fund its activities and obligations. The Company provides free cash flow related metrics, such as adjusted free cash flow as a percentage of net sales, as long-term management goals, not an element of its annual financial guidance, and as such does not provide a reconciliation of adjusted free cash flow to cash provided by (used in) operating activities, the most directly comparable GAAP measure, for these long-term goal metrics. Whirlpool does not provide a non-GAAP reconciliation for its forward-looking long-term value creation goals, such as organic net sales, EBIT, free cash flow conversion, ROIC and gross debt/EBITDA, as these long-term management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the company's control. We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These ongoing financial measures should not be considered in isolation or as a substitute for reported net earnings available to Whirlpool per diluted share, net earnings, net earnings available to Whirlpool, net earnings margin, net sales, effective tax rate and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures. We also disclose segment EBIT an important financial metric used by the Company's Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280 - Segment Reporting. GAAP net earnings available to Whirlpool per diluted share and ongoing earnings per diluted share are presented net of tax, while individual adjustments in each reconciliation are presented on a pre-tax basis; the income tax impact line item aggregates the tax impact for these adjustments. The tax impact of individual line item adjustments may not foot precisely to the aggregate income tax impact amount, as each line item adjustment may include non-taxable components. Historical quarterly earnings per share amounts are presented based on a normalized tax rate adjustment to reconcile quarterly tax rates to full-year tax rate expectations. We strongly encourage investors and stockholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
FIRST-QUARTER 2022 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool and net earnings per diluted share available to Whirlpool, for the three months ended March 31, 2022. Net earnings margin is calculated by dividing net earnings available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our first-quarter GAAP tax rate was 24.8%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our first-quarter adjusted tax rate (non-GAAP) of 25.0%.
Three Months Ended |
|
Earnings Before Interest & Taxes Reconciliation: |
March 31, 2022 |
Net earnings (loss) available to Whirlpool |
$ 313 |
Net earnings (loss) available to noncontrolling interests |
3 |
Income tax expense (benefit) |
106 |
Interest expense |
41 |
Earnings before interest & taxes |
$ 463 |
Net sales |
$ 4,920 |
Net earnings margin |
6.4% |
Results classification |
Earnings before |
Earnings per |
|||
Reported measure |
$ 463 |
$ 5.33 |
|||
Normalized tax rate adjustment(b) |
(0.02) |
||||
Ongoing measure |
$ 463 |
$ 5.31 |
|||
Net sales |
$ 4,920 |
||||
Ongoing EBIT margin |
9.4% |
Note: Numbers may not reconcile due to rounding |
FIRST-QUARTER 2021 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool and net earnings per diluted share available to Whirlpool, for the three months ended March 31, 2021. Net earnings margin is calculated by dividing net earnings available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our first-quarter GAAP tax rate was 26.5%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our first-quarter adjusted tax rate (non-GAAP) of 25.0%.
Three Months Ended |
|
Earnings Before Interest & Taxes Reconciliation: |
March 31, 2021 |
Net earnings (loss) available to Whirlpool |
$ 433 |
Net earnings (loss) available to noncontrolling interests |
7 |
Income tax expense (benefit) |
159 |
Interest expense |
45 |
Earnings (loss) before interest & taxes |
$ 644 |
Net sales |
$ 5,358 |
Net earnings margin |
8.1% |
Results classification |
Earnings before |
Earnings per |
|||
Reported measure |
$ 644 |
$ 6.81 |
|||
Restructuring expense(a) |
Restructuring expense |
20 |
0.31 |
||
Income tax impact |
— |
(0.08) |
|||
Normalized tax rate adjustment(b) |
— |
0.16 |
|||
Ongoing measure |
$ 664 |
$ 7.20 |
|||
Net sales |
$ 5,358 |
||||
Ongoing EBIT margin |
12.4% |
Note: Numbers may not reconcile due to rounding |
ORGANIC NET SALES
The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended March 31, 2020 and 2022 for the company.
Three Months Ended |
|||
2020 |
2022 |
Change |
|
Net Sales |
$ 4,325 |
$ 4,920 |
13.8% |
Less: Whirlpool China Divestiture |
(64) |
— |
|
Add-Back: Currency |
— |
79 |
|
Organic Net Sales |
$ 4,261 |
$ 4,999 |
17.3% |
Note: Numbers may not reconcile due to rounding |
FOOTNOTES |
|
a. |
RESTRUCTURING EXPENSE - In 2022, and moving forward, we will only exclude restructuring actions greater than $50 million from our ongoing results. In 2021, these costs were primarily related to actions that right-size and reduce the fixed cost structure of our EMEA business and other centralized functions. |
b. |
NORMALIZED TAX RATE ADJUSTMENT - During the first quarter of 2022, the Company calculated ongoing earnings per share using an adjusted tax rate of 25.0% to reconcile to our anticipated full-year effective tax rate between 24.0% and 26.0%. During the first quarter of 2021, the Company calculated ongoing earnings per share using an adjusted tax rate of 25.0%, to reconcile to our anticipated full-year 2021 effective tax rate between 24% and 26%. |
Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles three months ended March 31, 2022 and 2021 and 2022 full-year free cash flow with cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. Free cash flow as a percentage of net sales is calculated by dividing free cash flow by net sales.
Three Months Ended |
|||||
March 31, |
|||||
(millions of dollars) |
2022 |
2021 |
2022 Outlook |
||
Cash provided by (used in) operating activities |
$(328) |
$182 |
$1,950 |
||
Capital expenditures |
(87) |
(73) |
(700) |
||
Free cash flow |
$(415) |
$109 |
$1,250 |
||
Cash provided by (used in) investing activities* |
(12) |
(60) |
|||
Cash provided by (used in) financing activities* |
(631) |
(234) |
|||
Throughout 2021 and comparable periods, the Company defined adjusted free cash flow as cash provided by (used in) operating activities less capital expenditures and including proceeds from the sale of assets/businesses, and changes in restricted cash. Starting in 2022, the Company presents free cash flow which is cash provided by (used in) operating activities less capital expenditures. Adjusted free cash flow of $132 million for the first quarter of 2021 has been restated to $109 million free cash flow measure to conform with current year presentation.
Adjusted Free Cash Flow (FCF) Reconciliation: in millions |
Three Months Ended March 31, |
|
2021 |
||
Cash provided by (used in) operating activities |
$ 182 |
|
Capital expenditures |
(73) |
|
Proceeds from sale of assets and business |
13 |
|
Change in restricted cash |
10 |
|
Adjusted free cash flow |
$ 132 |
|
Cash provided by (used in) investing activities |
$ (60) |
|
Cash provided by (used in) financing activities |
(234) |
*Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control.
SOURCE Whirlpool Corporation
БЕНТОН-ХАРБОР, Мичиган, 25 апреля 2022 г. /PRNewswire/ -- Корпорация Whirlpool (NYSE: WHR), стремящаяся стать лучшей мировой компанией по производству кухонь и прачечных и постоянно стремящаяся улучшить жизнь дома, сегодня сообщила о финансовых результатах за первый квартал 2022 года.
"We have delivered four consecutive years of all-time record results and we have a very strong balance sheet," said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. "Now we will accelerate the focus of our portfolio on high growth and high margin businesses, positioning our company for the future." |
|
MARC BITZER |
First Quarter Results |
2022 |
2021 |
Change |
|
Net sales ($M) |
$4,920 |
$5,358 |
$(438) |
(8.2)% |
Net sales excluding currency ($M) |
$4,988 |
$5,358 |
$(370) |
(6.9)% |
GAAP net earnings available to Whirlpool ($M) |
$313 |
$433 |
$(120) |
(27.7)% |
Ongoing EBIT(2) ($M) |
$463 |
$664 |
$(201) |
(30.3)% |
GAAP earnings per diluted share |
$5.33 |
$6.81 |
$(1.48) |
(21.7)% |
Ongoing earnings per diluted share(1) |
$5.31 |
$7.20 |
$(1.89) |
(26.3)% |
First Quarter Free Cash Flow |
2022 |
2021 |
Change |
Cash provided by (used in) operating activities ($M) |
$(328) |
$182 |
$(510) |
Free cash flow(4) ($M) |
$(415) |
$109 |
$(524) |
основные события за квартал
"Our solid Q1 performance, including North America's sustained strong margins of over 16%, continues to demonstrate we are a different Whirlpool," said Jim Peters, chief financial officer of Whirlpool Corporation. "The fundamental strength of consumer demand trends remain intact and the disciplined execution of our go-to-market actions position us to deliver another strong year of performance in 2022." |
|
JIM PETERS |
региональный обзор
North America |
Q1 2022 |
Q1 2021 |
Change |
Change |
Net sales ($M) |
$2,791 |
$3,044 |
(8.3)% |
(8.3)% |
EBIT(3) ($M) |
$454 |
$607 |
(25.1)% |
- |
Europe, Middle East and Africa |
Q1 2022 |
Q1 2021 |
Change |
Change |
Net sales ($M) |
$1,084 |
$1,171 |
(7.4)% |
(0.5)% |
EBIT(3) ($M) |
$(27) |
$21 |
nm |
- |
Latin America |
Q1 2022 |
Q1 2021 |
Change |
Change |
Net sales ($M) |
$760 |
$732 |
3.8% |
0.8% |
EBIT(3) ($M) |
$54 |
$62 |
(12.9)% |
- |
Asia |
Q1 2022 |
Q1 2021 |
Change |
Change |
Net sales ($M) |
$285 |
$411 |
(30.7)% |
(28.8)% |
EBIT(3) ($M) |
$14 |
$21 |
(36.6)% |
- |
прогноз на весь 2022 год
(1) |
A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings per diluted share available to Whirlpool and other important information, appears below. |
(2) |
A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings margin and other important information, appears below. |
(3) |
Segment EBIT represents our consolidated EBIT broken down by the Company's reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate "Other/Eliminations" of $(32) million and $(67) million for the first quarters of 2022 and 2021, respectively. |
(4) |
Reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below. Adjusted free cash flow of $132 million for the first quarter of 2021 has been restated to $109 million free cash flow measure to conform with current year presentation. |
(5) |
Partial tender offer by Galanz for majority ownership of the Whirlpool China business was closed May 6, 2021. |
о корпорации Whirlpool
Whirlpool Corporation (NYSE: WHR) стремится стать лучшей мировой компанией по производству кухонь и прачечных, постоянно стремясь улучшить жизнь дома. Во все более цифровом мире компания целенаправленно внедряет инновации для удовлетворения растущих потребностей потребителей с помощью своего культового портфеля брендов, включая Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit и Yummly. В 2021 году компания сообщила о годовом объеме продаж примерно в 22 миллиарда долларов, 69 000 сотрудниках и 54 производственных и технологических исследовательских центрах. Дополнительную информацию о компании можно найти по адресу WhirlpoolCorp.com .
раскрытие информации на веб-сайте
Мы регулярно размещаем важную информацию для инвесторов на нашем веб-сайте, WhirlpoolCorp.com , в разделе "Инвесторы". Мы также намерены обновить раздел "Вопросы и ответы по актуальным темам" на этой веб-странице в качестве средства раскрытия материалов, непубличной информации и для соблюдения наших обязательств по раскрытию информации в соответствии с Регламентом FD. Соответственно, инвесторы должны следить за разделом "Инвесторы" на нашем веб-сайте, в дополнение к нашим пресс-релизам, заявкам SEC, телефонным конференциям, презентациям и веб-трансляциям. Информация, содержащаяся на нашей веб-странице или доступ к которой возможен через нее, не включена путем ссылки в настоящий документ и не является его частью.
Whirlpool дополнительная информация
Этот документ содержит прогнозные заявления о корпорации Whirlpool и ее консолидированных дочерних компаниях ("Whirlpool"), которые относятся только к этой дате. Whirlpool отказывается от каких-либо обязательств по обновлению этих заявлений. Прогнозные заявления в этом документе могут включать, но не ограничиваться ими, заявления о будущих финансовых результатах, долгосрочных целях создания стоимости, трансформации портфеля, реструктуризации и ожиданиях обратного выкупа, производительности, росте продаж напрямую потребителям, ценах на сырье и влиянии COVID-19 и российской/Конфликт на Украине влияет на нашу деятельность. Такие утверждения могут быть идентифицированы с помощью такой терминологии, как "может", "может", "будет", "должен", "возможно", "планировать", "прогнозировать", "прогнозировать", "потенциал", "предвидеть", "оценивать", "ожидать", "проект", "намереваюсь", "верю", "может повлиять", "на ходу" и подобные слова или выражения. Многие риски, непредвиденные обстоятельства и неопределенности могут привести к тому, что фактические результаты будут существенно отличаться от прогнозных заявлений Whirlpool. Среди этих факторов: (1) продолжающееся российское вторжение в Украину и связанный с этим конфликт и санкции; (2) сбои в бизнесе и экономическая неопределенность, связанные с пандемией COVID-19; (3) острая конкуренция в индустрии бытовой техники, отражающая влияние как новых, так и существующих глобальных конкурентов, включая азиатских и европейских производителей, а также влияние меняющейся розничной среды, включая прямые продажи потребителям; (4) способность Whirlpool поддерживать или увеличивать продажи значительным торговым клиентам и способность этих торговых клиентов поддерживать или увеличивать долю рынка; (5) способность Whirlpool поддерживать свою репутацию и имидж бренда; (6) способность Whirlpool достигать своих бизнес-целей и использовать свою глобальную операционную платформу., и ускорить темпы инноваций; (7) способность Whirlpool понимать предпочтения потребителей и успешно разрабатывать новые продукты; (8) Whirlpool его способность к получению и защите прав на интеллектуальную собственность; (9) приобретения и риски, связанные с инвестициями, в том числе риски, связанные с наших последних приобретений; (10) Whirlpool способность ориентироваться рисков, связанных с нашего присутствия на рынках развивающихся стран; (11) риски, связанные с международными операциями, в том числе изменения во внешней правил; (12) Whirlpool способность реагировать на непредвиденные социальные, политические и/или экономические события; (13) информационные технологии в системе сбоев, нарушения защиты данных, конфиденциальности соответствия, сбоев сети и кибербезопасность атак; (14) об ответственности за качество продукции и отзыв продукции затрат; (15) способностью поставщиков критических компонентов и технологического оборудования для доставки количествах, достаточных для Whirlpool своевременно и экономически эффективным способом; (16) наша способность привлекать, развивать и удерживать топ-менеджеров и других квалифицированных работников; (17) воздействие трудовых отношений; (18) колебаний стоимость основных материалов (в том числе сталь, смола, медь, алюминий и медь) и компоненты и возможности Whirlpool, чтобы компенсировать увеличение расходов; (19) Whirlpool способность управлять валютных колебаний; (20) последствий от обесценения гудвила и связанных с этим сборов; (21) срабатывания событий или обстоятельств, влияющих на балансовую стоимость наших долгосрочных активов; (22) запаса и других активов, риска; (23) медицинской помощи стоимость тенденции, изменения в законодательстве и различия между результатами, и оценки, результатом которых может увеличить финансирование обязательств по пенсионному и планы с установленными выплатами; (24) судебные, налоговые, и нормативно-правового соответствия риски и расходы, особенно, если существенно отличаться от той суммы, которую мы ожидаем нести или накопилась, и любые сбои вызваны теми же; (25) эффекта и затрат правительственных расследований или действиями третьих лиц; (26) изменения в законодательной и нормативной базы, в том числе охраны окружающей среды, здоровья и безопасности, а налоги и тарифы; (27) Whirlpool способность реагировать на последствия изменения климата и климатических изменений правил; (28) неопределенность мировой экономики и изменений экономических условий, которые влияют на спрос на нашу продукцию. Дополнительную информацию об этих и других факторах можно найти в заявках Whirlpool в Комиссию по ценным бумагам и биржам, включая самый последний годовой отчет по форме 10-K, квартальные отчеты по форме 10-Q и текущие отчеты по форме 8-K. Повышение цен и/или действия, упомянутые во всем документе, отражают ранее объявленное повышение цен на основе затрат.
Whirlpool CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED) FOR THE PERIODS ENDED MARCH 31 (Millions of dollars, except per share data) |
|||
Three Months Ended |
|||
2022 |
2021 |
||
Net sales |
$ 4,920 |
$ 5,358 |
|
Expenses |
|||
Cost of products sold |
4,069 |
4,210 |
|
Gross margin |
851 |
1,148 |
|
Selling, general and administrative |
376 |
493 |
|
Intangible amortization |
9 |
17 |
|
Restructuring costs |
5 |
20 |
|
Operating profit |
461 |
618 |
|
Other (income) expense |
|||
Interest and sundry (income) expense |
(7) |
(26) |
|
Interest expense |
41 |
45 |
|
Earnings before income taxes |
427 |
599 |
|
Income tax expense (benefit) |
106 |
159 |
|
Equity method investment income (loss), net of tax |
(5) |
— |
|
Net earnings |
316 |
440 |
|
Less: Net earnings (loss) available to noncontrolling interests |
3 |
7 |
|
Net earnings available to Whirlpool |
$ 313 |
$ 433 |
|
Per share of common stock |
|||
Basic net earnings available to Whirlpool |
$ 5.37 |
$ 6.87 |
|
Diluted net earnings available to Whirlpool |
$ 5.33 |
$ 6.81 |
|
Dividends declared |
$ 1.75 |
$ 1.25 |
|
Weighted-average shares outstanding (in millions) |
|||
Basic |
58.3 |
63.0 |
|
Diluted |
58.7 |
63.6 |
|
Whirlpool CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (Millions of dollars, except share data) |
|||
March 31, |
December 31, |
||
(Unaudited) |
|||
Assets |
|||
Current assets |
|||
Cash and cash equivalents |
$ 2,114 |
$ 3,044 |
|
Accounts receivable, net of allowance of $100 and $98, respectively |
2,860 |
3,100 |
|
Inventories |
3,136 |
2,717 |
|
Prepaid and other current assets |
858 |
834 |
|
Total current assets |
8,968 |
9,695 |
|
Property, net of accumulated depreciation of $6,696 and $6,619, respectively |
2,764 |
2,805 |
|
Right of use assets |
947 |
946 |
|
Goodwill |
2,476 |
2,485 |
|
Other intangibles, net of accumulated amortization of $524 and $522, respectively |
1,962 |
1,981 |
|
Deferred income taxes |
1,897 |
1,920 |
|
Other noncurrent assets |
473 |
453 |
|
Total assets |
$ 19,487 |
$ 20,285 |
|
Liabilities and stockholders' equity |
|||
Current liabilities |
|||
Accounts payable |
$ 5,262 |
$ 5,413 |
|
Accrued expenses |
685 |
609 |
|
Accrued advertising and promotions |
582 |
854 |
|
Employee compensation |
343 |
576 |
|
Notes payable |
10 |
10 |
|
Current maturities of long-term debt |
548 |
298 |
|
Other current liabilities |
855 |
750 |
|
Total current liabilities |
8,285 |
8,510 |
|
Noncurrent liabilities |
|||
Long-term debt |
4,631 |
4,929 |
|
Pension benefits |
364 |
378 |
|
Postretirement benefits |
141 |
142 |
|
Lease liabilities |
798 |
794 |
|
Other noncurrent liabilities |
523 |
519 |
|
Total noncurrent liabilities |
6,457 |
6,762 |
|
Stockholders' equity |
|||
Common stock, $1 par value, 250 million shares authorized, 114 million and |
114 |
114 |
|
Additional paid-in capital |
3,028 |
3,025 |
|
Retained earnings |
10,380 |
10,170 |
|
Accumulated other comprehensive loss |
(2,299) |
(2,357) |
|
Treasury stock, 57 million and 55 million shares, respectively |
(6,648) |
(6,106) |
|
Total Whirlpool stockholders' equity |
4,575 |
4,846 |
|
Noncontrolling interests |
170 |
167 |
|
Total stockholders' equity |
4,745 |
5,013 |
|
Total liabilities and stockholders' equity |
$ 19,487 |
$ 20,285 |
|
Whirlpool CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE PERIODS ENDED MARCH 31 (Millions of dollars) |
|||
Three Months Ended |
|||
2022 |
2021 |
||
Operating activities |
|||
Net earnings |
$ 316 |
$ 440 |
|
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: |
|||
Depreciation and amortization |
112 |
141 |
|
Changes in assets and liabilities: |
|||
Accounts receivable |
248 |
(58) |
|
Inventories |
(384) |
(332) |
|
Accounts payable |
(217) |
185 |
|
Accrued advertising and promotions |
(272) |
(192) |
|
Accrued expenses and current liabilities |
186 |
172 |
|
Taxes deferred and payable, net |
79 |
110 |
|
Accrued pension and postretirement benefits |
(28) |
(28) |
|
Employee compensation |
(234) |
(181) |
|
Other |
(134) |
(75) |
|
Cash provided by (used in) operating activities |
(328) |
182 |
|
Investing activities |
|||
Capital expenditures |
(87) |
(73) |
|
Proceeds from sale of assets and businesses |
75 |
13 |
|
Cash provided by (used in) investing activities |
(12) |
(60) |
|
Financing activities |
|||
Dividends paid |
(103) |
(79) |
|
Repurchase of common stock |
(533) |
(150) |
|
Common stock issued |
2 |
31 |
|
Other |
3 |
(36) |
|
Cash provided by (used in) financing activities |
(631) |
(234) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
41 |
(58) |
|
Increase (decrease) in cash, cash equivalents and restricted cash |
(930) |
(170) |
|
Cash, cash equivalents and restricted cash at beginning of year |
3,044 |
2,934 |
|
Cash, cash equivalents and restricted cash at end of period |
$ 2,114 |
$ 2,764 |
|
дополнительная информация - консолидированная финансовая отчетность сверка gaap с финансовыми показателями, не относящимися к gaap
(В миллионах долларов, за исключением данных на акцию)
Мы дополняем представление нашей финансовой информации, определенной в соответствии с общепринятыми принципами бухгалтерского учета США (GAAP), определенными финансовыми показателями, не относящимися к GAAP, некоторые из которых мы называем "текущими" показателями, включая прибыль до вычета процентов и налогов (EBIT), рентабельность по EBIT, текущую рентабельность по EBIT, текущую рентабельность по EBIT, текущую прибыль на разводненную акцию, скорректированную эффективную налоговую ставку, продажи без учета валюты и свободный денежный поток. Текущие меры исключают элементы, которые могут не указывать на результаты нашей текущей деятельности или не связаны с ними, и обеспечивают лучшую основу для анализа тенденций в наших основных бизнесах. Продажи без учета иностранной валюты рассчитываются путем пересчета чистых продаж текущего периода в функциональной валюте в доллары США с использованием обменного курса за предыдущий год по сравнению с чистыми продажами за предыдущий год. Руководство считает, что продажи без учета иностранной валюты дают акционерам более четкую основу для оценки наших результатов с течением времени, исключая влияние колебаний обменного курса. Руководство считает, что скорректированная налоговая ставка предоставляет инвесторам значимое и последовательное сравнение эффективной налоговой ставки Компании, исключая доход до налогообложения и налоговый эффект от определенных уникальных статей. Руководство считает, что свободный денежный поток и скорректированный свободный денежный поток предоставляют инвесторам и акционерам соответствующую меру ликвидности и полезную основу для оценки способности компании финансировать свою деятельность и обязательства. Компания предоставляет показатели, связанные со свободным денежным потоком, такие как скорректированный свободный денежный поток в процентах от чистых продаж, в качестве долгосрочных целей управления, а не элемента своего годового финансового руководства, и, как таковая, не обеспечивает сверку скорректированного свободного денежного потока с денежными средствами, предоставленными (использованными в) операционной деятельности, наиболее непосредственно сопоставимый показатель GAAP для этих показателей долгосрочных целей. Whirlpool не предоставляет сверку, не связанную с GAAP, для своих перспективных долгосрочных целей создания стоимости, таких как чистые продажи, EBIT, конверсия свободного денежного потока, рентабельность инвестиций и валовой долг/EBITDA, поскольку эти долгосрочные цели управления не являются годовым руководством, и сверка этих долгосрочных целейдолгосрочные показатели будут зависеть от рыночных факторов и некоторых других условий и допущений, которые находятся вне контроля компании. Мы считаем, что эти показатели, не относящиеся к GAAP, предоставляют значимую информацию, которая поможет инвесторам и акционерам понять наши финансовые результаты и оценить наши перспективы на будущее, а также отражают дополнительный взгляд на аспекты нашей деятельности, которые, при рассмотрении с нашими финансовыми показателями GAAP, обеспечивают более полное понимание нашего бизнеса. Поскольку финансовые показатели, не относящиеся к GAAP, не стандартизированы, может оказаться невозможным сравнить эти финансовые показатели с финансовыми показателями других компаний, не относящимися к GAAP, имеющими те же или похожие названия. Эти текущие финансовые показатели не следует рассматривать изолированно или в качестве замены отчетной чистой прибыли, доступной для Whirlpool на разводненную акцию, чистой прибыли, чистой прибыли, доступной для Whirlpool, маржи чистой прибыли, чистых продаж, эффективной налоговой ставки и денежных средств, предоставленных (используемых в) операционной деятельности, наиболее непосредственно сопоставимых GAAP финансовые меры. Мы также раскрываем сегментный показатель EBIT, важный финансовый показатель, используемый Главным лицом, принимающим операционные решения, для оценки эффективности и распределения ресурсов в соответствии с ASC 280 - Сегментная отчетность. Чистая прибыль по ОПБУ, доступная для Whirlpool на разводненную акцию, и текущая прибыль на разводненную акцию представлены за вычетом налогов, в то время как отдельные корректировки в каждой сверке представлены на основе до налогообложения; в строке влияние на налог на прибыль суммируется налоговое влияние этих корректировок. Налоговое воздействие корректировок отдельных статей может не совпадать точно с совокупной суммой влияния налога на прибыль, поскольку каждая корректировка статьи может включать необлагаемые налогом компоненты. Исторические суммы квартальной прибыли на акцию представлены на основе корректировки нормализованной налоговой ставки для приведения квартальных налоговых ставок в соответствие с ожидаемыми налоговыми ставками за весь год. Мы настоятельно рекомендуем инвесторам и акционерам полностью ознакомиться с нашей финансовой отчетностью и публичными отчетами и не полагаться на какой-либо отдельный финансовый показатель.
текущая прибыль за первый квартал 2022 года до вычета процентов и налогов и текущая прибыль на разводненную акцию
Приведенная ниже сверка сверяет финансовые показатели, не относящиеся к GAAP, текущую прибыль до вычета процентов и налогов и текущую прибыль на разводненную акцию, с наиболее непосредственно сопоставимыми финансовыми показателями GAAP, чистой прибылью, доступной для Whirlpool, и чистой прибылью на разводненную акцию, доступной для Whirlpool, за три месяца, закончившихся 31 марта 2022 года. Маржа чистой прибыли рассчитывается путем деления чистой прибыли, доступной для Whirlpool, на чистые продажи. Текущая рентабельность по EBIT рассчитывается путем деления текущей рентабельности по EBIT на чистые продажи. Рентабельность по EBIT рассчитывается путем деления EBIT на чистые продажи. Показатель прибыли на разводненную акцию по ОПБУ и текущий показатель представлены за вычетом налогов, в то время как каждая корректировка представлена на основе до налогообложения. Наша налоговая ставка по ОПБУ за первый квартал составила 24,8%. Совокупное влияние на налог на прибыль налогооблагаемых компонентов каждой корректировки представлено в строке влияние на налог на прибыль по нашей скорректированной налоговой ставке за первый квартал (без учета GAAP) в размере 25,0%.
Three Months Ended |
|
Earnings Before Interest & Taxes Reconciliation: |
March 31, 2022 |
Net earnings (loss) available to Whirlpool |
$ 313 |
Net earnings (loss) available to noncontrolling interests |
3 |
Income tax expense (benefit) |
106 |
Interest expense |
41 |
Earnings before interest & taxes |
$ 463 |
Net sales |
$ 4,920 |
Net earnings margin |
6.4% |
Results classification |
Earnings before |
Earnings per |
|||
Reported measure |
$ 463 |
$ 5.33 |
|||
Normalized tax rate adjustment(b) |
(0.02) |
||||
Ongoing measure |
$ 463 |
$ 5.31 |
|||
Net sales |
$ 4,920 |
||||
Ongoing EBIT margin |
9.4% |
Note: Numbers may not reconcile due to rounding |
текущая прибыль за первый квартал 2021 года до вычета процентов и налогов и текущая прибыль на разводненную акцию
Приведенная ниже сверка сверяет финансовые показатели, не относящиеся к GAAP, текущую прибыль до вычета процентов и налогов и текущую прибыль на разводненную акцию, с наиболее непосредственно сопоставимыми финансовыми показателями GAAP, чистой прибылью, доступной для Whirlpool, и чистой прибылью на разводненную акцию, доступной для Whirlpool, за три месяца, закончившихся 31 марта 2021 года. Маржа чистой прибыли рассчитывается путем деления чистой прибыли, доступной для Whirlpool, на чистые продажи. Текущая рентабельность по EBIT рассчитывается путем деления текущей рентабельности по EBIT на чистые продажи. Рентабельность по EBIT рассчитывается путем деления EBIT на чистые продажи. Показатель прибыли на разводненную акцию по ОПБУ и текущий показатель представлены за вычетом налогов, в то время как каждая корректировка представлена на основе до налогообложения. Наша налоговая ставка по ОПБУ за первый квартал составила 26,5%. Совокупное влияние на налог на прибыль налогооблагаемых компонентов каждой корректировки представлено в строке влияние на налог на прибыль по нашей скорректированной налоговой ставке за первый квартал (без учета GAAP) в размере 25,0%.
Three Months Ended |
|
Earnings Before Interest & Taxes Reconciliation: |
March 31, 2021 |
Net earnings (loss) available to Whirlpool |
$ 433 |
Net earnings (loss) available to noncontrolling interests |
7 |
Income tax expense (benefit) |
159 |
Interest expense |
45 |
Earnings (loss) before interest & taxes |
$ 644 |
Net sales |
$ 5,358 |
Net earnings margin |
8.1% |
Results classification |
Earnings before |
Earnings per |
|||
Reported measure |
$ 644 |
$ 6.81 |
|||
Restructuring expense(a) |
Restructuring expense |
20 |
0.31 |
||
Income tax impact |
— |
(0.08) |
|||
Normalized tax rate adjustment(b) |
— |
0.16 |
|||
Ongoing measure |
$ 664 |
$ 7.20 |
|||
Net sales |
$ 5,358 |
||||
Ongoing EBIT margin |
12.4% |
Note: Numbers may not reconcile due to rounding |
чистые органические продажи
Приведенная ниже сверка сверяет финансовый показатель, не относящийся к GAAP, с чистыми продажами, отраженными в отчетности по GAAP, за три месяца, закончившихся 31 марта 2020 и 2022 годов для компании.
Three Months Ended |
|||
2020 |
2022 |
Change |
|
Net Sales |
$ 4,325 |
$ 4,920 |
13.8% |
Less: Whirlpool China Divestiture |
(64) |
— |
|
Add-Back: Currency |
— |
79 |
|
Organic Net Sales |
$ 4,261 |
$ 4,999 |
17.3% |
Note: Numbers may not reconcile due to rounding |
FOOTNOTES |
|
a. |
RESTRUCTURING EXPENSE - In 2022, and moving forward, we will only exclude restructuring actions greater than $50 million from our ongoing results. In 2021, these costs were primarily related to actions that right-size and reduce the fixed cost structure of our EMEA business and other centralized functions. |
b. |
NORMALIZED TAX RATE ADJUSTMENT - During the first quarter of 2022, the Company calculated ongoing earnings per share using an adjusted tax rate of 25.0% to reconcile to our anticipated full-year effective tax rate between 24.0% and 26.0%. During the first quarter of 2021, the Company calculated ongoing earnings per share using an adjusted tax rate of 25.0%, to reconcile to our anticipated full-year 2021 effective tax rate between 24% and 26%. |
Свободный денежный поток - это денежные средства, полученные в результате (использованные в) операционной деятельности после капитальных затрат. Приведенная ниже сверка сверяет свободный денежный поток за три месяца, закончившихся 31 марта 2022 и 2021 и 2022 годов, с денежными средствами, полученными от (использованными в) операционной деятельности, что является наиболее непосредственно сопоставимым финансовым показателем GAAP. Свободный денежный поток в процентах от чистых продаж рассчитывается путем деления свободного денежного потока на чистые продажи.
Three Months Ended |
|||||
March 31, |
|||||
(millions of dollars) |
2022 |
2021 |
2022 Outlook |
||
Cash provided by (used in) operating activities |
$(328) |
$182 |
$1,950 |
||
Capital expenditures |
(87) |
(73) |
(700) |
||
Free cash flow |
$(415) |
$109 |
$1,250 |
||
Cash provided by (used in) investing activities* |
(12) |
(60) |
|||
Cash provided by (used in) financing activities* |
(631) |
(234) |
|||
В течение 2021 года и сопоставимых периодов Компания определяла скорректированный свободный денежный поток как денежные средства, полученные от (использованные в) операционной деятельности за вычетом капитальных затрат и включающие выручку от продажи активов/предприятий, а также изменения в ограниченных денежных средствах. Начиная с 2022 года Компания представляет свободный денежный поток, который представляет собой денежные средства, полученные от (использованные в) операционной деятельности за вычетом капитальных затрат. Скорректированный свободный денежный поток в размере 132 миллионов долларов США за первый квартал 2021 года был пересчитан до показателя свободного денежного потока в размере 109 миллионов долларов США в соответствии с представлением за текущий год.
Adjusted Free Cash Flow (FCF) Reconciliation: in millions |
Three Months Ended March 31, |
|
2021 |
||
Cash provided by (used in) operating activities |
$ 182 |
|
Capital expenditures |
(73) |
|
Proceeds from sale of assets and business |
13 |
|
Change in restricted cash |
10 |
|
Adjusted free cash flow |
$ 132 |
|
Cash provided by (used in) investing activities |
$ (60) |
|
Cash provided by (used in) financing activities |
(234) |
* Финансовые рекомендации на основе ОПБУ для денежных средств, предоставленных (используемых в) финансовой деятельности, и денежных средств, предоставленных (используемых в) инвестиционной деятельности, не были предоставлены, поскольку для подготовки любой такой оценки или прогноза Компании необходимо было бы полагаться на рыночные факторы и некоторые другие условия и допущения, которые находятся за пределами из-под его контроля.
ИСТОЧНИК Whirlpool Corporation
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