FULL-YEAR 2024 OUTLOOK
| Guidance Summary | 2023 Reported | 2023 Like for Like (6) | 2024 Guidance |
| Net sales ($M) | $19,455 | ~$16,900 | ~$16,900 |
| Cash provided by operating activities ($M) | $915 | N/A | ~$1,050 |
| Free cash flow ($M)(3) | $366 | N/A | ~$500 |
| GAAP net earnings margin (%) | 2.5 % | N/A | ~1.0% |
| Ongoing EBIT margin (%)(1) | 6.1 % | ~6.9% | ~6.0% |
| GAAP earnings per diluted share | $8.72 | N/A | ~$0.50 |
| Ongoing earnings per diluted share(2) | $16.16 | N/A | ~$12.00 |
| GAAP tax rate | 13.0 % | N/A | ~65% |
| Adjusted (non-GAAP) tax rate | (6.7) % | N/A | (18) - (22)% |
- Revising full-year GAAP earnings per diluted share to approximately $0.50, primarily impacted by the non-cash charge related to the Europe transaction
- Reaffirming full-year ongoing earnings per diluted share(2) of approximately $12.00, including ~$300 million of cost actions
- Reaffirming cash provided by operating activities of approximately $1.05 billion and free cash flow(3) of approximately $500 million; includes $250-$300 million of MDA Europe cash usage in 2024
- Approximately $400 million of 2024 dividends
| (1) | A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings (loss) margin and other important information, appears below. |
| (2) | A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to Whirlpool and other important information, appears below. |
| (3) | A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below. |
| (4) | A reconciliation of organic net sales, a non-GAAP financial measure, to reported net sales and other important information, appears below. |
| (5) | 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 $(45) million and $(96) million for the third quarters of 2024 and 2023, respectively. |
| (6) | Like-for-like refers to a comparison between the 2024 guidance and pro forma results for 2023, which exclude the second through fourth quarter resegmented results for the historical Europe major domestic appliances business (MDA Europe under new segment operating structure). This comparison uses a prior period baseline that is aligned to the ongoing business expectations for 2024, with the Europe transaction closed April 2024. The like-for-like GAAP net earnings margin and corresponding reconciliation cannot be provided without unreasonable effort or expense. Please see below for a reconciliation of ongoing EBIT for the full year to GAAP net earnings. |
