The following is a summary of the Whirlpool Corporation (WHR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Whirlpool reported Q3 earnings with a global sequential EBIT margin expansion of 50 basis points, achieving $3.43 in ongoing EPS.

• North American operations saw 100 basis points of sequential margin expansion due to pricing actions, despite a macroeconomic challenge in the U.S.

• Whirlpool expects to deliver approximately $500 million free cash flow in 2024, supported by strong working capital management, notably reducing inventory by approximately $130 million in Q3.

Business Progress:

• Whirlpool is focusing on cost reduction and operational efficiency, expecting to deliver around $300 million in cost takeouts for the full year.

• The company has launched several new products, including the Whirlpool brand laundry pair with the FreshFlow Vent System and KitchenAid's first four-door refrigerator, designed to enhance consumer appeal and drive future growth.

• Despite the current challenges, Whirlpool is well-positioned for an eventual multi-year recovery in the U.S. housing market and plans to capitalize on this trend.

Opportunities:

• The company sees the eventual U.S. housing market recovery as a significant growth opportunity given its strong relationship with top U.S. homebuilders and a robust product lineup.

• New product introductions in MDA segments and SDA Global are expected to positively impact price/mix and market share.

Risks:

• The current economic environment in the U.S. is constraining the demand, particularly the high interest rates affecting the housing market and low consumer confidence influenced by upcoming elections.

• Challenges include a shift in the U.S. market toward lower margin replacement purchases and weak discretionary spending.

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