Whirlpool Reports Q1 Miss, Initiates Strategic Review of its EMEA Business

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Whirlpool Reports Q1 Miss, Initiates Strategic Review of its EMEA Business
Credit: © Reuters.

Whirlpool (NYSE: WHR ) reported its Q1 results, with EPS of $5.31 coming in below the consensus estimate of $5.40. Revenue was $4.92 billion, compared to the consensus estimate of $5.32 billion.

The quarter was highlighted by robust net sales growth of 13.8% year-over-year and organic net sales growth of 17.3% year-over-year.

The company also initiated a strategic review of its EMEA business, expected to be concluded by Q3/2022. Furthermore, it committed to accelerating the transformation of its portfolio with a focus on high growth and high-margin businesses.

The quarterly dividend was increased by 25% to $1.75 per share during the quarter.

The company provided its full 2022-year outlook, reducing its EPS estimate to $24-$26 from $27-$29, vs. the consensus estimate of $26.32. Net sales growth is expected to be 2-3%.

CEO, Marc Bitzer, said the company will position the portfolio on high growth and high margin businesses.

Shares of Whirlpool are down 24% year-to-date.

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