Published on July 22nd, 2021 | by The GC Team0
Whirlpool raises full-year guidance on “impressive” Q2 results
Whirlpool Corporation raised its full-year 2021 earnings guidance to $26.95 per diluted share on a GAAP basis and $26.00 on an ongoing basis as it reported a jump of almost 32% in net sales growth for the 2nd quarter.
The company said the result was driven by sustained consumer demand and cost-based pricing initiatives. Sales were up from $4,042 in Q2 2020 to $5,324.
“We are significantly raising guidance to reflect the strength of our business driven by sustained consumer demand and the successful implementation of our previously announced cost-based pricing initiatives,” said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation.
“Our Q2 results together with our record performance over the past three years impressively demonstrate our ability to perform in a volatile environment.”
The business reported GAAP net earnings margin of 10.9% (up 1,020 basis points) and ongoing (non-GAAP) EBIT margin of 11.4% (up 640 basis points).
In the EMEA region, Q2 sales rose from $836 in 2020 to $1,250, with year-over-year double-digit volume growth across all key countries. EBIT margin of 2.5% was driven by strong topline growth and cost actions, the company said.
“We are pleased to deliver yet another quarter of double-digit growth compared to both 2020 and 2019 by leveraging the strength of our brands and innovative products,” commented Gilles Morel, President Whirlpool EMEA and Executive Vice President of Whirlpool Corporation.
“Our profitable results continue to reflect the successful execution of our long-term strategic initiatives and the operational excellence of our 18,000 Whirlpool EMEA people”.