Published on April 30th, 2021 | by The GC Team0
Whirlpool raises full-year guidance on strong Q1 results
Whirlpool Corporation reported a strong first quarter with net sales growth of 24%, driven by sustained global industry demand and cost-based pricing actions.
Sales for the three months rose to $5,358 with all regions delivering double digit growth across revenue and EBIT.
The company achieved a GAAP net earnings margin of 8.1% (up 450 basis points) and ongoing (non-GAAP) EBIT margin of 12.4% (up 620 basis points) and raised its full-year 2021 guidance. Earnings per diluted share are now expected to be $23.10 to $24.10 on a GAAP basis and $22.50 to $23.50 on an ongoing basis.
Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation, said: “Our Q1 results successfully demonstrate our agility and resilience in dealing with component shortages and inflationary pressure.
“Sustained strong consumer demand and our recent cost-based pricing actions give us confidence to significantly raise our full-year guidance.”
In its outlook for the full year 2021, the business increased net sales growth to 13% from around 6% growth (the impact of currency on net sales for future periods not included).