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Whirlpool Corporation (WHR-1.16%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The report outlines that Whirlpool's net sales declined by approximately 15% due to the deconsolidation of its European major domestic appliance business. The deconsolidation was part of a transaction with Arcelik, completed on April 1, 2024.
Whirlpool reported a GAAP net loss of $323 million or $(5.87) per share, compared to net earnings of $481 million or $8.72 per share in the previous year. The loss was primarily due to non-cash charges related to the European transaction and impairment of the Maytag trade name.
The company achieved ongoing (non-GAAP) earnings per share of $12.21 with a full-year ongoing EBIT margin of 5.3%, down from $16.16 and 6.1% in the prior year.
Cash provided by operating activities was $835 million, compared to $915 million in 2023, while free cash flow was $385 million, up from $366 million in 2023.
Whirlpool's operating segments were reorganized effective January 1, 2024, into Major Domestic Appliances North America, MDA Latin America, MDA Asia, and Small Domestic Appliances Global. The MDA Europe segment was deconsolidated as of April 1, 2024.
The company continues to focus on innovation and product launches, with over 100 new products introduced in 2024, including the KitchenAid Espresso collection and the FreshFlow Vent System.
Whirlpool's strategic portfolio transformation included the sale of its Middle East and North Africa business to Arcelik and the contribution of its European major domestic appliance business into a new entity with Arcelik.
The company reported a restructuring charge of $79 million in 2024 related to workforce reduction plans and organizational simplification.
Whirlpool's capital allocation strategy remains focused on funding innovation, debt repayment, and returning cash to shareholders through dividends and share repurchases.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Whirlpool Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.