Whirlpool Corporation reports developments in home appliances, including kitchen and laundry products sold under brands such as Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul and InSinkErator. News commonly covers financial results, margin actions, pricing and cost initiatives, inventory and working-capital updates, and performance in major domestic appliance operations.
Company updates also include brand-level product launches, such as KitchenAid small appliances and Maytag promotions, U.S. manufacturing investments for washer and dryer components, and corporate responsibility reporting tied to product efficiency, operational emissions and value-chain initiatives.
Whirlpool Corporation (NYSE: WHR) reported Q3 2020 financial results, showcasing a 3.9% increase in net sales to $5.291 billion, compared to $5.091 billion in Q3 2019. Net earnings rose 11% to $397 million, translating to earnings per diluted share of $6.27. Ongoing EBIT surged 74.5% to $635 million.
Cash flow improved significantly, showing $407 million in operating activities year-to-date. The company expects a 5%-7% decline in full-year net sales but has increased its earnings guidance, reflecting confidence in recovery.
Whirlpool Corporation (NYSE: WHR) appointed Danielle Brown as Senior Vice President and Chief Information Officer (CIO), effective November 1, 2020. Brown, formerly Vice President and CIO at Brunswick Corporation, will enhance Whirlpool's Global Information Systems. With over 16 years of experience at DuPont, she brings expertise in modernizing technology and optimizing operations. Her educational background includes a BS in computer science and an MBA. The move aims to strengthen Whirlpool's digital capabilities at a crucial time for the company.
Whirlpool Corporation has announced a $0.05 increase in its quarterly dividend, raising it from $1.20 to $1.25 per share. This marks the eighth consecutive year of dividend increases, reflecting the company's confidence in its business outlook. The dividend will be payable on December 15, 2020, to stockholders of record as of November 20, 2020. With annual sales of approximately $20 billion and a workforce of 77,000 employees, Whirlpool continues to strengthen its position as a leading appliance manufacturer.
Whirlpool Corporation (NYSE: WHR) will release its third-quarter financial results on October 21, 2020, at 4:05 p.m. ET. A conference call to discuss the results with investors will take place on October 22, 2020, at 8 a.m. ET. Participants can join the call by dialing (866) 393-4306 for domestic or (734) 385-2616 for international access, using the confirmation code 'Whirlpool'. The call will also be webcast live on the company's website, which will host key financial statistics and an archived recording for 30 days.
Whirlpool has launched its new largest-capacity third rack dishwashers in response to increased home cooking during the pandemic. A survey indicates that 63% of homeowners are cooking more often, leading to more dirty dishes. The new line features an adjustable second rack and a three-piece silverware basket for better loading efficiency. Available in various finishes, these dishwashers also include a Leak Detection System to alert users of leaks. Whirlpool continues to position itself as America’s number one preferred dishwasher brand.
Whirlpool Corporation (NYSE: WHR) celebrates Manufacturing Day globally for the first time, honoring manufacturing employees and the company's World Class Manufacturing (WCM) standards. The initiative underscores the importance of manufacturing during COVID-19, emphasizing the commitment to achieving zero injuries, defects, and downtime. CEO Marc Bitzer highlights the critical role of manufacturing in providing essential home appliances. The company aims to inspire diverse talent and emphasizes the significance of STEM education in preparing future manufacturing workers.
Whirlpool's Care Counts™ laundry program aims to support students facing barriers in education due to the COVID-19 pandemic. In its sixth year, the initiative has assisted nearly 90% of participating at-risk elementary students in improving attendance. The program is expanding to 33 regions and 122 schools, addressing the needs of families affected by economic hardships. Research will evaluate the impact of clean clothes on students' emotional well-being and engagement in learning. The program has successfully reduced chronic absenteeism, contributing to better attendance and academic outcomes.
Whirlpool Corporation (NYSE: WHR) has appointed Winn Everhart as Senior Vice President of its U.S. operations, effective October 1, 2020. Everhart joins from Coca-Cola, where he spent nearly 20 years, most recently as General Manager in the Philippines. His responsibilities will encompass U.S. commercial and business operations, reporting to Joe Liotine, President of North America. This new role aims to enhance leadership capacity for growth opportunities domestically and globally.
Whirlpool had approximately $20 billion in annual sales and employs 77,000 people as of 2019.
Whirlpool Corporation's board declared a quarterly $1.20 dividend per share on common stock, payable on September 15, 2020. Shareholders must be on record by the close of business on August 28, 2020. As a leading kitchen and laundry appliance company, Whirlpool reported approximately $20 billion in annual sales, employing about 77,000 people and operating 59 manufacturing and technology research centers worldwide. This dividend underlines the company's commitment to returning value to shareholders.
Whirlpool Corporation (NYSE: WHR) announced that its greenhouse gas emissions reduction targets have been approved by the Science Based Targets initiative (SBTi). This approval underscores Whirlpool's commitment to align its reductions with the Paris Agreement, targeting a 50% decrease in emissions by 2030 from a 2016 baseline. Since 2016, the company has achieved an 18% reduction in emissions through investments in efficiency and renewable energy. Whirlpool continues collaborations for emission solutions and aims for carbon neutrality, reinforcing its sustainability goals amid ongoing global challenges.