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.
On July 23, 2020, Whirlpool released a report showing how household chores can positively impact children's development. Research by Dr. Richard Rende indicates that chores enhance social, emotional, and cognitive skills in children of all ages. Despite a decline in children's participation in chores from 79% in 1997 to 70% in 2020, parents are encouraged to shift their perception of chores to promote engagement. Whirlpool aims to support families with innovative appliances designed to facilitate chore participation, such as the Smart Capable Top Load Washer with Load & Go™ technology.
Whirlpool Corporation (NYSE: WHR) reported challenging financial results for Q2 2020, with net sales dropping to $4.042 billion, a 22.1% decline from $5.186 billion in 2019. The company experienced a significant reduction in GAAP net earnings, falling to $35 million, a 48.2% decrease. Ongoing EBIT also decreased by 42.1% to $210 million. However, the company reported a strong cash position of $2.5 billion and implemented significant cost-cutting measures amid the COVID-19 pandemic. Future outlook anticipates a net sales decline of 10-15% for the year.
Whirlpool Corporation (NYSE: WHR) will announce its second-quarter financial results on July 22, 2020, at 4:10 p.m. ET. A conference call to discuss these results will take place the following day, July 23, 2020, at 8 a.m. ET. Participants can join the call by dialing (866) 393-4306 for domestic calls and (734) 385-2616 for international calls. Live access to the conference call will also be available on the company’s website.
Whirlpool is the world leader in kitchen and laundry appliances, generating approximately $20 billion in annual sales and employing 77,000 people globally.