Whirlpool (WHR) Q4 2024 earnings summary

Executive summary

• 2024 financial performance was impacted by the Europe transaction, with net sales of $16.6B, ongoing EPS of $12.21, and $385M in free cash flow; $300M in cost reductions were achieved and $400M was returned to shareholders via dividends, while $500M in debt was paid down.

• Ongoing EBIT margin for 2024 was 5.3%, down 80 bps year-over-year, but expanded 170 bps sequentially since Q1; Q4 ongoing EPS was $4.57.

• Announced plans to reduce stake in Whirlpool of India to ~20%, expected to generate $550–$600M in net cash for debt repayment, with the transaction closing mid-to-late 2025.

• Completed the Europe transaction, advancing portfolio transformation and impacting 2024 free cash flow by ~$275M.

Financial highlights

• Q4 2024 net sales were $4.1B, down 18.7% year-over-year due to the Europe divestiture, but organic sales grew 1.9%; Q4 ongoing EBIT margin expanded 80 bps year-over-year to 6.0%.

• Full-year ongoing EBIT was $887M (5.3% margin), and ongoing EPS was $12.21; free cash flow for 2024 was $385M.

• Cost actions delivered ~$300M benefit in 2024.

• Q4 ongoing EPS was $4.57; maintained $1.75 dividend.

Outlook and guidance

• 2025 guidance: net sales of ~$15.8B (3% organic growth), ongoing EBIT margin of ~6.8% (up 100 bps), and free cash flow of $500–$600M.

• Full-year ongoing EPS expected at ~$10, with a normalized tax rate of 20–25%.

• $200M+ in cost actions planned for 2025; over 100 new product launches expected.

• Plans to pay down ~$700M in debt in 2025, with India transaction proceeds supporting refinancing.

• Guidance excludes potential tariff impacts and assumes no material improvement in U.S. housing or discretionary demand.