Whirlpool Reports Q4 Financial Results and Beats Forecasts

By Sophia Vida January 28, 2020

Home appliance retailer Whirlpool reported its fourth quarter financial report on Monday and beat profit estimates.

For the fourth quarter, Whirlpool reported net sales of $5.4 billion compared to $5.52 billion expected. Gross profit margin was 19.47% compared to expectations of 16.78%.

Earnings per share at $4.95 excluding items was better than the $4.27 expected.

The company also released an outlook for 2020 that was better than what analysts had been expecting. Earnings per share is expected to be $16 to $17 in 2020 compared to analysts excpectations of $16.28.

According to Whirlpool’s CEO, consumers will buy appliances.

CEO Marc Bitzer told Yahoo Finance the U.S. consumer is in good shape this year to support purchases of appliances and said Whirlpool’s bottom line should also be boosted in 2020 amid efforts to streamline operations.

“2019 was a very strong year for Whirlpool as we successfully delivered against our commitments and reported results that outperformed our guidance expectations despite a continued challenging macro-environment,” said Bitzer. “The underlying drivers of our global business are favorable, including demand for our innovative products and a moderation of inflationary cost pressures. We exited the year with solid momentum and we are confident in our guidance for 2020 and our ability to execute on our long-term strategy.”

“We executed against our financial goals in 2019, including expanding our margins, enhancing our free cash flow generation and strengthening our balance sheet all while delivering record earnings per share and continuing to invest in the business,” said Jim Peters , chief financial officer of Whirlpool Corporation. “As momentum continues in 2020 and we progress towards our long-term financial goals, we expect to deliver further value to our shareholders.”

Shares jumped about 2% in after-hours trading.

Disclaimer: We have no position in Whirlpool Corporation (NYSE: WHR) and have not been compensated for this article.