22.10.2021 17:02

Whirlpool (WHR) Beats Q3 Earnings Estimates, Ups 2021 View

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Whirlpool Corporation WHR posted mixed third-quarter 2021 results with the top line missing the Zacks Consensus Estimate and earnings beating the same. Sales increased year on year, while earnings took a dive.Performance during the quarter gained from strong demand and efficient cost-based pricing efforts. However, supply chain constrains and raw material inflation were a drag on performance across most regions.Management is on track with efforts to navigate through the industry’s challenges and deliver strong performance in the forthcoming periods. The company raised its bottom-line expectation for 2021 and increased the long-term value creation targets.Whirlpool Corporation Price, Consensus and EPS Surprise  Whirlpool Corporation price-consensus-eps-surprise-chart | Whirlpool Corporation Quote Results in DetailThe appliance maker delivered adjusted earnings of $6.68 per share compared with $6.83 a share earned in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimate of $6.15. This marks the company’s 13th straight earnings beat. The  bottom line was supported by revenue growth and cost-based pricing actions.Net sales came in at $5,488 million that advanced 3.7% from the year-ago quarter’s levels. Sustained consumer demand and cost-based pricing efforts drove the top line. However, the top line missed the Zacks Consensus Estimate of $5,648 million. Excluding the impacts of foreign exchange, net sales amounted to $5,444 million that rose 2.9% year on year.Gross profit for third-quarter 2021 were $1,108 million, down from $1,148 million reported in the year-ago quarter. Adjusted EBIT of $608 million declined 3.2% from $628 million in the year-ago quarter. Adjusted EBIT margin of 11.1% fell 80 basis points (bps). The metric was adversely impacted by raw material inflation of nearly 650 bps.Regional PerformanceNet sales from North America increased 5.1% year over year to $3,113 million, driven by strong execution of cost-based pricing actions partly offset by elevated supply constraints. Excluding the currency impact, sales in the region rose 4.9%. The segment’s EBIT declined 1.3% year on year to $553 million, while the EBIT margin contracted 120 bps to 17.7% due to inflation, partly offset by gains from price/mix.Net sales from EMEA inched down 0.2% year on year to $1,256 million. Excluding currency impacts, sales in the region declined 1.6%. Revenues were affected by supply chain constraints partly mitigated by cost-based pricing actions. The segment’s EBIT of $28 million plunged 35.4% from the year-ago period’s levels. EBIT margin was 2.2%, down 120 bps due to inflation, partially offset by cost-based pricing actions.Net sales from Latin America increased 17% year on year to $841 million, driven by cost-based pricing actions and strong industry growth in Mexico. Excluding the currency impacts, sales in the region advanced 14.5%. The segment’s EBIT of $73 million declined 5.2% from the year-ago period’s levels. EBIT margin contracted 200 basis points to 8.7%, owing to inflation and supply chain headwinds, somewhat offset by cost-based pricing actions.Net sales in Asia declined 21.3% year on year to $278 million, owing to the partial divestiture of Whirlpool China. Excluding the currency impacts, sales for the region were down 21.5%. The segment’s EBIT of $24 million reflected substantial increase from $6 million reported in the year-ago quarter. The segment’s EBIT margin came in at 8.6%, up from 1.8% in the prior-year quarter. The expansion was led by cost-based price actions and the partial divestiture of Whirlpool China.Image Source: Zacks Investment ResearchOther Financial DetailsAs of Sep 30, 2021, Whirlpool had cash and cash equivalents of $2,875 million, long-term debt of $4,961 million, and stockholders’ equity of $4,964 million, excluding non-controlling interest of $165 million.As of the end of the third quarter, Whirlpool generated cash of $1,294 million from operating activities, while delivering adjusted free cash flow of $1,296 million. Free cash flow benefited from earnings growth as well as the divestiture of Whirlpool China and the Turkey subsidiary. Capital expenditure was $306 million for the nine months ended Sep 30, 2021.Management informed that the company repurchased $441 million of shares during the third quarter.2021 View & Long-Term GoalsWhirlpool now envisions net sales growth of 13% for 2021. GAAP earnings per share are now forecast in the range of $27.80-$26.95 compared with $26.95 projected earlier. The bottom line is expected to gain from additional investment in Elica PB India and lower restructuring charges. It also raised the adjusted earnings per share outlook to $26.25 versus $26 mentioned previously. The Zacks Consensus Estimate for adjusted earnings is currently pegged at $26.15.The company continues to expect cash provided by operating activities at $1.95 billion and adjusted free cash flow at $1.70 billion.As part of its long-term value creation goals, the company expects annual organic net sales (excluding currency) growth of 5-6%, up from the prior expectation of a growth of 3%. Annual Adjusted EBIT margin is expected to be 11-12% compared with 10% anticipated earlier. Adjusted free cash flow, as a percentage of net sales, is expected to be 7-8% annually. Return on invested capital is expected in the range of 15-16% yearly.Price PerformanceShares of this Zacks Rank #4 (Sell) company have declined 3.1% in the past three months compared with the industry’s plunge of 69.8%.Stocks to ConsiderBest Buy Co., Inc. BBY has a long-term earnings growth rate of 7.6%. The company flaunts a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.Target Corporation TGT has a Zacks Rank #2 (Buy) and a long-term earnings growth rate of 13.9%.Walmart Inc. WMT currently has an impressive long-term earnings growth rate of 5.5% and a Zacks Rank #2.Zacks Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Target Corporation (TGT): Free Stock Analysis Report Walmart Inc. (WMT): Free Stock Analysis Report Best Buy Co., Inc. (BBY): Free Stock Analysis Report Whirlpool Corporation (WHR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Analysen zu Whirlpool Corp.

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24.10.2017Whirlpool Sector PerformRBC Capital Markets
25.04.2017Whirlpool Top PickRBC Capital Markets
17.10.2016Whirlpool NeutralMKM Partners
12.09.2016Whirlpool HoldGabelli & Co
01.04.2016Whirlpool BuyMKM Partners
25.04.2017Whirlpool Top PickRBC Capital Markets
01.04.2016Whirlpool BuyMKM Partners
07.12.2015Whirlpool BuyMKM Partners
27.10.2015Whirlpool BuyGabelli & Co
26.10.2015Whirlpool BuyMKM Partners
24.10.2017Whirlpool Sector PerformRBC Capital Markets
17.10.2016Whirlpool NeutralMKM Partners
12.09.2016Whirlpool HoldGabelli & Co
27.04.2010Whirlpool neutralJP Morgan Chase & Co.
28.09.2005Update Whirlpool Corp.: NeutralJanney Montgomery Scott
04.02.2005Update Whirlpool Corp.: SellSmith Barney Citigroup

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