Whirlpool beats by $0.32, beats on revs; guides FY24 EPS below consensus, revs below consensus
- Reports Q4 (Dec) earnings of $3.85 per share, excluding non-recurring items, $0.32 better than the FactSet Consensus of $3.53; revenues rose 3.4% year/year to $5.09 bln vs the $4.98 bln FactSet Consensus.
- Co issues downside guidance for FY24, sees EPS of 13.00-15.00, excluding non-recurring items, vs. $15.37 FactSet Consensus; sees FY24 revs of $16.9 bln vs. $17.9 bln FactSet Consensus.
- Resegmenting the business to reflect transformed portfolio; 2024 reporting segments now include major domestic appliances (MDA) for North America, Europe, Latin America and Asia along with global small domestic appliances.
- Co expects the Europe transaction to close by April 2024, and full year guidance includes three months MDA Europe expected results (approximately $700 million of net sales and EBIT margin of approximately 1.5%).
- Expect to pay dividends of approximately $400 million in 2024 (subject to board approval) and reduce debt by approximately $500 million.
- Resegmenting the business to reflect transformed portfolio; 2024 reporting segments now include major domestic appliances (MDA) for North America, Europe, Latin America and Asia along with global small domestic appliances.
- Co added, "Looking forward to 2024 we expect to further reset our cost structure with an additional $300 - $400 million of cost take out, while our portfolio transformation will unlock margin lift with the close of the Europe transaction, expected in April 2024."
No comments:
Post a Comment