-- Europe transaction closed on April 1st; expected to deliver $750M+ net present value of future cash flows and $250-$300M incremental cash flow in 2025 -- Strong Q1 performance from Latin America, Asia, and SDA Global driven by share gains and cost performance, offset by challenging macro environment in North America, as expected -- Announced ~5% increase to all promotional program prices in MDA North America -- Declared $1.75 dividend per share in both Q1 & Q2; repaid $500 million of term loan in April -- Q1 GAAP net earnings margin of (5.8)% compared to prior year period of (3.9)%, impacted by a non-cash charge related to the Europe transaction; GAAP loss per diluted share of $(4.72) -- Ongoing (non-GAAP) EBIT margin(1) of 4.3%; ongoing earnings per diluted share(2) of $1.78 -- Expect full-year GAAP earnings per diluted share of $5.00 to $7.00 impacted by the non-cash charge related to the Europe transaction -- Reaffirming full-year ongoing earnings per diluted share(2) of $13.00 to $15.00, cash provided by operating activities of $1.15 to $1.25 billion and free cash flow(3) of $550 to $650 million BENTON HARBOR, Mich., April 24, 2024 /PRNewswire/ -- Whirlpool Corporation (NYSE:WHR), today reported first-quarter 2024 financial results. "The closing of the Europe transaction marks a critical portfolio transformation milestone," said Marc Bitzer. "We saw strong performance in Global SDA as well as our international businesses, and announced promotional program price increases in MDA North America consistent with the value of our products and brands to address sticky inflation."   MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER  First-Quarter Results 2024 2023 Change Net sales ($M) $4,490 $4,649 (3.4) % Net sales excluding currency ($M) $4,446 $4,649 (4.4) % GAAP net earnings (loss) available to Whirlpool ($M) $(259) $(179) (44.7) % Ongoing EBIT(1) ($M) $195 $251 (22.3) % GAAP earnings (loss) per diluted share $(4.72) $(3.27) (44.3) % Ongoing earnings per diluted share(2) $1.78 $2.66 (33.1) % Free Cash Flow 2024 2023 Change Cash provided by (used in) operating activities ($M) $(873) $(477) $(396) Free cash flow(3) ($M) $(988) $(573) $(415) "During 2024, we have demonstrated our commitment to our capital allocation priorities," said Jim Peters. "We have launched several new products, declared very strong dividends in Q1 and Q2, and repaid $500 million of our maturing term loan."   JIM PETERS, CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER      SEGMENT REVIEW SEGMENT INFORMATION ($M) Q1 2024 Q1 2023 Change MDA North America Net Sales $2,428 $2,641 (8.1) % EBIT $135 $266 (49.2) %      % of sales 5.6 % 10.1 % (4.5pts) MDA Europe Net Sales $804 $846 (5.0) % EBIT $(9) $(5) (80.0) %      % of sales (1.1) % (0.6) % (0.5pts) MDA Latin America Net Sales $837 $747 12.0 % EBIT $65 $36 80.6 %      % of sales 7.8 % 4.8 % 3.0pts MDA Asia Net Sales $239 $245 (2.4) % EBIT $11 $8 37.5 %      % of sales 4.6 % 3.3 % 1.3pts SDA Global Net Sales $182 $170 7.1 % EBIT $33 $19 73.7 % % of sales 18.1 % 11.2 % 6.9pts MDA: Major Domestic Appliances; SDA: Small Domestic Appliances MDA NORTH AMERICA Excluding currency, net sales decline of 8.1 percent year-over-year from unfavorable price/mix and industry decline of approximately 2 percent EBIT margin(4) decreased compared to the same prior-year period, driven by promotional environment partially offset by cost take out actions MDA EUROPE Excluding currency, net sales decline of 6.9 percent year-over-year, impacted by continued demand weakness in Europe EBIT margin(4) decreased compared to the same prior-year period, driven by unfavorable price/mix MDA LATIN AMERICA Excluding currency, net sales increase of 8.4 percent year-over-year, with strong share gains in the region more than offsetting unfavorable price/mix EBIT margin(4) increased compared to the same prior-year period, driven by incremental volumes and cost actions; Q1 includes approximately 200 bps operating tax benefit MDA ASIA Excluding currency, net sales decrease of 1.7 percent year-over-year, with increased volumes from share gains more than offset by unfavorable price/mix EBIT margin(4) increased compared to the same prior-year period, driven by cost take out actions partially offset by negative price/mix SDA GLOBAL Excluding currency, net sales increase of 6.5 percent year-over-year, with growth throughout key countries and direct to consumer business more than offsetting unfavorable price/mix EBIT margin(4) increased compared to the same period, driven by cost actions and volume growth FULL-YEAR 2024 OUTLOOK Guidance Summary 2023 Reported 2023 Like for Like (5) 2024 Guidance Net sales ($M) $19,455 ~$16,900 ~$16,900 Cash provided by operating activities ($M) $915 N/A $1,150 - $1,250 Free cash flow ($M)(3) $366 N/A $550 - $650 GAAP net earnings margin (%) 2.5 % N/A ~2.0% Ongoing EBIT margin (%)(1) 6.1 % ~6.9% ~6.8% GAAP earnings per diluted share $8.72 N/A $5.00 - $7.00 Ongoing earnings per diluted share(2) $16.16 N/A $13.00 - $15.00 Europe transaction closed April 1, 2024, as expected, and full year guidance includes MDA Europe first-quarter net sales of $804 million and EBIT of (1.1)% Reaffirming full-year 2024 net sales expectations of approximately $16.9 billion Full-year GAAP earnings per diluted share of $5.00 to $7.00 impacted by non-cash charge related to the Europe transaction Reaffirming full-year ongoing earnings per diluted share(2) of $13.00 to $15.00, including $300-$400 million of cost actions Reaffirming full-year cash provided by operating activities of $1.15 to $1.25 billion and free cash flow(3) of approximately $550 to $650 million; includes approximately $200 million of MDA Europe cash usage in 2024 Expect full-year 2024 GAAP tax rate of approximately 25 percent and adjusted (non-GAAP) tax rate of approximately 0 percent Continue to expect to pay approximately $400 million of 2024 dividends (subject to board approval) (1)  A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings (loss) margin and other important information, appears below. (2) A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to Whirlpool and other important information, appears below. (3) A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below. (4) Segment EBIT represents our consolidated EBIT broken down by the Company's reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate "Other/Eliminations" of $(322) million and $(357) million for the first quarters of 2024 and 2023, respectively. (5) Like-for-like refers to a comparison between the 2024 guidance and pro forma results for 2023, which exclude the second through fourth quarter resegmented results for the historical Europe major domestic appliances business (MDA Europe under new segment operating structure). This comparison uses a prior period baseline that is aligned to the ongoing business expectations for 2024, with the Europe transaction closed April 2024. The like-for-like GAAP net earnings margin and corresponding reconciliation cannot be provided without unreasonable effort or expense. Please see below for a reconciliation of ongoing EBIT for the full year to GAAP net earnings. ABOUT WHIRLPOOL CORPORATION Whirlpool Corporation (NYSE:WHR) is a leading kitchen and laundry appliance company, in constant pursuit of improving life at home and inspiring generations with our brands. The company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2023, the company reported approximately $19 billion in annual net sales, 59,000 employees and 55 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com.   WEBSITE DISCLOSURE We routinely post important information for investors on our website, WhirlpoolCorp.com, in the "Investors" section. We also intend to update the "Hot Topics Q&A" portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the "Investors" section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document. WHIRLPOOL ADDITIONAL INFORMATION This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Whirlpool intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with those safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements regarding our 2024 financial performance, supply chain, cost take out, raw material, portfolio transformation, transaction-related synergies, benefits from previously announced actions and future cash flow expectations are forward-looking statements and should be evaluated as such. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "margin lift," and similar words or expressions. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool's ability to maintain or increase sales to significant trade customers; (3) Whirlpool's ability to maintain its reputation and brand image; (4) the ability of Whirlpool to achieve its business objectives and leverage its global operating platform, and accelerate the rate of innovation; (5) Whirlpool's ability to understand consumer preferences and successfully develop new products; (6) Whirlpool's ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past acquisitions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) COVID-19 pandemic, other public health emergency-related business disruptions and economic uncertainty; (10) Whirlpool's ability to navigate risks associated with our presence in emerging markets; (11) risks related to our international operations; (12) Whirlpool's ability to respond to unanticipated social, political and/or economic events; (13) information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (14) product liability and product recall costs; (15) Whirlpool's ability to attract, develop and retain executives and other qualified employees; (16) the impact of labor relations; (17) fluctuations in the cost of key materials (including steel, resins, base metals) and components and the ability of Whirlpool to offset cost increases; (18) Whirlpool's ability to manage foreign currency fluctuations; (19) impacts from goodwill impairment and related charges; (20) triggering events or circumstances impacting the carrying value of our long-lived assets; (21) inventory and other asset risk; (22) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (23) litigation, tax, and legal compliance risk and costs; (24) the effects and costs of governmental investigations or related actions by third parties; (25) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, and taxes and tariffs; (26) Whirlpool's ability to respond to the impact of climate change and climate change regulation; and (27) the uncertain global economy and changes in economic conditions. Price increases and/or actions referred to throughout the document reflect previously announced cost-based price increases. Additional information concerning these and other factors can be found in Whirlpool's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. Price increases and/or actions referred to throughout the document reflect previously announced cost-based price increases. These cautionary statements should not be construed by you to be exhaustive and the forward-looking statements are made only as of the date of this press release.  We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.   WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (UNAUDITED) FOR THE PERIODS ENDED MARCH 31 (Millions of dollars, except per share data) Three Months Ended 2024 2023 Net sales $       4,490 $        4,649 Expenses Cost of products sold 3,848 3,886 Gross margin 642 763 Selling, general and administrative 477 487 Intangible amortization 11 11 Restructuring costs 23 — Loss (gain) on sale and disposal of businesses 247 222 Operating (loss) profit (116)