Whirlpool delivers ‘record performance’ in 2021

Whirlpool Corporation has reported of “record results for the fourth consecutive year”, with full-year net sales growth of 13 per cent, driven by strong consumer demand it said.

This comes in the company’s fourth quarter and full-year 2021 financial results, which also show that it achieved record full-year GAAP net earnings margin of 8.1 per cent and record ongoing (non-GAAP) EBIT margin of 10.8 per cent.

In addition, Q4 results were impacted by rising inflation, Whirlpool reported, “but in line with expectations”; revenues were unchanged versus 2020, but either per cent up versus 2019.

Marc Bitzer, Chairman and CEO of Whirlpool Corporation, said the results demonstrated the company’s ability “to execute in any challenging environment”.

Meanwhile, reviewing the EMEA region, Gilles Morel, President of Whirlpool EMEA and Executive Vice President of Whirlpool Corporation, added: “We delivered strong full-year revenue growth in the EMEA region of 16 per cent led by our performance in key countries, while also delivering EBIT margin expansion of 190 basis points – in-line with our long-term plan.”

The company expects full-year 2022 net sales growth of five to six per cent and cash provided by operating activities of $2.2 billion.

Mr Bitzer said: “We expect another year of record performance, while increasing organic growth investments and returning another approximately $1.5 billion in cash to shareholders.”