Whirlpool Corporation has revealed its full year results for 2023, which are down 1.4% on 2022 and around 11% down on its record results for 2021.
For the 2022 financial year Whirlpool Corporation posted sales of $19.46 billion (£15.34bn), down 1.4% on $19.72bn in 2022 and around 11% down on its record-breaking sales figure in 2021 of $21.98bn.
Profits (EBIT) for 2023 came in at $1.1bn, down 12.4% from 2022’s $1.36bn.
Around the world, in North America Q4 sales were up 1% with profits plunging 46%. In Latin America sales were up 17% with profits up 18%. In Asia, sales were up 9% and profits were down 50%, with the Corporation planning to sell off up to 24% of Whirlpool India.
Whirlpool reported continued weak demand in Europe, which saw a Q4 performance for the EMEA region that fell 8.3% year on year to $995 million, with profits of $33m compared with a $4m loss in Q4 2022.
In Europe, Whirlpool expects its merger deal with Arçelik to complete in 2024 and said it expects a significant cost take-out of up to $400m as a result, with an anticipated expansion in margins.
The company pledged in 2022 to reset its cost structure in order to achieve savings of around $800m and is pledging to save a further $400m in the course of 2024.
Chairman and chief executive Mark Bitzer said: “In 2023, we delivered over a point of North America share gains and approximately $800 million of cost take out as expected” said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. Looking forward to 2024 we expect to further reset our cost structure with an additional $300 to $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.”
Whirlpool said that it is resegmenting the business to reflect its transformed portfolio, with 2024 reporting segments now including major domestic appliances for North America, Europe, Latin America and Asia, along with global small domestic appliances.
Whirlpool is giving guidance for FY2024 of $19.6bn in sales and EBIT of $1.15bn.
