Whirlpool Corporation closed 2024 with a significant loss, reporting net earnings of -$323m (£260m), a sharp decline from the previous year's profit of $481m. The US-based appliance giant saw a 15% drop in annual sales, from $19.4bn in 2023 to $16.6bn in 2024. Pre-tax earnings also fell by over 25%, down to $887m from $1.2bn the previous year.
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The company's Q4 results were equally challenging, with net sales reaching $4.1bn, a 19% decrease compared to Q4 2023. Pre-tax profits in this period were down by 6.8%. Sales in North America dropped by 1.4%, while Latin America saw a 4% decline. However, the Asia region showed a positive result, with major domestic appliance (MDA) sales rising by 7.6%.
Whirlpool attributed some of the decline to the previously-owned European business, which merged with Arçelik to form Beko Europe in early 2024. The company also stated that its total sales for 2024 were in line with a downward trend that began after record-breaking results in 2021.
Looking ahead, Whirlpool expects net sales of around $15.8bn by the end of 2025. CEO Marc Bitzer stated, 'In 2024, we continued to make progress in our operations... while achieving the closure of the Europe transaction.' The company also forecast savings of over $200m in 2025 and aims to position itself for a potential recovery in the US housing market.
Source: www.kbbreview.com