Whirlpool Corporation (WHR), committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home, today reported first quarter 2022 financial results.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $4.90 per share. The maker of Maytag, KitchenAid and other appliances posted revenue of $4.92 billion in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $5.4 billion.

• GAAP net earnings margin of 6.4% (down 170 basis points) and ongoing (non-GAAP) EBIT margin of 9.4% (down 300 basis points), despite increased inflation of over $400 million
• Delivered GAAP and ongoing (non-GAAP) earnings per diluted share of $5.33 and $5.31, respectively
• Robust sales growth compared to pre-pandemic levels with healthy underlying consumer demand
• The  North America region delivered strong performance with EBIT  margins of 16.3% in a supply constrained environment, as cost-based price increases partially offset inflation
• Revised full-year 2022 guidance to $24.00 to $26.00 earnings per diluted share on a GAAP and ongoing basis⁽²⁾, cash provided by operating activities of $1.95 billion and free cash flow of $1.25 billion
• Increased share repurchase authorization by $2 billion and repurchased $533 million of shares in the quarter; Approximately $2.9 billion in remaining repurchase authorization
• Initiated strategic review of our EMEA business; such assessment expected to be concluded by Q3 2022
• Committed to accelerating the transformation of our portfolio with a focus on high growth and high margin businesses
• Strong balance sheet supports various strategic initiatives

Whirlpool Corporation is committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home. In an increasingly digital world, the company is driving purposeful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and Yummly. In 2021, the company reported approximately $22 billion in annual sales,  69,000 employees and 54 manufacturing and technology research centers. Additional information about the company can be found at  WhirlpoolCorp.com.

(Photo/Credit: Facebook Whirlpool)