Whirlpool (WHR) Q4 FY2023 earnings: revenue $5.1 billion, up 3.4% on the year

Whirlpool Corp. (WHR) reported revenue of $5.1 billion for Q4 FY2023, the quarter ended 31 December 2023, up 3.4% on the same quarter a year earlier. Net income was $492 million, and diluted earnings per share $8.90. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$5.1 billionup 3.4%

Net income$492 million

Diluted EPS$8.90

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	5,088	4,926	n/a	n/a
Cost of revenue	4,296	4,127	n/a	n/a
Gross profit	792	799	n/a	n/a
Gross margin	15.6%	16.2%	n/a
Selling, general and administrative	557	473	n/a	n/a
Operating income	412	257	n/a	n/a
Operating margin	8.1%	5.2%	n/a
Interest expense	92.0	95.0	n/a	n/a
Pre-tax income	326	172	n/a	n/a
Income tax	-191	86.0	n/a	n/a
Effective tax rate	-58.6%	50.0%	n/a
Net income	492	83.0	n/a	n/a
Net margin	9.7%	1.7%	n/a
Diluted EPS	$8.90	$1.53	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,237	48.0	n/a	n/a
Capital expenditure	211	121	n/a	n/a
Free cash flow	1,026	-73.0	n/a	n/a
Free cash flow margin	20.2%	-1.5%	n/a
Cash from investing	-210	-121	n/a	n/a
Cash from financing	-589	-93.0	n/a	n/a
Depreciation and amortisation	99.0	84.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	94.0	97.0	n/a	n/a
Dividend per share	n/a	$1.75	n/a	n/a
Diluted shares, weighted	55m	55m	n/a	n/a
Shares outstanding at period end	55m	55m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,362	2,064	n/a	n/a
Non-controlling interest	175	176	n/a	n/a
Short-term borrowings	17.0	23.0	n/a	n/a
Debt	7,214	6,341	n/a	n/a
Operating lease liabilities	612	585	n/a	n/a
Other liabilities	6,932	7,700	n/a	n/a
Total liabilities and equity	17,312	16,889	n/a	n/a
Fixed assets	2,234	2,150	n/a	n/a
Goodwill	3,330	3,329	n/a	n/a
Intangible assets	3,124	3,134	n/a	n/a
Cash and equivalents	1,570	1,123	n/a	n/a
Receivables	1,529	1,841	n/a	n/a
Inventory	2,247	2,388	n/a	n/a
Other assets	3,278	2,924	n/a	n/a
Total assets	17,312	16,889	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,926	5,088	4,490	3,989	3,993	4,135	3,621	3,773	4,033	4,097	3,273	3,517
Cost of revenue	4,127	4,296	3,848	3,363	3,350	3,465	3,014	3,162	3,439	3,523	2,858	3,075
Gross profit	799	792	642	626	643	670	607	610	594	575	415	442
Gross margin	16%	16%	14%	16%	16%	16%	17%	16%	15%	14%	13%	13%
SG&A	473	557	477	394	395	418	406	397	405	425	359	371
Operating income	257	412	-116	130	265	-136	184	204	206	244	18.0	163
Operating margin	5%	8%	-3%	3%	7%	-3%	5%	5%	5%	6%	1%	5%
Interest expense	95.0	92.0	90.0	93.0	92.0	83.0	77.0	86.0	92.0	86.0	77.0	63.0
Pre-tax income	172	326	-177	30.0	179	-220	139	121	120	136	-51.0	96.0
Tax rate	50%	-59%	n/a	-687%	25%	n/a	31%	24%	28%	27%	n/a	3%
Net income	83.0	492	-259	219	109	-392	71.0	65.0	73.0	109	-82.0	88.0
Net margin	2%	10%	-6%	5%	3%	-9%	2%	2%	2%	3%	-3%	3%
Diluted EPS	$1.53	$8.90	-$4.72	$3.96	$2.00	-$7.10	$1.28	$1.17	$1.29	$1.91	-$1.43	$1.15
Operating cash flow	48.0	1,237	-873	388	214	1,106	-721	19.0	33.0	1,139	-827	-120
Capital expenditure	121	211	115	113	87.0	136	72.0	82.0	85.0	150	68.0	94.0
Free cash flow	-73.0	1,026	-988	275	127	970	-793	-63.0	-52.0	989	-895	-214
Buybacks	0.0	0.0	50.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a
Dividends paid	97.0	94.0	95.0	96.0	96.0	97.0	97.0	97.0	54.0	52.0	58.0	10.0
Shares outstanding	55m	55m	55m	55m	55m	55m	55m	55m	56m	56m	65m	65m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0000106640-24-000020: the filing on EDGAR. All of Whirlpool Corp.'s filings: EDGAR company page.

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