Whirlpool Corporation reported significant financial results for the third quarter and the first nine months of 2024, reflecting a challenging market environment and strategic business adjustments. For the three months ended September 30, 2024, net sales totaled $3,993 million, a decline of 18.9% compared to $4,926 million in the same period of 2023. For the nine months, net sales decreased by 13.2% to $12,471 million from $14,367 million in the prior year. The decrease in revenue is primarily attributed to the divestiture of the European major domestic appliances business.
Despite the drop in sales, Whirlpool reported net earnings of $114 million for Q3 2024, up from $85 million in Q3 2023. For the nine months, net earnings were $85 million, a notable recovery from a net loss of $(4) million in the same period last year. Basic net earnings per share for Q3 2024 increased to $2.01, compared to $1.53 in Q3 2023, while diluted earnings per share also rose to $2.00 from $1.53.
The company's gross margin for Q3 2024 was $643 million, down from $799 million in Q3 2023, reflecting a gross margin percentage of 16.1%, slightly lower than 16.2% in the prior year. Operating profit for the quarter was $265 million, a modest increase from $257 million in Q3 2023. However, for the nine months, operating profit fell to $279 million from $603 million in the previous year.
Whirlpool's financial position showed some improvement, with total stockholders' equity rising to $3,293 million as of September 30, 2024, up from $2,537 million at the end of 2023. The company reported cash and cash equivalents of $1,084 million, down from $1,570 million at the end of 2023. Total current liabilities decreased to $5,969 million from $6,948 million, while total current assets also fell to $5,582 million from $6,207 million.
Strategically, Whirlpool has been active in restructuring efforts, with total expected costs for workforce reduction plans initiated in March 2024 amounting to $23 million. The company also recorded restructuring charges of $81 million for the nine months ended September 30, 2024. Additionally, Whirlpool completed the sale of 30.4 million equity shares of Whirlpool India, generating approximately $462 million in proceeds, and recorded a gain of approximately $34 million from the sale of its Brastemp-branded water filtration subscription business.
Overall, Whirlpool's performance reflects a combination of strategic divestitures, restructuring efforts, and a focus on improving profitability amidst challenging market conditions.
About WHIRLPOOL CORP /DE/
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