Whirlpool contributes European MDA business to JV with Arçelik; preliminary 2022 GAAP loss of $27.50/share

WHIRLPOOL CORP /DE/

Contribution agreement: Whirlpool contributes European major domestic appliance biz to NewCo for 25% stake; Arçelik contributes its biz for 75%. Close expected H2 2023.
Separately agreed in principle to sell Middle East & Africa business to Arçelik.
Preliminary FY2022: net sales ~$19.7B, GAAP net loss ~$1.535B (incl. ~$1.5B non-cash loss on disposal); ongoing EPS ~$19.25.
Transaction expected to deliver >$750M net present value of future cash flows and increase annual free cash flow by ~$250M post-close.
2023 outlook: supply constraints improving; similar operational performance to 2022; $500M net cost takeout; tax rate 14-16%.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

WHIRLPOOL CORP /DE/ reported full-year ended December 31, 2022 results: revenue ~$ 19,700, net income ~$ (1,535), EPS ~$ (27.50).

Period: full-year ended December 31, 2022
Revenue: ~$ 19,700
Net income: ~$ (1,535)
EPS: ~$ (27.50)
Result: preliminary results

Exact text from the filing

Whirlpool Corporation announced its expectation for select preliminary unaudited results for its full-year ended December 31, 2022: Estimated Select Preliminary Full-Year 2022 Results and 2021 Comparison 2022 (Unaudited) 2021 Change Net Sales ($M) ~$ 19,700 $ 21,985 (10 )% GAAP net earnings (loss) ($M) ~$ (1,535 ) $ 1,783 nm Ongoing EBIT (2) ($M) ~$ 1,335 $ 2,379 (43 )% GAAP earnings (loss) per share ~$ (27.50 ) $ 28.36 nm Ongoing earnings (loss) per diluted share (2) ~$ 19.25 $ 26.59 (28 )%

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WHIRLPOOL CORP /DE/ entered into Contribution Agreement with Arçelik A.Ş (effective 2023-01-17).

Action: entry
Agreement: asset purchase
Counterparty: Arçelik A.Ş
Effective: 2023-01-17

Exact text from the filing

Whirlpool Corporation (NYSE: WHR) today announced the completion of the strategic review of its Europe, Middle East and Africa (EMEA) business and entered into a definitive contribution agreement with Arçelik A.Ş (“Arcelik”) which significantly accelerates Whirlpool’s portfolio transformation.

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Source: SEC EDGAR

accession 0001193125-23-008823

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