WHR-P-A

Whirlpool Corporation reported second-quarter net sales of $3.5 billion, a 6.8% year-over-year decline, while delivering sequential ongoing EBIT margin improvement of 50 basis points to 1.8%. The company executed a promotional price increase of more than 10% relative to first-quarter prices, effective in late April, which contributed to a 240-basis-point sequential margin expansion in its North America major domestic appliance segment. Full-year revenue guidance was reaffirmed at approximately $15 billion, representing 1.5% growth on a like-for-like basis when excluding the previous year's India business results. Whirlpool also completed the divestiture of its minority stake in Beko Europe B.V. for $128 million in total cash consideration, resulting in roughly $84 million of net cash proceeds and a reported gain of $139 million. The company updated its full-year ongoing earnings per share guidance to a range of $2.50 to $3.00, reflecting an increased interest expense outlook of $350 million following recent secured bond issuances.