ABOUT WHIRLPOOL
Whirlpool Corporation ("Whirlpool"), the world's leading kitchen and laundry
appliance company, was incorporated in 1955 under the laws of Delaware and was
founded in 1911. Whirlpool manufactures products in 13 countries and markets
products in nearly every country around the world. We have received worldwide
recognition for accomplishments in a variety of business and social efforts,
including leadership, diversity, innovative product design, business ethics,
social responsibility and community involvement. We conduct our business through
four operating segments, which we define based on geography. Whirlpool's
operating segments consist of North America, Europe, Middle East and Africa
("EMEA"), Latin America and Asia. Whirlpool had approximately $20 billion in
annual sales and 77,000 employees in 2019. The world's leading kitchen and
laundry appliance company claim is based on publicly reported annual product
sales, parts, and support revenues for 2019.
OVERVIEW
Whirlpool successfully executed on the early, decisive actions taken in response
to the COVID-19 pandemic, delivering net sales growth of 3.9% globally (+7.0%
organic) and a third-quarter GAAP net earnings available to Whirlpool of $397
million (net earnings margin of 7.5%), or $6.27 per diluted share, compared to
GAAP net earnings available to Whirlpool of $358 million (net earnings margin of
7.0%), or $5.57 per diluted share, in the same prior-year period. This also
resulted in ongoing EBIT (non-GAAP) margin of 12.0% or ongoing earnings per
diluted share of $6.91, compared to 7.2% or $3.97 per diluted share in the same
prior-year period.
Despite continued COVID-19 disruptions, GAAP net earnings margin and ongoing
EBIT margin both increased, driven by increased demand, favorable product
price/mix, cost reduction initiatives, and raw material deflation, partially
offset by foreign currency. GAAP results from the prior period were favorably
impacted by a gain on the sale of the Embraco compressor business of
approximately $511 million.
In addition, we delivered a significant improvement in cash provided by
operating activities with positive free cash flow in the quarter, driven by
strong net earnings and disciplined working capital management.
Our strong third-quarter results and current liquidity position provides
confidence in our ability to weather continued macroeconomic uncertainty and
firmly demonstrates the viability of our long-term shareholder value creation
strategy.

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Whirlpool continues to assess the ongoing impact of COVID-19 on business results. We remain firmly committed to proactively addressing business impacts in order to position Whirlpool appropriately and provide operating and financial flexibility to successfully navigate this uncertain environment.

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