ABOUTWHIRLPOOL Whirlpool Corporation ("Whirlpool"), the world's leading kitchen and laundry appliance company, was incorporated in 1955 under the laws ofDelaware 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 ofNorth America ,Europe ,Middle East andAfrica ("EMEA"),Latin America andAsia .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. OVERVIEWWhirlpool 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 toWhirlpool of$397 million (net earnings margin of 7.5%), or$6.27 per diluted share, compared to GAAP net earnings available toWhirlpool 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. 34 --------------------------------------------------------------------------------
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