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Whirlpool's CEO On Earnings, Guidance, Millennial Popularity

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Whirlpool's CEO On Earnings, Guidance, Millennial Popularity

On CNBC’s “Squawk on the Street,” Whirlpool (NYSE: WHR) CEO Marc Bitzer said he's very proud of the company’s third-quarter results.

“We feel really good about where we are, not just because we are starting to see tailwinds, but I think we structurally changed our business model and we are demonstrating in Q2, Q3 and Q4 we can perform at different levels,” said Bitzer.

He said they feel very confident about where the business is, and that’s why Whirlpool reinstated its guidance.

In terms of its dividend, Bitzer said the company’s strong earnings and strong cash position gives it the confidence and the right to increase dividends. 

“Our Latin America team is what I would call a well-oiled machine. They know how to execute the direct-to-consumer business which is rising incredibly fast. We’re very well positioned to participate in the uptake in Brazilian demand and the entire Latin American demand,” Bitzer said when asked about growth in Brazil. 

Bitzer said COVID-19 impacted Whirlpool's supply chain, and its factories are working at around 80-85%.

He went on to say that Whirlpool has balance between supply and demand right now, but is not yet able to fully catch up to what it missed out on during the first couple months of the COVID-19 crisis.

In terms of Whirlpool's popularity with millennials, Bitzer said it's the result of work over many years.

“We’ve invested a lot of time and money better understanding the digital consumer purchase, investing in digital assets, digital capabilities to capture the pre-buy, and kind of be more in tune with where millennials are shopping,” the CEO said. 

CNBC's Jim Cramer said hee believes Bitzer has changed Whirlpool for the better.

 

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