Technology
Whirlpool Announces Fourth-Quarter and Full-Year Results; Provides 2025 Guidance
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1 week agoon
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— Fourth-quarter net sales decline of (18.7)% due to the Europe divestiture; organic net sales(1) growth of 1.9% driven by strong small domestic appliances and international businesses
— Delivered approximately $300 million of net cost take out in 2024, as expected
— Q4 GAAP net earnings margin (loss) of (9.5)%; GAAP earnings (loss) per diluted share of $(7.10) driven by the non-cash impact of Maytag brand impairment, GAAP tax rate of (44)%
— Q4 Ongoing (non-GAAP) EBIT margin(2) of 6.0%; ongoing earnings per diluted share(3) of $4.57 supported by favorable adjusted (non-GAAP) effective tax rate of (54)%
— 2025 outlook includes full-year GAAP earnings per diluted share of approximately $8.75, and ongoing earnings per diluted share(3) of approximately $10.00; including GAAP and adjusted (non-GAAP) tax rate of 20 to 25%; cash provided by operating activities of approximately $1 billion and free cash flow(4) of approximately $500 to $600 million
— Intend to reduce ownership stake in Whirlpool of India Ltd. to ~20% in 2025 via market sale
— Expect to pay down approximately $700 million of debt in 2025
BENTON HARBOR, Mich., Jan. 29, 2025 /PRNewswire/ — Whirlpool Corporation (NYSE: WHR), today reported fourth-quarter and full-year 2024 financial results.
“In 2024, we continued to make progress in our operations and delivered on our cost take out commitment of $300 million while achieving the closure of the Europe transaction, supporting our ongoing portfolio transformation,” said Marc Bitzer. “In 2025, we expect to deliver more than $200 million of cost take out and position our business for the eventual U.S. housing recovery.”
MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Earnings Results
Fourth Quarter Results
Full Year Results
2024*
2023
Change
2024*
2023
Change
Net sales ($M)
$4,136
$5,088
(18.7) %
$16,607
$19,455
(14.6) %
Organic net sales ($M)(1)
$4,174
$4,254
1.9 %
$16,052
$15,991
(0.4) %
GAAP net earnings (loss) available to Whirlpool ($M)
$(393)
$491
nm
$(323)
$481
nm
Ongoing EBIT(2) ($M)
$248
$266
(6.8) %
$887
$1,191
(25.5) %
GAAP net earnings margin
(9.5) %
9.7 %
(19.2pts)
(1.9) %
2.5 %
(4.4pts)
Ongoing EBIT margin(2)
6.0 %
5.2 %
0.8pts
5.3 %
6.1 %
(0.8pts)
GAAP earnings (loss) per diluted share
$(7.10)
$8.90
nm
$(5.87)
$8.72
nm
Ongoing earnings per diluted share(3)
$4.57
$3.85
18.7 %
$12.21
$16.16
(24.4) %
*Excludes net sales from our previously-owned MDA Europe business; full-year results exclude net sales from the second through fourth quarter
Free Cash Flow
2024
2023
Change
Cash provided by (used in) operating activities ($M)
$835
$915
$(80)
Free cash flow(4) ($M)
$385
$366
$19
“We are proud of the actions we took to strengthen our balance sheet, paying down $500 million in debt and driving significant working capital efficiency,” said Jim Peters. “In 2025, our clear capital allocation priorities along with the anticipated India transaction will maximize shareholder value and further strengthen our balance sheet.”
JIM PETERS, CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER
SEGMENT REVIEW
SEGMENT INFORMATION ($M)
Q4 2024
Q4 2023
Change
MDA North America
Net Sales
$2,595
$2,632
(1.4) %
EBIT
$173
$213
(18.8) %
% of sales
6.7 %
8.1 %
(1.4pts)
MDA Latin America
Net Sales
$920
$958
(4.0) %
EBIT
$70
$50
40.0 %
% of sales
7.6 %
5.2 %
2.4pts
MDA Asia
Net Sales
$238
$221
7.6 %
EBIT
$3
$(1)
nm
% of sales
1.2 %
(0.5) %
1.7pts
SDA Global
Net Sales
$384
$363
5.7 %
EBIT
$48
$50
(4.0) %
% of sales
12.5 %
13.8 %
(1.3pts)
MDA: Major Domestic Appliances; SDA: Small Domestic Appliances
MDA NORTH AMERICA
Excluding currency, net sales decreased 1.2 percent year-over-year, and EBIT margin(5) decreased year-over-year, driven by a sizeable trade inventory reduction coupled with strong sell through in the quarter, negatively impacting price/mix
MDA LATIN AMERICA
Excluding currency, net sales increased 7.3 percent year-over-year, with strong industry demand in Brazil and MexicoEBIT margin(5) increased year-over-year, driven by cost take out actions and fixed cost leverage
MDA ASIA
Excluding currency, net sales increased 8.8 percent year-over-year, with increased volumes from share gains and industry growthEBIT margin(5) increased year-over-year, driven by fixed cost leverage
SDA GLOBAL
Excluding currency, net sales increased 6.4 percent year-over-year, driven by strong direct-to-consumer sales and new product launchesEBIT margin(5) decreased year-over-year, impacted by marketing investments in new product launches
FULL-YEAR 2025 OUTLOOK
Guidance Summary
2024 Reported
2024 Like-for- Like (6)
2025 Guidance
Net sales ($B)
$16.6
~$15.4
~$15.8
Cash provided by operating activities ($M)
$835
N/A
~$1,000
Free cash flow ($M)(4)
$385
N/A
$500 – $600
GAAP net earnings margin (%)
(1.9) %
N/A
3.0 %
Ongoing EBIT margin (%)(2)
5.3 %
~5.8%
~6.8%
GAAP earnings per diluted share
$(5.87)
N/A
~$8.75
Ongoing earnings per diluted share(3)
$12.21
N/A
~$10.00
GAAP tax rate
(5.5) %
N/A
20 – 25%
Adjusted (non-GAAP) tax rate
(28.6) %
N/A
20 – 25%
Expect full-year net sales of approximately $15.8 billion; approximately 3% growth on a like-for-like(6) basisExpect to deliver more than $200 million of structural cost take out actionsExpect full-year GAAP earnings per diluted share of approximately $8.75 and full-year ongoing earnings per diluted share(3) of approximately $10.00Cash provided by operating activities of approximately $1 billion and free cash flow(4) of $500 to $600 millionExpect net cash proceeds of $550 to $600 million from the anticipated India transactionOur capital allocation priorities demonstrate our strong commitment to strengthen our balance sheet; expect approximately $700 million of debt pay down in 2025
(1)
A reconciliation of organic net sales, a non-GAAP financial measure, to reported net sales and other important information, appears below.
(2)
A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings (loss) margin and other important information, appears below.
(3)
A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to Whirlpool and other important information, appears below.
(4)
A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below.
(5)
Segment EBIT represents our consolidated EBIT broken down by the Company’s reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate “Other/Eliminations” of $(507) million and $67 million for the fourth quarters of 2024 and 2023, respectively.
(6)
Like-for-like refers to pro forma results for 2024, which exclude the first quarter results for the historical Europe major domestic appliances business (MDA Europe) and July through December results for the Whirlpool of India business, to provide a comparative baseline for 2025 guidance. This comparison uses a prior period baseline that is aligned to the ongoing business expectations for 2025, with the Europe transaction closed April 1, 2024 and the intended Whirlpool of India transaction expected to close by mid to late 2025. The like-for-like GAAP net earnings margin and corresponding reconciliation cannot be provided without unreasonable effort or expense. Please see below for a reconciliation of ongoing EBIT for the full year to GAAP net earnings.
ABOUT WHIRLPOOL CORPORATION
Whirlpool Corporation (NYSE: WHR) is a leading home appliance company, in constant pursuit of improving life at home. As the last-remaining major U.S.-based manufacturer of kitchen and laundry appliances, the company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2024, the company reported approximately $17 billion in annual sales – close to 90% of which were in the Americas – 44,000 employees and 40 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com.
WEBSITE DISCLOSURE
We routinely post important information for investors on our website, WhirlpoolCorp.com, in the “Investors” section. We also intend to update the “Hot Topics Q&A” portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the “Investors” section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.
WHIRLPOOL ADDITIONAL INFORMATION
This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries (“Whirlpool”) within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Whirlpool intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with those safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain, portfolio transformation expectations, asset impairment, debt repayment expectations, India transaction timing and benefits expectations, trade customer inventory expectations, and the impact of housing recovery-related benefits on our operations are forward-looking statements and should be evaluated as such. Such statements can be identified by the use of terminology such as “may,” “could,” “will,” “should,” “possible,” “plan,” “predict,” “forecast,” “potential,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “may impact,” “on track,” “margin lift,” and similar words or expressions. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool’s forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool’s ability to maintain or increase sales to significant trade customers; (3) Whirlpool’s ability to maintain its reputation and brand image; (4) the ability of Whirlpool to achieve its business objectives and successfully manage its strategic portfolio transformation; (5) Whirlpool’s ability to understand consumer preferences and successfully develop new products; (6) Whirlpool’s ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past acquisitions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) risks related to our international operations; (10) Whirlpool’s ability to respond to unanticipated social, political and/or economic events, including epidemics/pandemics; (11) information technology system and cloud failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (12) product liability and product recall costs; (13) Whirlpool’s ability to attract, develop and retain executives and other qualified employees; (14) the impact of labor relations; (15) fluctuations in the cost of key materials (including steel, resins, and base metals) and components and the ability of Whirlpool to offset cost increases; (16) Whirlpool’s ability to manage foreign currency fluctuations; (17) impacts from goodwill, intangible asset and/or inventory impairment charges; (18) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (19) impacts from credit rating agency downgrades; (20) litigation, tax, and legal compliance risk and costs; (21) the effects and costs of governmental investigations or related actions by third parties; (22) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, taxes and generative AI; (23) the impacts of changes in foreign trade policies, including tariffs; (24) Whirlpool’s ability to respond to the impact of climate change and climate change or other environmental regulation; and (25) the uncertain global economy and changes in economic conditions. In addition, factors that could cause actual results to differ materially from our India transaction expectations include, among other things, failure or delays in launching transaction based on Board approval, market conditions or other factors, failure or delays in share settlement and closing, transaction proceeds being lower than expected, alternative uses for proceeds received, brand license valuation expectations not being met, and strategic, economic or industry expectations for India not being realized. Additional information concerning these and other factors can be found in Whirlpool’s filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. These cautionary statements should not be construed by you to be exhaustive and the forward-looking statements are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
FOR THE PERIODS ENDED DECEMBER 31
(Millions of dollars, except per share data)
Three Months Ended
Twelve Months Ended
2024
2023
2024
2023
Net sales
$ 4,136
$ 5,088
$ 16,607
$ 19,455
Expenses
Cost of products sold
3,465
4,296
14,026
16,285
Gross margin
671
792
2,581
3,170
Selling, general and administrative
418
557
1,684
1,993
Intangible amortization
7
1
31
40
Restructuring costs
(2)
2
79
16
Impairment of goodwill and other intangibles
381
—
381
—
Loss (gain) on sale and disposal of businesses
4
(180)
264
106
Operating profit
(136)
412
143
1,015
Other (income) expense
Interest and sundry (income) expense
—
(6)
(27)
71
Interest expense
83
92
358
351
Earnings (loss) before income taxes
(218)
326
(188)
593
Income tax expense (benefit)
95
(191)
10
77
Equity method investment income (loss), net of tax
(76)
(25)
(107)
(28)
Net earnings (loss)
(391)
492
(305)
488
Less: Net earnings (loss) available to noncontrolling interests
2
1
18
7
Net earnings (loss) available to Whirlpool
$ (393)
$ 491
$ (323)
$ 481
Per share of common stock
Basic net earnings (loss) available to Whirlpool
$ (7.10)
$ 8.93
$ (5.87)
$ 8.76
Diluted net earnings (loss) available to Whirlpool
$ (7.10)
$ 8.90
$ (5.87)
$ 8.72
Dividends declared
$ 1.75
$ 1.75
$ 7.00
$ 7.00
Weighted-average shares outstanding (in millions)
Basic
55.4
55.1
55.1
55.0
Diluted
55.4
55.2
55.1
55.2
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Millions of dollars, except share data)
December 31, 2024
December 31, 2023
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$ 1,275
$ 1,570
Accounts receivable, net of allowance of $46 and $47, respectively
1,317
1,529
Inventories
2,035
2,247
Prepaid and other current assets
612
717
Assets held for sale
—
144
Total current assets
5,239
6,207
Property, net of accumulated depreciation of $5,414 and $5,259, respectively
2,275
2,234
Right of use assets
841
721
Goodwill
3,322
3,330
Other intangibles, net of accumulated amortization of $447 and $440, respectively
2,717
3,124
Deferred income taxes
1,433
1,317
Other noncurrent assets
474
379
Total assets
$ 16,301
$ 17,312
Liabilities and stockholders’ equity
Current liabilities
Accounts payable
$ 3,530
$ 3,598
Accrued expenses
455
491
Accrued advertising and promotions
682
603
Employee compensation
228
238
Notes payable
18
17
Current maturities of long-term debt
1,850
800
Other current liabilities
560
614
Liabilities held for sale
—
587
Total current liabilities
7,323
6,948
Noncurrent liabilities
Long-term debt
4,758
6,414
Pension benefits
122
147
Postretirement benefits
96
107
Lease liabilities
711
612
Other noncurrent liabilities
357
547
Total noncurrent liabilities
6,045
7,827
Stockholders’ equity
Common stock, $1 par value, 250 million shares authorized, 65 million and 114 million shares issued, respectively, and 55 million and 55 million shares outstanding, respectively
64
114
Additional paid-in capital
3,462
3,078
Retained earnings
1,311
8,358
Accumulated other comprehensive loss
(1,545)
(2,178)
Treasury stock, 9 million and 60 million shares, respectively
(609)
(7,010)
Total Whirlpool stockholders’ equity
2,683
2,362
Noncontrolling interests
250
175
Total stockholders’ equity
2,933
2,537
Total liabilities and stockholders’ equity
$ 16,301
$ 17,312
WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE PERIODS ENDED DECEMBER 31
(Millions of dollars)
Twelve Months Ended
2024
2023
Operating activities
Net earnings (loss)
$ (305)
$ 488
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization
333
361
Impairment of goodwill and other intangibles
381
—
Loss (gain) on sale and disposal of businesses
264
106
Equity method investment (income) loss, net of tax
107
28
Changes in assets and liabilities:
Accounts receivable
(14)
159
Inventories
172
(123)
Accounts payable
125
1
Accrued advertising and promotions
63
(37)
Accrued expenses and current liabilities
7
122
Taxes deferred and payable, net
(183)
(97)
Accrued pension and postretirement benefits
(24)
(59)
Employee compensation
97
103
Other
(188)
(137)
Cash provided by (used in) operating activities
835
915
Investing activities
Capital expenditures
(451)
(549)
Proceeds from sale of assets and businesses
95
10
Acquisition of businesses, net of cash acquired
—
(14)
Cash held by divested businesses
(245)
—
Other
(1)
—
Cash provided by (used in) investing activities
(602)
(553)
Financing activities
Net proceeds from borrowings of long-term debt
300
304
Net repayments of long-term debt
(801)
(750)
Net proceeds (repayments) from short-term borrowings
11
34
Dividends paid
(384)
(384)
Repurchase of common stock
(50)
—
Sale of minority interest in subsidiary
462
—
Common stock issued
—
4
Other
(14)
—
Cash provided by (used in) financing activities
(476)
(792)
Effect of exchange rate changes on cash and cash equivalents
(149)
45
Less: change in cash classified as held for sale
—
(3)
Increase (decrease) in cash and cash equivalents
(391)
(388)
Cash and cash equivalents at beginning of year (1)
1,667
1,958
Cash and cash equivalents at end of period
$ 1,275
$ 1,570
(1) Cash and cash equivalent at the beginning of 2024 include $1,570 million of cash and cash equivalents and cash of $97 million classified as held for sale as of December 31, 2023.
SUPPLEMENTAL INFORMATION – CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Millions of dollars except per share data) (Unaudited)
We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as “ongoing” measures. These measures may include earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, ongoing earnings per diluted share, ongoing interest and sundry (income) expense, adjusted effective tax rate, organic net sales, net debt leverage (Net Debt/Ongoing EBITDA), return on invested capital (ROIC) and free cash flow.
Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Sales excluding foreign currency: Current period net sales translated in functional currency, to U.S. dollars using the applicable prior period’s exchange rate compared to the applicable prior period net sales. Management believes that sales excluding foreign currency provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations.
Organic net sales: Sales excluding the impact of certain acquisitions or divestitures, and foreign currency. Management believes that organic net sales provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations and certain acquisitions and/or divestitures.
Ongoing EBIT margin: Ongoing earnings before interest and taxes divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Ongoing earnings per diluted share: Diluted net earnings per share from continuing operations, adjusted to exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations. Ongoing measures provide a better baseline for analyzing trends in our underlying businesses.
Ongoing interest and sundry (income) expense: Reported interest and sundry (income) expense adjusted to exclude certain unique items. Management believes that ongoing interest and sundry (income) expense provides stockholders with a meaningful, consistent comparison of the Company’s interest and sundry (income) expense, excluding the impact of certain unique items.
Ongoing equity method income (loss): Reported equity method income (loss) adjusted to exclude equity method investee restructuring charges. Management believes that ongoing equity method income (loss) provides stockholders with a meaningful, consistent comparison of the Company’s equity method income (loss), excluding the impact of equity method investee restructuring charges.
Net debt leverage: Net debt to ongoing earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio is net debt outstanding, including long-term debt, current maturities of long-term debt, and notes payable, less cash and cash equivalents, divided by ongoing EBITDA. Management believes that net debt leverage provides stockholders with a view of our ability to generate earnings sufficient to service our debt.
Return on invested capital: Ongoing EBIT after taxes divided by total invested capital, defined as total assets less non-interest bearing current liabilities (NIBCLS). NIBCLS is defined as current liabilities less current maturities of long-term debt and notes payable. This ROIC definition may differ from other companies’ methods and therefore may not be comparable to those used by other companies. Management believes that ROIC provides stockholders with a view of capital efficiency, a key driver of stockholder value creation.
Adjusted effective tax rate: Effective tax rate, excluding pre-tax income and tax effect of certain unique items. Management believes that adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company’s effective tax rate, excluding the pre-tax income and tax effect of certain unique items.
Free cash flow: Cash provided by (used in) operating activities less capital expenditures. Management believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing the Company’s ability to fund its activities and obligations.
Whirlpool does not provide a non-GAAP reconciliation for its forward-looking long-term value creation goals, such as organic net sales, EBIT, free cash flow conversion, free cash flow benefit as a result of Europe transaction closing, ROIC and net debt leverage, as these long-term management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the Company’s control.
We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These ongoing financial measures should not be considered in isolation or as a substitute for reported net earnings available to Whirlpool per diluted share, net earnings, net earnings available to Whirlpool, net earnings margin, return on assets, net sales, effective tax rate and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures.
We also disclose segment EBIT as an important financial metric used by the Company’s Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280 – Segment Reporting.
GAAP net earnings available to Whirlpool per basic or diluted share (as applicable) and ongoing earnings per diluted share are presented net of tax, while individual adjustments in each reconciliation are presented on a pre-tax basis; the income tax impact line item aggregates the tax impact for these adjustments. The tax impact of individual line item adjustments may not foot precisely to the aggregate income tax impact amount, as each line item adjustment may include non-taxable components. Historical quarterly earnings per share amounts are presented based on a normalized tax rate adjustment to reconcile quarterly tax rates to full-year tax rate expectations. We strongly encourage investors and stockholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
FOURTH-QUARTER 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended December 31, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our fourth-quarter GAAP tax rate was (43.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our fourth-quarter adjusted tax rate (non-GAAP) of (53.8)%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2024
Net earnings (loss) available to Whirlpool
$ (393)
Net earnings (loss) available to noncontrolling interests
2
Income tax expense (benefit)
95
Interest expense
83
Earnings before interest & taxes
$ (212)
Net sales
$ 4,136
Net earnings (loss) margin
(9.5) %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ (212)
$ (7.10)
Restructuring expense (a)
Restructuring costs
(2)
(0.04)
Impairment of goodwill,
intangibles and other assets (b)
Impairment of goodwill
and other intangibles
381
6.88
Impact of M&A
transactions (c)
(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative
9
0.16
Legacy EMEA legal matters (d)
Interest and sundry
(income) expense
(2)
(0.04)
Equity method investee –
restructuring charges (e)
Equity method investment
income (loss), net of tax
74
1.34
Income tax impact
Income tax impact
4.47
Normalized tax rate
adjustment (f)
Normalized tax rate
adjustment
(1.10)
Ongoing measure
$ 248
$ 4.57
Net sales
$ 4,136
Ongoing EBIT margin
6.0 %
Note: Numbers may not reconcile due to rounding.
FOURTH-QUARTER 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended December 31, 2023. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our fourth-quarter GAAP tax rate was (58.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our fourth-quarter adjusted tax rate (non-GAAP) of (19.0)%.
Three Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2023
Net earnings (loss) available to Whirlpool
$ 491
Net earnings (loss) available to noncontrolling interests
1
Income tax expense (benefit)
(191)
Interest expense
92
Earnings before interest & taxes
$ 393
Net sales
$ 5,088
Net earnings (loss) margin
9.7 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 393
$ 8.90
Impact of M&A transactions (c)
(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative & including
equity method investment
(123)
(2.23)
Legacy EMEA legal matters (d)
Interest and sundry
(income) expense
(4)
(0.06)
Total income tax impact
(0.44)
Normalized tax rate adjustment (f)
(2.32)
Ongoing measure
$ 266
$ 3.85
Net sales
$ 5,088
Ongoing EBIT margin
5.2 %
Note: Numbers may not reconcile due to rounding.
FULL-YEAR 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was (43.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (28.6)%.
Twelve Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2024
Net earnings (loss) available to Whirlpool
$ (323)
Net earnings (loss) available to noncontrolling interests
18
Income tax expense (benefit)
10
Interest expense
358
Earnings before interest & taxes
$ 63
Net sales
$ 16,607
Net earnings (loss) margin
(1.9) %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 63
$ (5.87)
Restructuring expense (a)
Restructuring costs
79
1.44
Impairment of goodwill,
intangibles and other assets (b)
Impairment of goodwill
and other intangibles
381
6.92
Impact of M&A transactions (c)
(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative
292
5.30
Legacy EMEA legal matters (d)
Interest and sundry
(income) expense
(2)
(0.04)
Equity method investee –
restructuring charges (e)
Equity method investment
income (loss), net of tax
74
1.34
Total income tax impact
4.28
Normalized tax rate adjustment (f)
(1.16)
Ongoing measure
$ 887
$ 12.21
Net Sales
$ 16,607
Ongoing EBIT Margin
5.3 %
Note: Numbers may not reconcile due to rounding.
FULL-YEAR 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2023. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was 13.0%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (6.7)%.
Twelve Months Ended
Earnings Before Interest & Taxes Reconciliation:
December 31, 2023
Net earnings (loss) available to Whirlpool
$ 481
Net earnings (loss) available to noncontrolling interests
7
Income tax expense (benefit)
77
Interest expense
351
Earnings before interest & taxes
$ 916
Net sales
$ 19,455
Net earnings (loss) margin
2.5 %
Results classification
Earnings before
interest & taxes
Earnings per
diluted share
Reported measure
$ 916
$ 8.72
Impact of M&A transactions (c)
(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative & including
equity method investment
181
3.27
Legacy EMEA legal matters (d)
Interest and sundry
(income) expense
94
1.71
Total income tax impact
0.35
Normalized tax rate adjustment (f)
2.11
Ongoing measure
$ 1,191
$ 16.16
Net Sales
$ 19,455
Ongoing EBIT Margin
6.1 %
Note: Numbers may not reconcile due to rounding
FULL-YEAR 2025 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE
The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool and net earnings per diluted share available to Whirlpool, for the twelve months ending December 31, 2025. Net earnings margin is calculated by dividing net earnings available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our anticipated full-year GAAP tax rate is approximately 20 – 25%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our anticipated full-year adjusted tax (non-GAAP) rate of 20 – 25%.
Twelve Months Ending
December 31, 2025
Results classification
Earnings before
interest & taxes*
Earnings per
diluted share
Reported measure
~$975
~$8.75
Restructuring Expense
Restructuring Costs
~75
~1.25
Impact of M&A transactions
(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative
~20
~0.25
Total income tax impact
(~0.25)
Ongoing measure
~$1,070
~$10.00
Note: Numbers may not reconcile due to rounding.
*Earnings Before Interest & Taxes (EBIT) is a non-GAAP measure. The Company does not provide a forward-looking quantitative reconciliation of EBIT to the most directly comparable GAAP financial measure, net earnings available to Whirlpool, because the net earnings available to noncontrolling interests item of such reconciliation — which has historically represented a relatively insignificant amount of the Company’s overall net earnings — implicates the Company’s projections regarding the earnings of the Company’s non wholly-owned subsidiaries and joint ventures that cannot be quantified precisely or without unreasonable efforts.
FOOTNOTES
a.
RESTRUCTURING EXPENSE – In March 2024, the Company committed to workforce reduction plans in the United States and globally, in an effort to reduce complexity and simplify our organizational model after the European major domestic appliance transaction. The workforce reduction plans included involuntary severance actions as of the end of the first quarter of 2024. Total costs for these actions were $21 million, of which we incurred $14 million in employee termination costs and $7 million other associated costs.
During the second quarter of 2024, the Company evaluated additional restructuring actions as part of the Company’s organizational simplification efforts. Total costs for these actions were $58 million, which were primarily employee termination costs.
b.
IMPAIRMENT OF GOODWILL, INTANGIBLES AND OTHER ASSETS – During the fourth quarter of 2024, we determined that the carrying value of the Maytag trademark exceeded its fair value, resulting in an impairment charge of $381 million.
c.
IMPACT OF M&A TRANSACTIONS – On January 16, 2023, the Company signed a contribution agreement to contribute our European major domestic appliance business into a newly formed entity with Arcelik. In connection with the transaction, which closed on April 1, 2024, the Company recorded a loss on disposal of $298 million and $106 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively.
Additionally, the Company incurred other unique transaction related costs related to portfolio transformation for a total of $28 million and $75 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Statements of Comprehensive Income (Loss).
The Company also recorded a gain of $34 million during the third quarter of 2024 related to the sale of the Company’s Brastemp-branded water filtration subscription business related to our portfolio transformation.
d.
LEGACY EMEA LEGAL MATTERS – During the fourth quarter of 2024 we recorded immaterial amounts related to legacy matters of our European major domestic appliance business.
During the first quarter of 2023, the Company accrued $62 million related to the Competition Investigation and unrelated trade customer insolvency matter of our European major domestic appliance business. During the second quarter of 2023, the accrual was increased by $36 million resulting in an aggregate amount of $98 million for the six months ended June 30, 2023. An immaterial adjustment was made in the fourth quarter of 2023 related to these matters. For certain additional information, see Note 7 to the Consolidated Financial Statements.
e.
EQUITY METHOD INVESTEE – RESTRUCTURING CHARGES – During the fourth quarter of 2024, we recorded our proportionate share of restructuring charges related to certain previously announced restructuring actions by our European equity method investee.
f.
NORMALIZED TAX RATE ADJUSTMENT – For the full year 2024, the Company calculated a GAAP tax rate of (5.5)%. Ongoing earnings per share was calculated using an adjusted tax rate of (28.6)%, which excludes the tax impacts related to M&A transactions, the Maytag intangible impairment charge, and certain other tax impacts related to the Europe transaction.
For the full-year 2023, the Company calculated a GAAP tax rate of 13%. Ongoing earnings per share was calculated using an adjusted tax rate of (6.7)%, which excludes certain tax related impacts of M&A transactions and certain tax related impacts to legal entity restructuring transactions.
ONGOING EBIT EXCLUDING MDA EUROPE FIRST QUARTER AND JULY THROUGH DECEMBER INDIA
The reconciliation provided below reconciles the impact of removing Q1 MDA Europe and July through December India from our net sales and ongoing EBIT, for the twelve months ended December 31, 2024 for the Whirlpool business. Please see elsewhere in this Supplemental Information section for a reconciliation of Ongoing EBIT to GAAP reported net earnings (loss) available to Whirlpool.
2024 As
Reported
Q1 2024
MDA
Europe*
July –
December
2024 India**
2024
Like-for-Like
Net Sales (in billions)
$16.6
$0.8
$0.4
~$15.4
Ongoing EBIT (in millions)
887
(9)
3
~893
Ongoing EBIT Margin
5.3 %
(1.1) %
0.7 %
~5.8 %
Note: Numbers may not reconcile due to rounding.
*Q1 historical segment financial data (unaudited).
** July through December India financial data (unaudited).
FREE CASH FLOW
Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles twelve months ended December 31, 2024 and 2023 and 2025 full-year free cash flow with cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. Free cash flow as a percentage of net sales is calculated by dividing free cash flow by net sales.
Twelve Months Ended
December 31,
(millions of dollars)
2024
2023
2025
Outlook
Cash provided by (used in) operating activities
$835
$915
~$1,000
Capital expenditures
(451)
(549)
(~450)
Free cash flow
$385
$366
$500 – $600
Cash provided by (used in) investing activities*
(602)
(553)
Cash provided by (used in) financing activities*
(476)
(792)
*Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control.
ORGANIC NET SALES
The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for twelve months ended December 31, 2023 and 2024 for the Whirlpool business.
Twelve Months Ended
December 31,
(Approximate impact in dollars)
2024
2023
Change
Net Sales
$16,607
$19,455
(14.6) %
Less: EMEA Divested Business
804
3,403
Less: Currency
(188)
—
Organic Net Sales
$15,991
$16,052
(0.4) %
The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended December 31, 2023 and 2024 for the Whirlpool business.
Three Months Ended
December 31,
(Approximate impact in dollars)
2024
2023
Change
Net Sales
$4,136
$5,088
(18.7) %
Less: EMEA Divested Business
—
914
Less: Currency
(118)
—
Organic Net Sales
$4,254
$4,174
1.9 %
The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended September 30, 2023 and 2024 for the Whirlpool business.
Three Months Ended
September 30,
(Approximate impact in dollars)
2024
2023
Change
Net Sales
$3,993
$4,926
(18.9) %
Less: EMEA Divested Business
—
829
Less: Currency
(76)
—
Organic Net Sales
$4,069
$4,097
(0.7) %
The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended June 30, 2023 and 2024 for the Whirlpool business.
Three Months Ended
June 30,
(Approximate impact in dollars)
2024
2023
Change
Net Sales
$3,989
$4,792
(16.8) %
Less: EMEA Divested Business
—
814
Less: Currency
(37)
—
Organic Net Sales
$4,026
$3,978
1.2 %
The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended March 31, 2023 and 2024 for the Whirlpool business.
Three Months Ended
March 31,
(Approximate impact in dollars)
2024
2023
Change
Net Sales
$4,490
$4,649
(3.4) %
Less: EMEA Divested Business
804
846
Less: Currency
43
—
Organic Net Sales
$3,643
$3,803
(4.2) %
Note: Numbers may not reconcile due to rounding.
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SOURCE Whirlpool Corporation
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Technology
EPWK HOLDINGS LTD. Announces Pricing of Initial Public Offering
Published
48 minutes agoon
February 6, 2025By

XIAMEN, China, Feb. 6, 2025 /PRNewswire/ — EPWK HOLDINGS LTD. (the “Company”) (NasdaqGM: EPWK), a company that connects businesses with great talents through innovative and efficient cloud-sourcing platforms, announced the pricing of its initial public offering (the “Offering”) of 2,750,000 Class A ordinary shares at a public offering price of $4.10 per share. The Class A ordinary shares start trading on Nasdaq Global Market under the ticker symbol “EPWK” on February 6, 2025.
The Company will receive aggregate gross proceeds of $11.275 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters an option, exercisable within 30 days after the closing of the Offering, to purchase up to an additional 412,500 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The Offering was conducted on a firm commitment basis.
Proceeds from the Offering will be used for business development and marketing, research and development, exploration of new product and service offerings and the creation of an online global design center, and general corporate purposes and working capital.
Cathay Securities, Inc. acted as the representative of the underwriters, with Revere Securities LLC acting as co-underwriter (collectively, the “Underwriters”) for the Offering. VCL Law LLP served as counsel to the Company. Winston & Strawn LLP served as counsel to the Underwriters.
The Offering was conducted pursuant to the Company’s Registration Statement on Form F-1, as amended (File No. 333-269657) (the “Registration Statement”), previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on February 3, 2025. The Offering was made only by means of a prospectus, forming a part of the Registration Statement. A final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from Cathay Securities, Inc. at 40 Wall Street, Suite 3600, New York, NY 10005, or by telephone at +1 (855) 939-3888.
This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About EPWK HOLDINGS LTD.
The Company connects businesses with outstanding talent through an innovative and efficient integrated crowdsourcing platform, providing creative transaction services for small and medium-sized enterprises and suppliers. The Company was founded by Huang Guohua, former chief reporter of Fujian Daily Press Group, and conducts its operations through its subsidiaries and contractual arrangements with the variable interest entity in China. For more information, please visit the Company’s website: www.epwk.com
Forward-Looking Statements
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
For more information, please contact:
Investor Relations
EPWK HOLDINGS LTD.
Phone: +86 0592-5978725
Email: chenyanjun@epwk.com
View original content:https://www.prnewswire.com/news-releases/epwk-holdings-ltd-announces-pricing-of-initial-public-offering-302370388.html
SOURCE EPWK HOLDINGS LTD.
Technology
SIMONA AMERICA Group Advances Sustainability Commitments with SBTi Validation As Part of SIMONA AG
Published
48 minutes agoon
February 6, 2025By

Reduction of CO2 emissions by 42% by 2030 (Scope 1 and 2)SIMONA’s contribution to restricting global warming to 1.5 degreesSignificant milestone in the execution of SIMONA’s sustainability strategy
ATLANTA, Feb. 6, 2025 /PRNewswire/ — SIMONA AMERICA Group, a subsidiary of SIMONA AG, is proud to announce that the company’s ambitious greenhouse gas (GHG) reduction targets have been officially validated by the Science Based Targets initiative (SBTi). This milestone underscores SIMONA’s commitment to reducing its environmental footprint and contributing to the global effort to limit temperature rise to 1.5 degrees Celsius.
SIMONA first signed up to the Science Based Target initiative (SBTi) at the beginning of 2024. The rationale behind this move was to ensure an effective reduction in the company’s carbon footprint, while also making a positive contribution to global climate change mitigation. In joining the SBTi, SIMONA has taken responsibility for the environment and set itself long-term goals that are both quantifiable and based on scientific principles.
As part of these science-based targets, SIMONA has pledged to reduce Scope 1 and Scope 2 emissions by 42% in absolute terms by 2030, using 2022 as the baseline year. Additionally, the company has committed to reducing Scope 3 emissions from purchased goods and services by 51.6% per ton of manufactured product within the same timeframe. The SBTi has recognized these targets as ambitious and aligned with the latest climate science and objectives of the Paris Agreement.
“The SBTi’s confirmation of our climate targets is a significant achievement within our sustainability strategy. It illustrates that we are on the right track when it comes to making a genuine contribution to global climate change mitigation. Working closely with our partners and customers, we are doing everything in our power to achieve our goals in a determined and effective manner,” said Johannes Kappler, Head of Sustainability at SIMONA AG.
At SIMONA AMERICA Group, sustainability remains a top priority across all facilities, operations, and product offerings. Through the increased use of renewable energy, process efficiency improvements, and material innovation—including the expansion of the TERREFORM® line for the aerospace industry and the installation of more than 3,300 solar panels at the Archbald, PA facility—SIMONA AMERICA Group is actively contributing to the company’s broader carbon reduction goals.
“SIMONA has started its sustainability journey much like every other company—by gathering a baseline for carbon accounting,” said Autumn Werner, Sustainability Manager for SIMONA AMERICA Group. “However, with SBTi validation, we have also added accountability to ensure that our efforts lead to real emission reductions while supporting the global goal of restricting warming to 1.5 degrees.”
Werner further emphasized the importance of industry-wide collaboration in sustainability: “SIMONA’s work towards becoming sustainable doesn’t just stop at products—it extends to real efforts across all of our facilities to drive meaningful emission reductions. The SBTi validation keeps us on track and aligns us with the many other companies committed to measurable, science-based climate action.”
To achieve these ambitious targets, SIMONA AMERICA Group is implementing specific initiatives, including transitioning to green electricity, optimizing production processes, and increasing the use of sustainable raw materials. Additionally, efforts to integrate post-industrial and customer waste into new products further reinforce the company’s circular economy approach.
The Science Based Targets initiative (SBTi) was established in 2015 as a collaboration between the Carbon Disclosure Project (CDP), the United Nations Global Compact, the World Resources Institute (WRI), and the World Wildlife Fund (WWF). It provides companies with the framework to set rigorous emissions reduction targets in line with the latest climate science.
As SIMONA AMERICA Group continues to advance its sustainability strategy, the company remains committed to meaningful, science-backed actions that drive measurable impact for the environment and the industries it serves.
About SIMONA AMERICA Group
SIMONA AMERICA Group is a diversified manufacturer of high-quality thermoplastic products designed to provide innovative solutions and world-class customer service throughout the United States. As a subsidiary of SIMONA AG, the company is dedicated to sustainability, excellence, and advancing material technologies across multiple industries.
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SOURCE SIMONA AMERICA Group
Technology
Walter P Moore receives ACEC California top award for CAA ICON’s Intuit Dome
Published
48 minutes agoon
February 6, 2025By

SACRAMENTO, Calif., Feb. 6, 2025 /PRNewswire/ — Last night, the American Council of Engineering Companies of California (ACEC California) announced that Walter P Moore has won the prestigious Golden State Award for their work on the Intuit Dome located in Inglewood, California.
Intuit Dome realized owner Steve Ballmer’s vision for the NBA Los Angeles Clippers to play in an iconic venue within a complex that houses all team functions under a single roof. The 18,000-seat arena is the NBA’s most environmentally friendly arena and benefits the Inglewood community year-round. The venue anchors a 1.14 million-square-foot facility including state-of-the-art practice and training facilities, team offices, fan gathering spaces, and indoor and outdoor basketball courts open to the public. The distinctive diagrid shell roof, covered in diamond-shaped ETFE and PTFE fabric panels, is designed to resemble a basketball net, making Intuit Dome stand out from other NBA arenas.
Walter P Moore’s team of structural, enclosure, seismic, and construction engineering specialists blended their expertise to optimize the roof geometry, connections, and panel layouts to achieve the goals of strength, beauty, and practicality. Seismic safety was a concern because the site is 1.25 miles from the Newport-Inglewood Fault.
The team created an elegant and ingenious solution that allows the light diagrid shell to behave independently from the much stiffer main arena structure that supports it during a seismic event. They connected the diagrid shell to the arena roof at its top and then laterally supported it at node points down its height with innovative toggle-brace connections. The toggle-braces provide lateral and gravity support while allowing the shell to “swish like a hula skirt” around the more rigid brace frame structure. Intuit Dome also features an enormous one-of-a-kind “Halo” board, a one-million pound, 360-degree, double-sided video board with retractable end pieces that are suspended from the roof, along with state-of-the-art rigging and catwalk systems that enhance the venue’s capabilities.
Intuit Dome is a fully electric facility with sufficient solar panels and batteries to power the arena for an entire concert or basketball game. It is the first NBA arena to achieve LEED Platinum certification under LEED v4. Walter P Moore reduced embodied carbon in the concrete by over 20 percent by collaborating with the concrete supplier to obtain supply-chain-specific Environmental Produce Declarations for all concrete mixes; as a result, the concrete is 50 percent more energy efficient than required by the California Green Building Code.
The complex opened on budget and three months ahead of schedule in July 2024.
Congratulations, Walter P Moore, for capturing ACEC California’s 2025 Golden State Award!
Photographs of all Engineering Excellence Award-winning projects can be found at: 2025 Engineering Excellence Award Winners – American Council of Engineering Companies of California
About Walter P Moore
Walter P Moore is an international company of engineers, innovators, and creative people who solve some of the world’s most complex structural and infrastructure challenges. Providing structural, diagnostics, civil, traffic, parking, transportation, enclosure, technology consulting, and construction engineering services, they design solutions that are cost- and resource-efficient, forward-thinking, and help support and shape communities worldwide. Founded in 1931 and headquartered in Houston, Texas, Walter P Moore’s 900+ professionals work across 24 U.S. offices and seven international locations. For more information, visit www.walterpmoore.com, or follow Walter P Moore on LinkedIn, X (Formerly Twitter), Facebook or Instagram.
About ACEC California
ACEC California is a 70+ year-old, nonprofit association of private consulting engineering and land surveying firms. As a statewide organization, we are dedicated to enhancing the consulting engineering and land surveying professions, protecting the general public, and promoting use of the private sector professionals in the growth and development of our state. Follow us on Social Media: Instagram | Facebook | X (Formerly Twitter) | LinkedIn
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SOURCE American Council of Engineering Companies, California


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