Whirlpool Q1 financial reports shows net sales were down 5.5% to $4.66bn, however, EBIT was up 46.8% to $251million from Q4 2022.

Chairman and chief executive of Whirlpool Corporation Mark Bitzer commented: “In Q1, we delivered significant sequential margin expansion, in particular in North America.

“These results demonstrate our progress against our operational priorities and put us on track to deliver a solid 2023.”

He continued: “At the same time, we are continuing to advance our ongoing portfolio transformation of investing in higher growth and higher margin businesses and remain confident in our ability to drive value over the long-term.

Whirlpool Corporation attributed its net sales decline to a softening of global demand and unfavourable price/product combinations.

Chief financial officer Jim Peters explained: “Our operational priorities and cost takeout actions of $800-900 million give us confidence in reaffirming our full-year ongoing guidance.

“With $1.4 billion of cash on hand, we continue to have the flexibility to execute a balanced capital allocation approach including funding innovation and growth while also maintaining nearly 70 years of dividends returned to our shareholders.”

In its Europe, Middle East and Africa business region, Q1 sales were down 18% to $889million on a year-on-year basis, with EBIT at $5million.

For the full-year, Whirlpool expects 2023 net sales of approximately $19.4 billion, down 1-2% compared to the prior year.