Technology

Whirlpool Announces Third-Quarter Results

Published

3 months ago

October 23, 2024

— Sequential margin expansion in MDA North America for the second consecutive quarter, driven by promotional pricing actions

— Q3 GAAP net earnings margin of 2.7% (Q2 5.5%); GAAP earnings per diluted share of $2.00; GAAP tax rate of 25%

— Ongoing (non-GAAP) EBIT margin(1) of 5.8% (Q2 5.3%); ongoing earnings per diluted share(2) of $3.43 supported by favorable adjusted (non-GAAP) tax rate of (32)%

— Revising full-year GAAP earnings per diluted share to approximately $0.50, impacted by the updated GAAP tax rate and non-cash losses related to the Europe transaction

— Reaffirming full-year ongoing earnings per diluted share(2) of approximately $12.00, cash provided by operating activities of approximately $1.05 billion and free cash flow(3) of approximately $500 million

BENTON HARBOR, Mich., Oct. 23, 2024 /PRNewswire/ — Whirlpool Corporation (NYSE: WHR), today reported third-quarter 2024 financial results.

“In Q3, we continued to deliver sequential ongoing EBIT margin expansion despite the unfavorable macroeconomic environment we are experiencing in North America,” said Marc Bitzer. “We remain well positioned to benefit from the eventual U.S. housing market recovery.”
MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Third-Quarter Results

2024*

2023

Change

Net sales ($M)

$3,993

$4,926

(18.9) %

Organic net sales ($M)(4)

$4,069

$4,097

(0.7) %

GAAP net earnings (loss) available to Whirlpool ($M)

$109

$83

31.3 %

Ongoing EBIT(1) ($M)

$233

$322

(27.6) %

GAAP earnings (loss) per diluted share

$2.00

$1.53

30.7 %

Ongoing earnings per diluted share(2)

$3.43

$5.45

(37.1) %

*Excludes net sales from our previously-owned MDA Europe business

Free Cash Flow

2024

2023

Change

Cash provided by (used in) operating activities ($M)

$(271)

$(322)

$51

Free cash flow(3) ($M)

$(586)

$(660)

$74

“I am pleased with our continued focus on working capital management, resulting in structural inventory efficiency.”
JIM PETERS, CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER

SEGMENT REVIEW

SEGMENT INFORMATION ($M)

Q3 2024

Q3 2023

Change

MDA North America

Net Sales

$2,647

$2,766

(4.3) %

EBIT

$194

$254

(23.6) %

% of sales

7.3 %

9.2 %

(1.9pts)

MDA Latin America

Net Sales

$846

$843

0.4 %

EBIT

$58

$52

11.5 %

% of sales

6.9 %

6.2 %

0.7pts

MDA Asia

Net Sales

$239

$219

9.1 %

EBIT

40.0 %

% of sales

2.9 %

2.3 %

0.6pts

SDA Global

Net Sales

$261

$269

(3.0) %

EBIT

$37

$49

(24.5) %

% of sales

14.2 %

18.2 %

(4.0pts)

MDA: Major Domestic Appliances; SDA: Small Domestic Appliances

MDA NORTH AMERICA

Excluding currency, net sales decreased 4.2 percent year-over-year, from unfavorable price/mix, which significantly improved vs. last quarterEBIT margin(5) decreased year-over-year, driven by unfavorable price/mix; however, sequentially up by 100 basis points from Q2

MDA LATIN AMERICA

Excluding currency, net sales increased 8.8 percent year-over-year, with strong industry demand more than offsetting unfavorable price/mixEBIT margin(5) increased year-over-year, driven by fixed cost leverage and cost take out actions

MDA ASIA

Excluding currency, net sales increased 10.3 percent year-over-year, with increased volumes from share gainsEBIT margin(5) increased year-over-year, driven by improved price/mix and fixed cost leverage

SDA GLOBAL

Excluding currency, net sales decreased 3.3 percent year-over-year, with strong direct-to-consumer sales and product launches offset by soft industryEBIT margin(5) decreased year-over-year, impacted by continued marketing investments in new product launches

FULL-YEAR 2024 OUTLOOK

Guidance Summary

2023 Reported

2023 Like for
Like (6)

2024 Guidance

Net sales ($M)

$19,455

~$16,900

Cash provided by operating activities ($M)

$915

N/A

~$1,050

Free cash flow ($M)(3)

$366

N/A

~$500

GAAP net earnings margin (%)

2.5 %

N/A

~1.0%

Ongoing EBIT margin (%)(1)

6.1 %

~6.9%

~6.0%

GAAP earnings per diluted share

$8.72

N/A

~$0.50

Ongoing earnings per diluted share(2)

$16.16

N/A

~$12.00

GAAP tax rate

13.0 %

N/A

~65%

Adjusted (non-GAAP) tax rate

(6.7) %

N/A

(18) – (22)%

Revising full-year GAAP earnings per diluted share to approximately $0.50, primarily impacted by the non-cash charge related to the Europe transactionReaffirming full-year ongoing earnings per diluted share(2) of approximately $12.00, including ~$300 million of cost actionsReaffirming cash provided by operating activities of approximately $1.05 billion and free cash flow(3) of approximately $500 million; includes $250–$300 million of MDA Europe cash usage in 2024Approximately $400 million of 2024 dividends

(1)

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.

(2)

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.

(3)

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.

(4)

A reconciliation of organic net sales, a non-GAAP financial measure, to reported net sales 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 $(45) million and $(96) million for the third quarters of 2024 and 2023, respectively.

(6)

Like-for-like refers to a comparison between the 2024 guidance and pro forma results for 2023, which exclude the second through fourth quarter resegmented results for the historical Europe major domestic appliances business (MDA Europe under new segment operating structure). This comparison uses a prior period baseline that is aligned to the ongoing business expectations for 2024, with the Europe transaction closed April 2024. 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 kitchen and laundry appliance company, in constant pursuit of improving life at home and inspiring generations with our brands. 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 2023, the company reported approximately $19 billion in annual net sales, 59,000 employees and 55 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, and 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 leverage its global operating platform, and accelerate the rate of innovation; (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) COVID-19 pandemic, other public health emergency-related business disruptions and economic uncertainty; (10) Whirlpool’s ability to navigate risks associated with our presence in emerging markets; (11) risks related to our international operations; (12) Whirlpool’s ability to respond to unanticipated social, political and/or economic events; (13) information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (14) product liability and product recall costs; (15) Whirlpool’s ability to attract, develop and retain executives and other qualified employees; (16) the impact of labor relations; (17) fluctuations in the cost of key materials (including steel, resins, base metals) and components and the ability of Whirlpool to offset cost increases; (18) Whirlpool’s ability to manage foreign currency fluctuations; (19) impacts from goodwill impairment and related charges; (20) triggering events or circumstances impacting the carrying value of our long-lived assets; (21) inventory and other asset risk; (22) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (23) litigation, tax, and legal compliance risk and costs; (24) the effects and costs of governmental investigations or related actions by third parties; (25) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, and taxes and tariffs; (26) Whirlpool’s ability to respond to the impact of climate change and climate change regulation; and (27) the uncertain global economy and changes in economic conditions. Price increases and/or actions referred to throughout the document reflect previously announced cost-based price increases. 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. Price increases and/or actions referred to throughout the document reflect previously announced cost-based price increases. 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 SEPTEMBER 30

(Millions of dollars, except per share data)

Three Months Ended

Nine Months Ended

2024

2023

2024

2023

Net sales

$ 3,993

$ 4,926

$ 12,471

$ 14,367

Expenses

Cost of products sold

3,350

4,127

10,561

11,989

Gross margin

643

799

1,910

2,378

Selling, general and administrative

395

473

1,266

1,436

Intangible amortization

Restructuring costs

Loss (gain) on sale and disposal of businesses

(32)

260

286

Operating profit

265

257

279

603

Other (income) expense

Interest and sundry (income) expense

(6)

(10)

(27)

Interest expense

275

259

Earnings (loss) before income taxes

179

172

267

Income tax expense (benefit)

(85)

268

Equity method investment income (loss), net of tax

(20)

(1)

(31)

(3)

Net earnings (loss)

114

(4)

Less: Net earnings (loss) available to noncontrolling interests

Net earnings (loss) available to Whirlpool

$ 109

$ 83

$ 69

$ (10)

Per share of common stock

Basic net earnings (loss) available to Whirlpool

$ 2.01

$ 1.53

$ 1.27

$ (0.18)

Diluted net earnings (loss) available to Whirlpool

$ 2.00

$ 1.53

$ 1.26

$ (0.18)

Dividends declared

$ 1.75

$ 5.25

Weighted-average shares outstanding (in millions)

Basic

55.2

55.0

54.9

Diluted

55.2

55.3

55.0

54.9

WHIRLPOOL CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(Millions of dollars, except share data)

September
30, 2024

December
31, 2023

(Unaudited)

Assets

Current assets

Cash and cash equivalents

$ 1,084

$ 1,570

Accounts receivable, net of allowance of $50 and $47, respectively

1,644

1,529

Inventories

2,277

2,247

Prepaid and other current assets

577

717

Assets held for sale

—

144

Total current assets

5,582

6,207

Property, net of accumulated depreciation of $5,426 and $5,259, respectively

2,254

2,234

Right of use assets

856

721

Goodwill

3,328

3,330

Other intangibles, net of accumulated amortization of $461 and $440, respectively

3,104

3,124

Deferred income taxes

1,503

1,317

Other noncurrent assets

533

379

Total assets

$ 17,160

$ 17,312

Liabilities and stockholders’ equity

Current liabilities

Accounts payable

$ 3,456

$ 3,598

Accrued expenses

459

491

Accrued advertising and promotions

496

603

Employee compensation

189

238

Notes payable

609

Current maturities of long-term debt

350

800

Other current liabilities

410

614

Liabilities held for sale

—

587

Total current liabilities

5,969

6,948

Noncurrent liabilities

Long-term debt

6,382

6,414

Pension benefits

107

147

Postretirement benefits

102

107

Lease liabilities

737

612

Other noncurrent liabilities

570

547

Total noncurrent liabilities

7,898

7,827

Stockholders’ equity

Common stock, $1 par value, 250 million shares authorized, 115 million and

114 million shares issued, respectively, and 55 million and 55 million shares

outstanding, respectively

115

114

Additional paid-in capital

3,453

3,078

Retained earnings

8,140

8,358

Accumulated other comprehensive loss

(1,652)

(2,178)

Treasury stock, 60 million and 60 million shares, respectively

(7,014)

(7,010)

Total Whirlpool stockholders’ equity

3,042

2,362

Noncontrolling interests

251

175

Total stockholders’ equity

3,293

2,537

Total liabilities and stockholders’ equity

$ 17,160

$ 17,312

WHIRLPOOL CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE PERIODS ENDED SEPTEMBER 30

(Millions of dollars)

Nine Months Ended

2024

2023

Operating activities

Net earnings (loss)

$ 85

$ (4)

Adjustments to reconcile net earnings to cash provided by (used in) operating activities:

Depreciation and amortization

249

262

Loss (gain) on sale and disposal of businesses

260

286

Changes in assets and liabilities:

Accounts receivable

(275)

(359)

Inventories

(18)

(282)

Accounts payable

(76)

(274)

Accrued advertising and promotions

(137)

(140)

Accrued expenses and current liabilities

(22)

Taxes deferred and payable, net

(237)

161

Accrued pension and postretirement benefits

(15)

(45)

Employee compensation

Other

(107)

(34)

Cash provided by (used in) operating activities

(271)

(322)

Investing activities

Capital expenditures

(315)

(338)

Proceeds from sale of assets and businesses

Acquisition of businesses, net of cash acquired

—

(14)

Cash held by divested businesses

(245)

—

Other

(1)

—

Cash provided by (used in) investing activities

(466)

(343)

Financing activities

Net proceeds from borrowings of long-term debt

300

304

Net repayments of long-term debt

(801)

(250)

Net proceeds (repayments) from short-term borrowings

613

Dividends paid

(287)

(290)

Repurchase of common stock

(50)

—

Sale of minority interest in subsidiary

462

—

Common stock issued

—

Other

(15)

(1)

Cash provided by (used in) financing activities

222

(203)

Effect of exchange rate changes on cash and cash equivalents

(68)

Less: change in cash classified as held for sale

—

Increase (decrease) in cash and cash equivalents

(583)

(835)

Cash and cash equivalents at beginning of year (1)

1,667

1,958

Cash and cash equivalents at end of period

$ 1,084

$ 1,123

(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, 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.
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, future year 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.

THIRD-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 September 30, 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 third-quarter GAAP tax rate was 25%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our third-quarter adjusted tax rate (non-GAAP) of (32)%.

Three Months Ended

Earnings Before Interest & Taxes Reconciliation:

September 30, 2024

Net earnings (loss) available to Whirlpool

$ 109

Net earnings (loss) available to noncontrolling interests

Income tax expense (benefit)

Interest expense

Earnings before interest & taxes

$ 251

Net sales

$ 3,993

Net earnings (loss) margin

2.7 %

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$ 251

$ 2.00

Restructuring expense(a)

Restructuring expense

0.14

Impact of M&A transactions(b)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative

(26)

(0.47)

Total income tax impact

(0.10)

Normalized tax rate adjustment(c)

1.86

Ongoing measure

$ 233

$ 3.43

Net sales

$ 3,993

Ongoing EBIT margin

5.8 %

Note: Numbers may not reconcile due to rounding.

THIRD-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 September 30, 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 third-quarter GAAP tax rate was 49.4%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our third-quarter adjusted tax rate (non-GAAP) of (33.0)%.

Three Months Ended

Earnings Before Interest & Taxes Reconciliation:

September 30, 2023

Net earnings (loss) available to Whirlpool

$ 83

Net earnings (loss) available to noncontrolling interests

Income tax expense (benefit)

Interest expense

Earnings before interest & taxes

$ 266

Net sales

$ 4,926

Net earnings (loss) margin

1.7 %

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$ 266

$ 1.53

Impact of M&A transactions(b)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative

1.02

Total income tax impact

0.34

Normalized tax rate adjustment(c)

2.56

Ongoing measure

$ 322

$ 5.45

Net sales

$ 4,926

Ongoing EBIT margin

6.5 %

Note: Numbers may not reconcile due to rounding.

FULL-YEAR 2024 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, 2024. 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 65%. 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 (18) – (22)%.

Twelve Months Ending

December 31, 2024

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

~$600

~$0.50

Restructuring Expense(a)

~$85

~$1.50

Impact of M&A transactions(b)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative

~$290

~$5.25

Total income tax impact

~$1.25

Normalized tax rate adjustment(c)

~$3.25

Ongoing measure

~$1,000

~$12.00

Note: Numbers may not reconcile due to rounding

FULL-YEAR 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

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

Income tax expense (benefit)

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(b)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative & including
equity method investment

181

3.27

Legacy EMEA legal matters

Interest and sundry
(income) expense

1.71

Total income tax impact

0.35

Normalized tax rate adjustment(c)

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

SECOND-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 June 30, 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 second-quarter GAAP tax rate was (687)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our second-quarter adjusted tax rate (non-GAAP) of (14)%.

Three Months Ended

Earnings Before Interest & Taxes Reconciliation:

June 30, 2024

Net earnings (loss) available to Whirlpool

$ 219

Net earnings (loss) available to noncontrolling interests

Income tax expense (benefit)

(206)

Interest expense

Earnings before interest & taxes

$ 112

Net sales

$ 3,989

Net earnings (loss) margin

5.5 %

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$ 112

$ 3.96

Restructuring expense(a)

Restructuring expense

0.91

Impact of M&A transactions(b)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative

0.90

Total income tax impact

0.26

Normalized tax rate adjustment(c)

(3.64)

Ongoing measure

$ 212

$ 2.39

Net sales

$ 3,989

Ongoing EBIT margin

5.3 %

Note: Numbers may not reconcile due to rounding.

FOOTNOTES

RESTRUCTURING EXPENSE – In March 2024, the Company committed to workforce reduction plans. $23 million was recorded during the first quarter, of which $14 million was employee termination costs and $9 million was other associated exit 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, of which $8 million was recorded during the third quarter of 2024. These costs were primarily for employee termination costs.

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, the Company recorded a loss on disposal of $294 million for the nine months ended September 30, 2024, of which $2 million was incurred in the third quarter of 2024.

The Company also recorded a gain of approximately $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.

Additionally, the Company incurred other unique transaction related costs related to portfolio transformation for a total of $23 million for the nine months ended September 30, 2024, of which $6 million was incurred in the third quarter of 2024. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).

For the nine months ended September 30, 2023, a loss on disposal of $286 million was recorded, of which $46 million was recorded during the third quarter. Additionally, the Company incurred other unique transaction related costs related to portfolio transformation for a total of $10 million for the three months ended September 30, 2023. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).

NORMALIZED TAX RATE ADJUSTMENT – During the third quarter of 2024, the Company calculated a GAAP tax rate of 25%. Ongoing earnings per share was calculated using an adjusted tax rate of (32)%, which excludes the non-taxable impact of M&A transactions of approximately $(26) million recorded in the third quarter of 2024 and certain other tax impacts related to Europe transaction. The Company expects a full-year GAAP tax rate of approximately 65% and adjusted effective tax rate of (18) – (22)%, revised from the prior quarter estimate of 25% and (8)%, respectively, primarily due to updated legal entity restructuring impacts as we have further refined the estimated benefits of our tax planning strategies since closing the Europe transaction.

During the third quarter of 2023, the Company calculated ongoing earnings per share using an adjusted effective tax rate of (33)%, to reconcile to our full-year ongoing 2023 adjusted effective tax rate between (5.0)% to 0%, which excludes the non-tax deductible impact of M&A transactions and reflects certain expected tax benefits related to legal entity restructuring transactions.

ONGOING EBIT EXCLUDING MDA EUROPE SECOND QUARTER THROUGH FOURTH QUARTER

The reconciliation provided below reconciles the impact of removing MDA Europe from our Q2 through Q4 net sales and ongoing EBIT, for twelve months ended December 31, 2023 for the Whirlpool business.

In billions

2023 As
Reported

Q2-Q4 2023
MDA
Europe*

2023 Like
for Like

Net Sales

$ 19.46

$ 2.56

$ 16.90

Ongoing EBIT

$ 1.19

$ 0.03

$ 1.16

Ongoing EBIT Margin

6.1 %

1.2 %

~6.9%

Note: Numbers may not reconcile due to rounding

*Q2-Q4 historical segment 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 nine months ended September 30, 2024 and 2023 and 2024 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.

Nine Months Ended

September 30,

(millions of dollars)

2024

2023

2024
Outlook

Cash provided by (used in) operating activities

$(271)

$(322)

~$1,050

Capital expenditures

(315)

(338)

~(550)

Free cash flow

$(586)

$(660)

~$500

Cash provided by (used in) investing activities*

(466)

(343)

Cash provided by (used in) financing activities*

222

(203)

*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.

Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles three months ended September 30, 2024 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.

Three Months Ended

(millions of dollars)

September 30, 2024

Cash provided by (used in) operating activities

$ 214

Capital expenditures

(87)

Free cash flow

$ 127

Cash provided by (used in) investing activities

(34)

Cash provided by (used in) financing activities

(279)

Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles twelve months ended December 31, 2023 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

(millions of dollars)

December 31, 2023

Cash provided by (used in) operating activities

$915

Capital expenditures

(549)

Free cash flow

$366

Cash provided by (used in) investing activities

(553)

Cash provided by (used in) financing activities

(792)

ORGANIC NET SALES

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)

2023

2024

Change

Net Sales

$4,926

$3,993

(18.9) %

Less: EMEA Divested Business

829

—

Less: Currency

—

(76)

Organic Net Sales

4,097

4,069

(0.7) %

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SOURCE Whirlpool Corporation

Technology

CES 2025: The Global Stage for Innovation, Connecting the World, Creating the Future

Published

3 hours ago

January 11, 2025

Where Technology Meets Humanity to Create Extraordinary Possibilities

LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — CES® 2025, the most powerful tech event in the world, welcomed over 141,000 attendees from around the globe. With more than 4500 exhibitors, including 1400 startups, and more than 6000 media attendees, CES highlights the innovation and technology trends addressing global challenges and shaping the future.

“CES is where innovation comes to life,” said Gary Shapiro, CEO and Vice Chair, Consumer Technology Association (CTA)®, owner and producer of CES. “From the largest companies to trailblazing startups, the entire tech ecosystem is at the show. CES is the stage for groundbreaking product launches, transformative partnerships, and serendipitous business moments that define the future of technology.”

CES 2025 by the Numbers*

4500+ exhibitors, including 1400 startups141,000+ attendees, of which 40% were international from over 150 countries, regions, and territories6000+ global media, content creators, and industry analystsOver 60% of Fortune 500 companies300+ conference sessions with 1200+ speakers27,000+ news stories and content

*pre-audit figures

“From groundbreaking innovations that improve lives to transformative ideas that redefine industries, CES is a celebration of the art of the possible, showcasing how technology enriches our world and inspires a brighter future for all,” said Kinsey Fabrizio, President, CTA. “The evolution of CES has surged at this year’s show, where creativity, connectivity, and innovation inspire with visionary keynotes, thought-provoking conference sessions, and mind-blowing exhibits.”

As one of the most transparent trade shows, CES adheres to rigorous auditing standards established by UFI, The Global Association of the Exhibition Industry. To maintain the integrity of its reports, CES engages independent auditors, fostering trust among stakeholders.

“CES reaffirms its status as the largest audited annual business event,” said Fabrizio. “We look forward to releasing third-party confirmation in the spring, because at CTA we believe auditing is not just a nice-to-have, but the gold standard for global business events.”

Catch all the highlights and announcements from CES 2025 – including all conference programming—via CES YouTube and the CES Tech Talk Podcast. Watch the CES 2025 State of the Industry Address here.

CES 2025 Highlights

Artificial Intelligence – CES 2025 connected the dots between humanity and AI through powerful exhibits and programming. From AI-driven productivity tools to breakthroughs in medical advancements, products and services on the show floor demonstrated that artificial intelligence is not just a technology trend but a transformative force improving lives worldwide.
Exhibitors included: AMD, Hisense, LG, NVIDIA, Qualcomm, Samsung, Siemens, TCL

Digital Health – This year, CES 2025 saw tremendous energy at the Venetian where attendees witnessed the category’s seamless alignment with the smart living experience. CES has cemented itself as a premier convenor for the healthcare industry, bringing together trailblazers to explore biotechnology, telehealth, and wellness advancements that enhance patient care and longevity. Attendees celebrated the vibrant and dynamic environment that underscored how technology is transforming everyday life, particularly in health and wellness.
Exhibitors & Sponsors included: AARP, Abbott, Eyebot, FlowBeams, Lumia Health, OnMed, Panasonic, ResMed, Withings

Energy Transition – With the growth of high-power demand technologies like AI, cloud, and other data center innovations, the energy transition to zero carbon sources was a significant focus at CES 2025. Experimental energy solutions including battery and energy storage technologies, emerging energy sources like green hydrogen, and small modular nuclear reactors were highlights on the show floor.
Exhibitors included: Eaton, Jackery, Otrera, SK, Sony Honda Mobility

Mobility – Mobility innovation spanned construction, agriculture, marine tech, and advanced air travel. At CES 2025, self-driving and electric technologies enhanced planes and boats, and EV market growth brought new models from global OEMs to the show. Automation in construction and industry enhanced safety and addressed workforce gaps in labor-intensive roles.
Exhibitors included: Aptera Motors, BMW, Bosch, Brunswick, Caterpillar, Daedong, Garmin, Honda, Invo Station, John Deere, Kubota, Mobileye, Oshkosh, Scout Motors, Sumitomo Rubber, Scout Motors, Suzuki, Waymo, Xpeng AeroHT, Zeekr

Quantum – CES 2025 featured the latest innovations in quantum technologies, offering a glimpse into the future. Quantum technology uses properties of quantum mechanics to enable three distinct disciplines: improved networking, computing, and sensing. Innovations at the show demonstrated how quantum computing, working alongside AI, will allow for breakthroughs in research and computing for finance, chemistry, materials, logistics, and more.
Exhibitors included: Integrated Quantum Photonic, IonQ, QSIMPLUS, Quandela, SK

Sustainability – Sustainability is a crucial trend shaping technology innovation, especially in the context of energy transition. CES featured key advancements including new battery technologies, alternative material development like graphene, and off-grid renewable energy solutions. The show also put a spotlight on innovations such as synthetic microbes, bioplastics, and self-healing concrete that will contribute to sustainable construction.
Exhibitors included: Hydrific, Lyten, Melliens, Panasonic

Startups – Eureka Park was completely full, with 1400 startups from 39 countries including country pavilions representing Africa, European Union (EU), France, Italy, Israel, Japan, Korea, Netherlands, Switzerland, and Ukraine. Eureka Park is where innovators, investors, and the media meet to highlight and get hands-on with the technologies that will shape our collective future in core areas including accessibility, AI, digital health, and sustainability.

Keynotes

NVIDIA
NVIDIA founder and CEO Jensen Huang on Monday drew 6300 attendees to unveil the GeForce RTX 50, surpassing the RTX 4090 in performance, and introduced Agentic AI, a real-time assistant to streamline consumer workflows. Huang also showcased the Cosmos World Foundation Model and generative AI tools to advance robotics navigation. Highlighting AI-driven innovation, Huang announced a partnership with Toyota to develop next-gen autonomous vehicles using the safety-certified NVIDIA DriveOS.

Panasonic Holdings Corporation
Panasonic Holdings Group CEO Yuki Kusumi shared Panasonic Group’s vision for sustainability, artificial intelligence, and the health of future generations. DJ and record producer Steve Aoki jump-started the keynote with a performance before Mr. Kusumi, joined on stage by Marvel actor Anthony Mackie and other Panasonic Group leaders, delivered Panasonic’s “Well Into the Future” message. As an extension of the current Panasonic Well portfolio, Panasonic announced Umi, a holistic digital family wellness platform and coach.

SiriusXM
Jennifer Witz, CEO, SiriusXM, joined Ashley Flowers, #1 female podcaster in the U.S. and host of the hit podcast Crime Junkie, on the C Space stage to deliver a keynote on the intersection of technology, creativity, and storytelling in audio. The conversation covered the importance of authenticity, how AI is changing the creative landscape, and adapting consumer interests.

X Corp.
Linda Yaccarino, CEO, X Corp., spoke with award-winning journalist Catherine Herridge about how the company is defining the future of digital communication. The conversation focused on X’s transformational work to create a “global newsroom in your pocket.” Yaccarino highlighted the significance of Meta’s announcement that the company will follow X’s lead in adopting a community notes approach to content moderation.

Delta Air Lines at Sphere
The first keynote at Sphere in CES history wowed over 8000 attendees! The immersive experience spotlighted Delta Air Lines’ innovations in seamless travel, onboard experiences, and the future of flight. Ed Bastian, CEO, Delta Air Lines, announced Delta Concierge and partnerships with Airbus, DraftKings, Joby, Uber, and YouTube. Special guests included actress Viola Davis, football legend Tom Brady, and GRAMMY-winning icon Lenny Kravitz.

Volvo Group
Martin Lundstedt, President and CEO, Volvo Group, emphasized the company’s commitment to building a safer, more sustainable, and more productive future. He called on policymakers and industry leaders to accelerate the transition to zero emission vehicles and discussed the company’s partnership with Aurora, aimed at advancing the development of safer, self-driving vehicles.

Accenture
Julie Sweet, Chair and CEO, Accenture, discussed how data, AI, and new ways of working are transforming industries and addressing global challenges with Julia Boorstin, CNBC senior media & tech correspondent. Sweet emphasized the need for businesses to build trust in AI technologies, especially as AI becomes increasingly autonomous in a society where trust is scarce. She also highlighted Accenture’s 25th annual Tech Vision, which explores the paths leaders can take when AI is ubiquitous.

Waymo
Tekedra Mawakana, co-CEO, Waymo, spoke with Bloomberg Technology’s Ed Ludlow on the company’s progress in developing its self-driving technology, Waymo Driver. Mawakana emphasized safety and expanding its autonomous ride-hailing service to new cities while showcasing advancements in technology and outlining a vision for a safer and more accessible future.

Conference Programming
CES 2025 offered more than 300 conference sessions, exploring how tech solves some of the world’s greatest challenges.

C Space – C Space at ARIA brought together thousands of senior-level marketing professionals to explore the intersection of technology, media, and branding. Attendees heard from leading industry innovators from brands like Reddit, NBCUniversal, and Microsoft Advertising about how technology is shaping the future of storytelling, consumer engagement, and brand strategy. C Space sessions emphasized the importance of creativity and authenticity in navigating the ever-evolving digital landscape.CES Creator Space – The first-ever CES Creator Space, presented by Sony, gathered storytellers to network, create content, and relax in between visiting exhibitors. Sessions led by industry experts helped creators elevate their craft, featuring discussions on storytelling, content monetization, brand partnerships, rights and ownership, and more.Digital Health Summit brought together the entire health ecosystem to learn, network, and explore the role technology plays in advancing and reforming medicine, healthcare, and consumer wellness.Great Minds series explored the intersection of technology and humanity. Speakers included C-Suite executives, philanthropists, influencers, government leaders, entrepreneurs, venture capitalists, and more.Innovation for All Track included dedicated programming focused on ensuring all voices are represented in technology and innovation, bringing together thought leaders for a series of engagement opportunities, dynamic session content, and networking events.Innovation Policy Summit advanced CTA’s Innovation Agenda. CES brought together policymakers and government guests from around the world to discuss domestic and global tech policy issues including AI, privacy, trade, competition, and more. Conference sessions featured high-level government speakers from the White House, Department of Commerce, Department of Homeland Security, Department of Transportation, Federal Communications Commission, Federal Maritime Commission, Federal Trade Commission, and more.Mobility Stage made its debut in West Hall, exploring the future of mobility tech on the CES show floor. Topics included AI, connected vehicles, software, supply chain, and more.Quantum Means Business, a multi-session conference track developed with Quantum World Congress, gathered some of the brightest quantum minds, showcasing breakthroughs that were once confined to science fiction. Industry leaders from IBM, Microsoft, and beyond shared insights into how quantum, paired with advancements in AI and machine learning, creates unparalleled opportunities across industries.Startup Stage in Eureka Park brought together visionaries to discuss AI, health, startup funding, and more.

Celebrities at CES
Celebrity brand ambassadors like Alexis Ohanian, Denim Richards, Karlie Kloss, Maria Shriver, Mark Cuban, Martha Stewart, Meghan Trainor, Sophia Bush, Stevie Wonder, Terry Crews, Tim Meadows, Tunde Oyeneyin, and will.i.am attended the show. Read more about CES 2025 celebrity guest participation here.

Visit CES or the CES App, sponsored by Panasonic, for keynotes, sessions, and product announcements. View the high-res image gallery and download B-roll. Check out news from this week with CTA press releases including CTA’s U.S. Consumer Technology One-Year Industry Forecast, CES 2025 Green Grants, CTA 2025 Global Innovation Scorecard, CES 2025 Open, and a new investment in Quantum Word Congress.

We’ll DIVE IN again as CES returns to Las Vegas January 6-9, 2026.

About CES®:
CES is the most powerful tech event in the world – the proving ground for breakthrough technologies and global innovators. This is where the world’s biggest brands do business and meet new partners, and the sharpest innovators hit the stage. Owned and produced by the Consumer Technology Association (CTA) ®, CES features every aspect of the tech sector. CES 2025 takes place Jan. 7-10, 2025, in Las Vegas. Learn more at CES.tech and follow CES on social.

About Consumer Technology Association (CTA)®:
As North America’s largest technology trade association, CTA is the tech sector. Our members are the world’s leading innovators – from startups to global brands – helping support more than 18 million American jobs. CTA owns and produces CES® – the most powerful tech event in the world. Find us at CTA.tech. Follow us @CTAtech.

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SOURCE Consumer Technology Association

Technology

KNEX Technology CTO Gustavo Gonzalez Elected 2025 President-Elect of OATUG

Published

5 hours ago

January 11, 2025

Gustavo Gonzalez, KNEX Technology’s CTO, has been elected 2025 President-Elect of OATUG, emphasizing his dedication to Oracle innovation, collaboration, and leadership, including Ascend 2025’s strategic initiatives.

IRVINE, Calif., Jan. 10, 2025 /PRNewswire-PRWeb/ — KNEX Technology, a leading Oracle Cloud solutions provider, is proud to announce that its Chief Technology Officer, Gustavo Gonzalez, has been elected as the 2025 President-Elect of the Oracle Applications & Technology Users Group (OATUG). This esteemed appointment highlights Gonzalez’s longstanding commitment to advancing innovation and collaboration within the Oracle community.

OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career. As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.

In his new role, Gonzalez will work closely with the OATUG leadership team throughout 2025, preparing to serve as OATUG President in 2026. He will focus on empowering Oracle professionals worldwide by fostering knowledge-sharing, community engagement, and professional development. OATUG, a globally recognized organization, supports its members in overcoming challenges, enhancing the value of Oracle solutions, and driving organizational success.

“OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career,” said Gustavo Gonzalez. “As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.”

Gonzalez’s election underscores his dedication to giving back to the Oracle ecosystem. A key focus of his role will include shaping OATUG’s strategic initiatives, such as the annual Ascend Conference, which unites Oracle users, thought leaders, and technology innovators for unparalleled learning and networking opportunities.

The upcoming Ascend 2025 Conference, scheduled for June 8–11 in Orlando, Florida, promises to build on the success of the 2024 event, which attracted more than 1,800 attendees. With early bird registration now open, Gonzalez aims to ensure the conference continues to deliver transformative insights and experiences for the Oracle community.

About OATUG

The Oracle Applications & Technology Users Group (OATUG) is the premier global organization for Oracle users, providing year-round education, networking, and advocacy. OATUG empowers its members to unlock the full potential of Oracle solutions, fostering innovation and collaboration across industries.

About KNEX Technology

KNEX Technology is a trusted leader in Oracle Cloud solutions, delivering cutting-edge products and services to help businesses achieve their objectives. Through its innovative approach and customer-focused strategies, KNEX enables organizations to navigate the complexities of today’s technology landscape. For more information, visit www.knextech.com.

Media Contact

Husna Gyasi, KNEX Technology, 1 (949) 232-0786, husna.ghayaisi@knextech.com, https://knextech.com/

Twitter, LinkedIn

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SOURCE KNEX Technology

Technology

Dr. Gerard van Belle Appointed Director of Science at Lowell Observatory, Charting a Bold Future for Research

Published

6 hours ago

January 11, 2025

Dr. van Belle to guide scientific exploration and foster innovation in the next era of astronomical research

FLAGSTAFF, Ariz., Jan. 10, 2025 /PRNewswire/ — Lowell Observatory is pleased to announce the appointment of Dr. Gerard van Belle as the new Director of Science. Van Belle, who has been an astronomer at the observatory since 2011, has been serving as the interim Director of Science.

In his new role, van Belle will lead a diverse team of astronomers and planetary scientists. He will spearhead the observatory’s new Science Vision, which focuses on advancing research capabilities and implementing cutting-edge technological improvements supporting Lowell’s leadership in astronomical research.

Under his leadership, the science department will continue to advance Lowell Observatory’s mission to pursue the study of astronomy, including the study of our solar system and its evolution, and to conduct pure research in astrophysical phenomena.

Van Belle’s own research focuses on fundamental stellar parameters, including the sizes, shapes, masses, distances, and temperatures of various types of stars. He is also renowned for his expertise in optical and near-infrared astronomical interferometry.

He earned his bachelor’s degree in physics from Whitman College in 1990, followed by a master’s degree from The Johns Hopkins University in 1993, and a Ph.D. in physics from the University of Wyoming in 1996.

Throughout his career, van Belle has been instrumental in the development and commissioning of major optical interferometers worldwide, including the Palomar Testbed Interferometer, the Keck Interferometer, and the Very Large Telescope Interferometer. His pioneering work in stellar surface imaging earned him the inaugural Edward Stone Award for Outstanding Research Publication at NASA’s Jet Propulsion Laboratory in 2002.

In 2011, van Belle joined Lowell Observatory’s science staff, where he applied high-resolution astronomical techniques to detect nearby exoplanets and map stellar surfaces. He served as the Director of the Navy Precision Optical Interferometer (NPOI) in Flagstaff, Arizona, from 2017 to 2018, and subsequently as its Chief Scientist until 2022.

Notably, van Belle was among the astronomers who voted against the definition of ‘planet’ advanced during the 2006 International Astronomical Union (IAU) conference in Prague, which relegated Pluto to being a ‘dwarf planet’ (which according to the IAU resolution is not a planet).

His extensive experience and dedication to advancing astronomical research make him a valuable leader for Lowell Observatory’s scientific endeavors.

“I am honored to take on this role at such a pivotal time for Lowell Observatory,” said van Belle. “Our Science Vision will guide us in exploring new frontiers in astronomy while strengthening our commitment to public engagement and education.”

Executive Director Dr. Amanda Bosh expressed her confidence in van Belle’s leadership: “Gerard’s extensive experience and dedication to our mission make him the ideal person to lead our scientific endeavors. I look forward to working closely with him as we embark on this exciting new chapter for Lowell Observatory.”

For more information about Lowell Observatory’s research and public programs, visit lowell.edu.

About Lowell Observatory
Founded in 1894, Lowell Observatory in Flagstaff, Arizona, is a renowned nonprofit research institution. It is the site of historic and groundbreaking discoveries, including the first evidence of the expanding universe and the discovery of Pluto. Today, Lowell’s astronomers utilize global ground-based and space telescopes, along with NASA spacecraft, for diverse astronomical and planetary science research. The observatory hosts more than 100,000 visitors annually for educational tours, presentations, and telescope viewing through a suite of world-class public telescopes.

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SOURCE Lowell Observatory