Technology
Whirlpool Announces Third-Quarter Results
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4 hours agoon
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— 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
$7
$5
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
~$16,900
Cash provided by operating activities ($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
7
18
24
39
Restructuring costs
8
5
81
14
Loss (gain) on sale and disposal of businesses
(32)
46
260
286
Operating profit
265
257
279
603
Other (income) expense
Interest and sundry (income) expense
(6)
(10)
(27)
77
Interest expense
92
95
275
259
Earnings (loss) before income taxes
179
172
31
267
Income tax expense (benefit)
45
86
(85)
268
Equity method investment income (loss), net of tax
(20)
(1)
(31)
(3)
Net earnings (loss)
114
85
85
(4)
Less: Net earnings (loss) available to noncontrolling interests
5
2
16
6
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
$ 1.75
$ 5.25
$ 5.25
Weighted-average shares outstanding (in millions)
Basic
55.2
55.0
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
17
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)
50
Taxes deferred and payable, net
(237)
161
Accrued pension and postretirement benefits
(15)
(45)
Employee compensation
22
57
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
95
9
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
30
Dividends paid
(287)
(290)
Repurchase of common stock
(50)
—
Sale of minority interest in subsidiary
462
—
Common stock issued
—
4
Other
(15)
(1)
Cash provided by (used in) financing activities
222
(203)
Effect of exchange rate changes on cash and cash equivalents
(68)
28
Less: change in cash classified as held for sale
—
5
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
5
Income tax expense (benefit)
45
Interest expense
92
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
8
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
2
Income tax expense (benefit)
86
Interest expense
95
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
56
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
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(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
94
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
6
Income tax expense (benefit)
(206)
Interest expense
93
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
50
0.91
Impact of M&A transactions(b)
(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative
50
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
a.
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.
b.
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).
c.
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
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Revenues at 17.5731 trillion won, operating profit at 7.03 trillion won, net profit at 5.7534 trillion won – all reaching new recordsAchieving best-ever quarterly performance with increasing high value-added product sales based on no.1 AI Memory technologyStrong demand of memory for AI servers – HBM’s share of DRAM revenues in Q3 marks 30% and forecast to be 40% in Q4Company to lead the global AI memory market again next year promoting long-term growth by securing both business stability and profitability
SEOUL, South Korea, Oct. 23, 2024 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it recorded 17.5731 trillion won in revenues, 7.03 trillion won in operating profit (with an operating margin of 40%), and 5.7534 trillion won in net profit (with a net margin of 33%) in the third quarter this year.
Quarter revenues marked all-time high, exceeding the previous record of 16.4233 trillion won in the second quarter of this year by more than 1 trillion won. Operating profit and net profit also far exceeded the record of 6.4724 trillion won and 4.6922 trillion won in the third quarter of 2018 during the semiconductor super boom.
SK hynix emphasized that the demand for AI memory continued to be strong centered on data center customers, and the company marked its highest revenue since its foundation by expanding sales of premium products such as HBM and eSSD. In particular, HBM sales showed excellent growth, up more than 70% from the previous quarter and more than 330% from the same period last year.
As sales increased mainly on highly profitable premium products, the average selling price (ASP) of both DRAM and NAND rose in the mid 10% range compared to the previous quarter, which made the company mark the highest operating profit.
While the demand of memory for AI servers such as HBM and eSSD has grown noticeably this year, the company predicts that this trend will continue next year. This is because generative AI is developing into a multi-modal1 form and global big tech companies continue to invest to develop artificial general intelligence (AGI)2.
1Multi-modal: AI service that can understand multiple complex information such as text, photos, voice, video, etc.
2Artificial General Intelligence: Artificial intelligence that implements human-like or higher intelligence with a computer
SK hynix also forecasts that the PC and mobile product markets, which had been slow to recover demand compared to memory for AI servers, will be on a steady growth path as well next year as AI memories optimized for each device are released.
As a result, the company will continue to focus on profitability by increasing sales centered on high value-added products based on its world-leading technology in AI memory.
In the DRAM area, SK hynix is continuing the rapid transition from existing HBM3 to HBM3E 8-layer products. The company also plans to start supplying 12-layer HBM3E products, which were mass-produced last month, in the fourth quarter as scheduled. This makes HBM sales, which accounted for 30% of total DRAM revenues in the third quarter, expected to reach 40% in the fourth quarter.
For NAND, the company plans to expand sales of high-capacity eSSD, which is rapidly increasing market demand, while focusing on investment efficiency and production optimization.
“SK hynix has solidified its position as the world’s No.1 AI memory company by achieving the highest business performance ever in the third quarter of this year.” said Kim Woohyun, Vice President and Chief Financial Officer (CFO) at SK hynix. “We will continue to maximize profitability while securing stable revenues by taking flexible product and supply strategies in line with market demand.”
3Q24 Financial Results (K-IFRS)
*Unit: Billion KRW
3Q24
QoQ
YoY
2Q24
Change
3Q23
Change
Revenues
17,573.1
16,423.3
7 %
9,066.2
94 %
Operating
Profit
7,030
5,468.5
29 %
-1,792
Turn to profit
Operating
Margin
40 %
33 %
7%p
-20 %
60%p
Net Income
5,753.4
4,120
40 %
-2,184.7
Turn to profit
Financial information of the earnings is based on K-IFRSPlease note that the financial results discussed herein are preliminary and speak only as of October 24, 2024. Readers should not assume that this information remains operative at a later time.
About SK hynix Inc.
SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”), flash memory chips (“NAND flash”) and CMOS Image Sensors (“CIS”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.
View original content:https://www.prnewswire.com/news-releases/sk-hynix-announces-3q24-financial-results-302285211.html
SOURCE SK hynix Inc.
Technology
The Wedding Services market is projected to grow by USD 125 Billion from 2024-2028, driven by increased wedding spending and AI’s impact on market trends – Technavio
Published
2 hours agoon
October 23, 2024By
NEW YORK, Oct. 23, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The Global Wedding Services Market size is estimated to grow by USD 125 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.44% during the forecast period. Increased spending on weddings is driving market growth, with a trend towards increase in smartphone momentum. However, threat from open-source event wedding management software poses a challenge – Key market players include 7x Weddings Pvt. Ltd., A Charming Fete, Augusta Wedding Planning, Bridal Bliss Inc., Colin Cowie Lifestyle, David Stark Design, Deer Creek Valley Ranch Management LLC, EVENTURES, Fallon carter, Joy Inc., JZ Events, Lindsay Landman Events, Marry Me Wedding Planners Private Ltd., Nordic Adventure, Panache Events Pvt Ltd., Shaadi Squad, SK Jaipur Decoration, Tamarind, VIP Hosting, WeddingSutra.com India Pvt. Ltd, Zola Inc., and Zzeeh Events and Weddings.
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
Wedding Services Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 5.44%
Market growth 2024-2028
USD 125 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
4.9
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 37%
Key countries
US, China, India, Canada, and UK
Key companies profiled
7x Weddings Pvt. Ltd., A Charming Fete, Augusta Wedding Planning, Bridal Bliss Inc., Colin Cowie Lifestyle, David Stark Design, Deer Creek Valley Ranch Management LLC, EVENTURES, Fallon carter, Joy Inc., JZ Events, Lindsay Landman Events, Marry Me Wedding Planners Private Ltd., Nordic Adventure, Panache Events Pvt Ltd., Shaadi Squad, SK Jaipur Decoration, Tamarind Global , VIP Hosting, WeddingSutra.com India Pvt. Ltd, Zola Inc., and Zzeeh Events and Weddings
Market Driver
The proliferation of smartphones and faster Internet speeds, facilitated by technologies like 4G, has significantly influenced how wedding services companies engage with their clients and employees. Social networking sites such as Twitter, LinkedIn, and Facebook have become essential tools for communication and networking in the industry. Wedding vendors develop mobile applications for iOS and Android devices to expand their market reach and remain competitive. Innovative smartphone features, like push notifications and emails, enable wedding service providers to promote new services and discounts to consumers, thereby increasing market awareness. These trends are expected to positively impact the global wedding services market throughout the forecast period.
The Wedding Services Market is thriving with trends that prioritize personalized celebrations and specialized services. Event planning companies offer customized experiences, from high-end venues and curated entertainment to sustainable options. Marriage rates continue to rise, with an increase in same-sex marriages and millennials seeking unique experiences. Wedding planners use digital platforms for offline bookings and social media influence for Instagram-worthy moments. Specialized services include customized catering, wedding stationery, and floral arrangements. Vendor management, budget tracking, and culinary experiences are essential planning duties. Economic stability and cultural traditions are key factors in brand differentiation. Wedding ambassadors help create memorable experiences, while wedding planning tools simplify the process. Trends include personalized experiences, sustainable options, and destination weddings. Staffing challenges and quality control are ongoing concerns. Customization and wedding trends continue to shape the industry, with an emphasis on creating unforgettable moments for couples.
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Market Challenges
The global wedding services market faces significant competition from open-source wedding management software vendors, such as eventplanner.net, WeddingWire, and Loverly. For instance, Loverly is a DIY event planning platform offering a free wedding planning checklist and guest list manager. These open-source solutions provide innovative technologies, which can serve as alternatives to commercial wedding services. Their availability on various platforms and zero purchasing cost makes them attractive to individuals planning high-ticket events. Consequently, open-source wedding management software is reducing the market share of proprietary wedding service vendors, posing a threat to the industry during the forecast period.The Wedding Services Market faces several challenges in today’s dynamic business environment. Customized weddings and unique experiences are in high demand among millennial couples, requiring wedding planners to offer flexible planning duties. Destination weddings and local weddings present logistical challenges, especially with economic stability and budget constraints. Social media influence drives the need for customization and quality control, while wedding trends and cultural traditions require brand differentiation. Staffing challenges arise from the need for skilled professionals in photography, catering, event decoration, transportation services, and wedding planning. Economic downturns and marriageable age variations impact booking patterns, with online and offline booking options essential for reaching a wider audience. Virtual weddings and wedding postponements add complexity to the planning process. Investment opportunities exist in full planning services, partial planning services, day of coordination, videography, and photography services. Developing strategies to address these challenges and capitalize on trends, such as second marriages and cultural shifts, can help businesses thrive in the competitive wedding services market.
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Segment Overview
This wedding services market report extensively covers market segmentation by
Service 1.1 Catering service1.2 Gift service1.3 Decoration1.4 Event planning1.5 OthersType 2.1 Local wedding2.2 Destination weddingGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa
1.1 Catering service- Catering services play a significant role in weddings, extending beyond meal preparation and service. Comprehensive caterers manage decoration and ambiance, table settings, and food presentation. They also consider dietary restrictions and food allergies among guests, as well as wedding themes. Alcoholic and non-alcoholic beverages are standard inclusions. The increasing popularity of catering services for weddings fuels market growth. Contract catering agreements, such as cost-plus, cost-plus guarantee, and fixed cost per head, offer accountability, convenience, and regulatory compliance. Therefore, catering services are a crucial wedding component, ensuring a successful event.
Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics
Research Analysis
The wedding services market is experiencing a demand due to the increasing number of millennial couples seeking customised and unique experiences for their big day. With economic stability on the rise, more couples are opting for destination weddings, both local and international, to create unforgettable memories. Customization is key, from personalised planning duties to bespoke catering services and photography. Social media influence plays a significant role in shaping wedding trends, with couples seeking inspiration and ideas from various platforms. However, staffing challenges and quality control can pose challenges for wedding planners. Brand differentiation is crucial in a competitive market, with cultural traditions and local weddings offering unique selling points. The average wedding cost continues to rise, leading to the popularity of partial planning services and virtual weddings. Wedding planning postponements due to unforeseen circumstances have become common, leading to increased booking and planning flexibility. Despite these challenges, the wedding services market remains a thriving industry, offering endless opportunities for creativity and innovation.
Market Research Overview
The wedding services market is experiencing a demand as millennial couples seek customised and unique experiences for their special day. From destination weddings to local weddings, the trend towards personalised celebrations continues to shape the industry. Economic stability and social media influence are key factors driving growth, with couples looking for high-quality services and brand differentiation. Wedding planning duties have become increasingly complex, with couples requiring full planning services, partial planning services, day of coordination, and vendor management. Quality control, staffing challenges, and budget constraints are major concerns for wedding service providers. Cultural traditions and same-sex marriages are also influencing the market, with specialized services and personalized celebrations becoming increasingly popular. Developmental strategies and investment opportunities abound, with economic downturns and marriage rate trends impacting the industry. Wedding planning tools, such as online booking platforms and digital platforms, are transforming the way couples plan their weddings. Virtual weddings and wedding postponements have also become common due to the pandemic. Catering services, photography, videography, event decoration, transportation services, and wedding planning services are all essential components of a successful wedding. Custom menus, floral arrangements, wedding stationery, curated entertainment, and sustainable options are some of the trends shaping the market. High-end venues and culinary experiences continue to be popular, with an emphasis on creating Instagram-worthy moments and personalised experiences for couples and their guests.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ServiceCatering ServiceGift ServiceDecorationEvent PlanningOthersTypeLocal WeddingDestination WeddingGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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AI Commerce Inc. Announces 2024 Sushi Hackathon in Silicon Valley Featuring Generative AI Innovation
Published
2 hours agoon
October 23, 2024By
Key Takeaways:
Top talent from Stanford, UC Berkeley, and GAFAM come together to drive transformative innovation in business through generative AI. Audrey Tang, Taiwan’s Digital Minister, will deliver the keynote address. Winners will receive $30,000, a sushi experience by renowned Japanese chef, and a study trip to Japan.
SILICON VALLEY, Calif., Oct. 23, 2024 /PRNewswire/ — AI Commerce Inc. (Headquarters: Palo Alto, CA; CEO: Jun Horata) has announced the 2024 Sushi Hackathon, to be held in Silicon Valley on November 3rd. This event will gather top talent to showcase cutting-edge AI-driven solutions using generative AI, designed to improve productivity and tackle complex business challenges across various industries.
Global Talent to Compete in Generative AI Innovation
The Sushi Hackathon will feature student teams from Stanford University, UC Berkeley, and others, along with junior engineers from global leaders like Google, Meta, and Amazon. With only 20 slots, over 280 teams have applied, demonstrating strong interest in the intersection of AI and business. Participants will collaborate in a highly competitive setting to revolutionize business efficiency and showcase the potential of AI technology.
Audrey Tang to Share Insights on the Future of AI and Society
A key highlight of the Sushi Hackathon will be a keynote address by Audrey Tang, Taiwan’s digital policy leader, renowned for her expertise in programming and policy, which has made her a prominent figure in AI and digital innovation. Tang’s speech will delve into how AI technology can transform societies and shape the future, inspiring to both participants and attendees.
Winners to Be Rewarded with an Exclusive Sushi Experience
In addition to prize money and the prestige of winning, the Sushi Hackathon’s top team will be treated to a once-in-a-lifetime sushi dinner crafted by Chef Yuichi Arai, flown in from Japan for this special occasion. This unique reward aims to celebrate the team’s AI innovation while offering them a memorable, creative culinary journey.
About AI Commerce inc.
AI Commerce Inc. is a U.S.-based retail DX and e-commerce platform with a global presence. Leveraging generative AI, the company delivers cutting-edge omnichannel solutions by integrating Silicon Valley’s technology, Japan’s production expertise, and India’s system development strengths. The company leads transformative innovation in brand e-commerce, reshaping profit models and driving economic growth across Southeast Asia, India, and beyond.
Media Contact:
Denise Styerwalt
Trier and Company
denise@triercompany.com
408-406-9726
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SOURCE AI Commerce Inc.
SK hynix Announces 3Q24 Financial Results
The Wedding Services market is projected to grow by USD 125 Billion from 2024-2028, driven by increased wedding spending and AI’s impact on market trends – Technavio
AI Commerce Inc. Announces 2024 Sushi Hackathon in Silicon Valley Featuring Generative AI Innovation
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