NORTHAMPTON, MA - Whirlpool Corporation (NYSE:WHR), in collaboration with HelloFresh (OTC:HLFFF) and Total Quality Logistics (TQL), is set to extend the reach of its Feel Good Fridge program, aiming to combat food insecurity across 13 US markets.
The initiative, which began in 2021, provides refurbished refrigerators to food pantries and nonprofits, like the North Texas Food Bank in Dallas, to distribute free, fresh food to those in need.
Whirlpool Corp. has pledged to donate 2000 refrigerators, which will be transported by TQL, one of North America's leading logistics firms. HelloFresh, the global leader in meal kits, will contribute by stocking the fridges with fresh ingredients. This expansion follows a successful local effort in Dallas last year and marks a significant increase in the program's scope.
Since its inception, the Feel Good Fridge program has donated over 900 refrigerators and delivered more than 250,000 pounds of food, reaching over 25,000 families. The collaboration with HelloFresh and TQL is expected to enhance the initiative's ability to provide fresh produce and ingredients to communities with high needs.
The partnership aligns with HelloFresh's mission to increase the availability of fresh food and TQL's Moves that Matter program, which aims to assist nonprofits with logistics. Feeding America will continue to supply food for the program, complemented by the additional support from HelloFresh and TQL.
Key markets targeted for the expansion include Atlanta, Chicago, Dallas, Detroit, Houston, Los Angeles, Minneapolis, Orlando, Phoenix, and West Michigan. Whirlpool Corporation's goal is to place 3,000 refrigerators by 2030 to support food-insecure areas.
Whirlpool Corporation (NYSE:WHR), a leader in kitchen and laundry appliances, reported approximately $19 billion in annual sales in 2023 and operates 55 manufacturing and technology research centers worldwide. The company's efforts in the Feel Good Fridge program are part of its broader commitment to improving life at home and addressing community needs.
This expansion is based on a press release statement from Whirlpool Corporation.
In other recent news, Whirlpool Corporation continues to make headlines with its first-quarter results for 2024, meeting expectations and maintaining its yearly guidance of $13 to $15 ongoing earnings per share.
Despite facing challenges like high interest rates and housing affordability affecting North American volumes, the company managed to stabilize its market share. In an effort to improve profitability, Whirlpool has also announced plans to eliminate about 1,000 jobs.
RBC Capital has maintained its Underperform rating on Whirlpool, citing concerns over the company's performance and market dynamics that could influence its stock value. The firm also reiterated the price target of $79.00 amidst market speculation and the identified underlying challenges.
Simultaneously, German engineering conglomerate Robert Bosch is reportedly considering an acquisition of the U.S.-based appliances manufacturer, Whirlpool. This potential acquisition aligns with Bosch's strategic ambitions to expand its household appliances business. However, it's important to note that the matter is still under deliberation and there is no certainty an offer will be made.
These are the recent developments that have been shaping Whirlpool's trajectory in the market.
InvestingPro Insights
Whirlpool Corporation (NYSE:WHR) continues to make headlines with its Feel Good Fridge program, reflecting its commitment to corporate social responsibility. As the company extends its philanthropic efforts, investors may be interested in how Whirlpool's financial health supports such initiatives.
According to the latest data from InvestingPro, Whirlpool operates with a significant market capitalization of $5.57 billion, underscoring its large-scale operations in the household durables industry. Despite analysts anticipating a sales decline in the current year, the company's P/E ratio stands at a modest 13.77, which, when adjusted for the last twelve months as of Q1 2024, further decreases to 9.84, indicating a low valuation relative to near-term earnings growth.
Notably, Whirlpool has been rewarding its shareholders with a significant dividend, boasting a yield of 6.87% as of the most recent data. This is particularly impressive considering that Whirlpool has maintained dividend payments for 54 consecutive years, demonstrating a strong commitment to returning value to its investors. Furthermore, the company has experienced a significant return over the last week, with a 13.74% total price return, which may catch the eye of investors looking for short-term gains.
For those interested in deeper analysis, InvestingPro offers additional insights with tips such as Whirlpool's operational challenges due to its significant debt burden and weak gross profit margins. In total, there are 11 additional InvestingPro Tips available, which can provide investors with a comprehensive understanding of Whirlpool's financial performance and outlook. To access these tips and more, visit https://www.investing.com/pro/WHR and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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