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WELBILTⓇ Bringing innovation to the table Exhibit 99.1 NEWS RELEASE WELBILT REPORTS 2021 FIRST QUARTER OPERATING RESULTS New Port Richey , FL . - May 6 , 2021 - Welbilt , Inc. ( NYSE : WBT ) , today announced financial results for its 2021 first quarter . 2021 First Quarter Highlights ( ¹ ) • • • • Net sales were $ 316.8 million , a decrease of 3.7 percent from the prior year ; Organic Net Sales ( a non - GAAP measure ) decreased 6.0 percent from the prior year Earnings from operations were $ 31.5 million compared to $ 0.6 million in the prior year ; as a percentage of net sales , earnings from operations were 9.9 percent compared to 0.2 percent in the prior year Adjusted Operating EBITDA ( a non - GAAP measure ) was $ 49.8 million compared to $ 45.5 million in the prior year ; Adjusted Operating EBITDA margin was 15.7 percent compared to 13.8 percent in the prior year Net earnings were $ 7.9 million compared to a net loss of $ 15.1 million in the prior year ; Adjusted Net Earnings ( a non - GAAP measure ) were $ 11.9 million compared to Adjusted Net Earnings of $ 1.4 million in the prior year Diluted net earnings per share was $ 0.06 compared to diluted net loss per share of $ 0.11 in the prior year ; Adjusted Diluted Net Earnings Per Share ( a non - GAAP measure ) was $ 0.08 compared to Adjusted Diluted Net Earnings Per Share of $ 0.01 in the prior year Net cash used in operating activities was $ 16.4 million , compared to net cash used in operating activities of $ 72.5 million in last year's first quarter ; Free Cash Flow ( a non - GAAP measure ) was a use of $ 21.1 million compared to a use of $ 78.1 million in last year's first quarter ( 1 ) Definitions and reconciliations of the non - GAAP measures used herein are included in the schedules accompanying this release . Summarizing Welbilt's first quarter performance , Bill Johnson , Welbilt's President and CEO , stated , " First quarter Third - party Net Sales and Organic Net Sales grew in the Americas for the first time since the beginning of the COVID - 19 pandemic , which drove a smaller - than - expected decrease in net sales this quarter compared to last year's first quarter . We are pleased that our Adjusted Operating EBITDA and Adjusted Operating EBITDA margin exceeded last year's levels despite the dilutive effect of the sales decline , and that our Free Cash Flow was a substantially smaller use of cash than either of the last two year's first quarters . Both of these are attributable to the improvements we have made to date as part of our Business Transformation Program ( " Transformation Program " ) and through the cost containment actions we put in place last year that are continuing to benefit us . Industry conditions are gradually improving with the rollout of COVID - 19 vaccines and the lifting of restrictions in some locations , although improvements are uneven globally . We are continuing to closely monitor the recovery and will adjust our costs and investments accordingly . " Net sales declined 3.7 percent in the first quarter compared to last year's first quarter . Excluding the impact from foreign currency translation , Organic Net Sales decreased 6.0 percent , which was primarily driven by decreased volumes reflecting lower general market demand and to a much lesser extent decreased KitchenCare® aftermarket sales , both of which were negatively impacted by the ongoing COVID - 19 pandemic . This was partially offset by increased net pricing and increased volumes related to rollouts with large chain customers which exceeded the same period of the prior year as they move forward with the growth and expansion that was disrupted last year due to the pandemic . The first quarter Adjusted Operating EBITDA margin of 15.7 percent was 190 basis points higher than last year's first quarter with positive net pricing , lower selling , general and administrative expenses ( net of adjustments for the Transformation Program expenses and other adjustments to SG & A that are included in our Adjusted Operating EBITDA reconciliation ( " Net SG & A " ) ) , lower materials and manufacturing costs partially offset by the dilutive effect of lower volume related to the impact from the COVID - 19 pandemic . Net SG & A costs were lower primarily due to cost reduction initiatives including travel , marketing and other discretionary spending reductions . Copyright © 2021 www.secdatabase.com . All Rights Reserved . Please Consider the Environment Before Printing This Document