Fourth-Quarter EPS of $2.62 Versus $2.19 in Prior-Year Period
Full-Year 2011 EPS of $4.99 in Line With Previous Guidance
Significant Profitability Improvement in North America Region
as Company Continues to Focus on Margin Expansion Actions
BENTON HARBOR, Mich., February 1, 2012 - Whirlpool Corporation (NYSE: WHR) announced today fourth-quarter net earnings of $205 million, or $2.62 per diluted share, compared to net earnings of $171 million, or $2.19 per diluted share reported during the same period last year.
Fourth-quarter sales in 2011 were $4.9 billion, compared to $5.0 billion reported in the fourth quarter of 2010. Improving price/mix was offset by unfavorable currency and lower industry demand.
Fourth-quarter operating profit totaled $205 million compared with $202 million in the prior year-period. Results were positively impacted by continued improvement in price mix and cost productivity. In particular, the focused actions yielded a substantial improvement in the profitability of the North America region partially offset by weak economic conditions in Europe. Higher raw material costs, lower production to adjust inventories to weak global industry demand, unfavorable currency and lower monetization of Brazilian (BEFIEX) tax credits adversely impacted results during the quarter. Results also included significantly higher restructuring expense and the positive impact from a previously disclosed supplier quality recovery and a benefit plan curtailment gain. Operating profit for the year totaled $792 million compared with $1.0 billion in 2010 largely driven by significantly higher material and oil-related costs.
The following information was filed by Whirlpool Corp (WHR) on Wednesday, February 1, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: WHR CIK: 106640 Form Type:10-K Annual Report Accession Number: 0000106640-12-000006 Submitted to the SEC: Wed Feb 22 2012 11:26:36 AM EST Accepted by the SEC: Wed Feb 22 2012 Period: Saturday, December 31, 2011 Industry: Household Appliances