Ongoing Business Operating Profit Improves 137 Percent During the Quarter; GAAP Operating Profit Improves 25 Percent
Company Expects Strong Earnings and Free Cash Flow to Continue in 2013
BENTON HARBOR, Mich., January 31, 2013 - Whirlpool Corporation (NYSE: WHR) announced today fourth-quarter GAAP net earnings of $122 million, or $1.52 per diluted share, compared to net earnings of $205 million, or $2.62 per diluted share reported during the same period last year. Prior-year GAAP earnings included $2.17 per share of benefits from tax credits. On an adjusted basis, diluted earnings per share(1) improved significantly to $2.29, compared to $0.32 in the prior year, driven by continued favorable product price and mix, productivity and the benefit of cost and capacity-reduction initiatives.
Sales in the quarter were $4.8 billion, compared to $4.9 billion in 2011. Excluding the impact of both foreign currency and lower Brazilian (BEFIEX) tax credits, sales increased approximately 2 percent, driven by strong product price and mix.
“Our actions have clearly produced the expected improvement in operating margins, resulting in strong earnings per share and underlying cash flow,” said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. “As outlined in October 2011, we successfully improved operating margins through our cost-based price increases, product mix, cost and capacity-reduction initiatives and ongoing productivity programs. Those actions, combined with improving trends in U.S. housing and growth opportunities in emerging markets, create positive momentum going into 2013.”
The following information was filed by Whirlpool Corp (WHR) on Thursday, January 31, 2013 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: 0000106640-13-000009 Submitted to the SEC: Tue Feb 19 2013 4:39:18 PM EST Accepted by the SEC: Tue Feb 19 2013 Period: Monday, December 31, 2012 Industry: Household Appliances