WHIRLPOOL CORPORATION REPORTS FULL-YEAR 2014 RESULTS AND REAFFIRMS 2015 GUIDANCE
Company Expects Sales Growth, Margin Expansion And Record Ongoing Earnings in 2015
Record 2014 Revenue and Ongoing Earnings
BENTON HARBOR, Mich., February 4, 2015 - Whirlpool Corporation (NYSE: WHR) announced today fourth-quarter GAAP net earnings of $81 million, or $1.02 per diluted share, compared to $181 million, or $2.26 per diluted share, reported for the same prior-year period. GAAP results reflect $1.71 per diluted share in costs associated with the two recent acquisitions. Ongoing business earnings per diluted share(1) increased to a record $3.52, compared to $2.97 in the same prior-year period, mainly driven by revenue growth, ongoing cost productivity, the benefit of cost and capacity-reduction initiatives and the impact of the acquisitions.
Net sales in the quarter were a record $6.0 billion compared to $5.1 billion during the same prior-year period, an increase of 18 percent. Excluding the impact of both foreign currency and Brazilian (BEFIEX) tax credits, sales increased approximately 22 percent. During the fourth-quarter, the acquisitions contributed approximately $1 billion of net sales.
"We delivered another record year of earnings while building an exceptional platform for profitable growth and margin expansion for 2015 and beyond," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. "Our integration activities remain on track to drive synergies and we will continue investing in our leading brands and the next generation of consumer relevant products."
The following information was filed by Whirlpool Corp (WHR) on Wednesday, February 4, 2015 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: 0000106640-15-000014 Submitted to the SEC: Thu Feb 26 2015 7:04:32 AM EST Accepted by the SEC: Thu Feb 26 2015 Period: Wednesday, December 31, 2014 Industry: Household Appliances