Please wait while we load the requested 10-K report or click the link below:
Contact: Whirlpool Corporation
Media: Jill Saletta, 269/923-7405
Financial: Greg Fritz, 269/923-2641
WHIRLPOOL CORPORATION REPORTS FOURTH-QUARTER
AND FULL-YEAR 2008 RESULTS
BENTON HARBOR, Mich., February 9, 2009Whirlpool Corporation (NYSE: WHR) announced today that full-year 2008 earnings from continuing operations were $5.50 per diluted share compared to $8.10 per diluted share reported in the same period last year. The company reported annual net sales of $18.9 billion, a decrease of 3 percent from the prior year.
Fourth-quarter net earnings decreased 76 percent to $44 million, or $0.60 per diluted share, compared to $187 million, or $2.38 per diluted share reported during the previous year. Sales of $4.3 billion for the quarter decreased 19 percent from the $5.3 billion reported in the fourth quarter of 2007. Excluding the impact of foreign exchange translation, the companys fourth-quarter sales declined approximately 13 percent.
Fourth-quarter earnings reflect sharply lower global unit sales and production volumes, higher material and oil-related costs and unfavorable foreign currency exchange movements compared to the fourth quarter of 2007. The company also recorded $77 million of restructuring costs compared to $15 million in the prior year. Results were also unfavorably impacted by a $32 million product recall expense related to a supplier quality issue. These items were partially offset by an income tax benefit, favorable price/mix, lower incentive compensation and cost reduction initiatives during the quarter. The companys results included $43 million in asset sale gains compared with $24 million of asset sale gains in the previous year.
The following information was filed by Whirlpool Corp (WHR) on Monday, February 9, 2009 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.
View differences made from one year to another to evaluate Whirlpool Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Whirlpool Corp.