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Contact: Whirlpool Corporation
Media: Whirlpool Corporation Press Office, 269/923-7405
Financial: Greg Fritz, 269/923-2641
WHIRLPOOL CORPORATION REPORTS FOURTH-QUARTER
AND FULL-YEAR 2010 RESULTS
BENTON HARBOR, Mich., February 2, 2011 Whirlpool Corporation (NYSE: WHR) announced today fourth-quarter net earnings of $171 million, or $2.19 per diluted share, compared to $95 million, or $1.24 per diluted share reported during the same period last year. Fourth-quarter adjusted diluted earnings per share(1) totaled $2.11 compared to $1.67 in the prior year. Sales of $5.0 billion increased 4 percent from the fourth quarter of 2009.
Fourth-quarter operating profit totaled $202 million compared with $199 million in the prior year. Results were favorably impacted by cost reduction and productivity initiatives, increased monetization of certain tax credits, higher unit volume and lower incentive compensation. These favorable factors were offset by lower product price/mix and higher material costs.
Full-year 2010 net earnings were $7.97 per diluted share compared to $4.34 per diluted share reported for 2009. Full-year 2010 adjusted diluted earnings per share(1) totaled $9.65, compared to $5.01 in the prior year. The company reported annual net sales of $18.4 billion, an increase of 7 percent from the prior year. Excluding the impact of foreign currency translation, sales increased approximately 5 percent from the prior year.
Delivering consumer-relevant innovations, managing costs and executing in the marketplace drove our improved performance in 2010, said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. We improved our operating margins and strengthened our financial position for the year all indicators that our brand-value creation strategy is working.
As we enter 2011, we remain focused on delivering higher margin innovations, realizing significant cost productivity, and achieving profitable growth driven by some recovery in
The following information was filed by Whirlpool Corp (WHR) on Wednesday, February 2, 2011 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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