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Whirlpool EPS to $2.44 from $1.43

Staff writer |
Whirlpool Corporation announced second-quarter GAAP net earnings of $198 million, or $2.44 per diluted share, compared to net earnings of $113 million, or $1.43 per diluted share in Q2 2012.

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On an adjusted basis, diluted earnings per share improved to $2.37, compared to $1.55 in the prior year, mainly driven by higher revenue, ongoing cost productivity and the benefit of cost and capacity-reduction initiatives.[break]


Sales in the quarter were $4.7 billion compared to $4.5 billion reported during the same period last year. Excluding the impact of both foreign currency and Brazilian (BEFIEX) tax credits, sales increased approximately 6 percent.

"Sales increased in every region of the world as we continued to expand margins. Our financial results reflect increased demand for our innovative products and continued benefits from our margin expansion actions," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation.

Second-quarter GAAP operating profit totaled $328 million, compared to $194 million in the prior year. On an adjusted basis, operating profit(2) totaled $335 million, 7 percent of sales, compared with $222 million, approximately 5 percent of sales, in the prior year. Higher global volume, ongoing cost productivity and the benefit of cost and capacity-reduction initiatives positively impacted results during the quarter.

Whirlpool Corporation is increasing its full-year diluted earnings per share guidance and full-year adjusted earnings per share guidance. The full-year diluted earnings per share guidance is increasing to $10.05 to $10.55 compared to the previous range of $9.80 to $10.30, and the full-year adjusted earnings per share guidance is increasing to $9.50 to $10.00 compared to the previous range of $9.25 to $9.75.


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