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Whirlpool Q2 net earnings jumped to $320 million

Staff Writer |
Whirlpool reported significant growth in second-quarter earnings, even as net sales were nearly flat.

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For the second quarter, net earnings available to the company climbed to $320 million or $4.15 per share from last year's $177 million or $2.21 per share. Ongoing business earnings per share totaled $3.50, compared to $2.70 in the same prior-year period.

Ongoing business operating profit totaled $435 million, or 8.4 percent of sales, compared to $355 million, or 6.8 percent of sales, in the same prior-year period.

The results were primarily driven by unit volume growth, acquisition synergies and benefits from cost reduction initiatives, which more than offset unfavorable impacts from foreign currency.

Second-quarter net sales were $5.198 billion, nearly flat with last year's $5.208 billion. Excluding the impact of currency, sales increased 3 percent. Analysts were looking for sales of $5.13 billion.

Whirlpool North America's net sales grew slightly to $2.8 billion from $2.7 billion last year. Excluding the impact of currency, sales increased 4 percent.

Europe, Middle East and Africa net sales were down on currency impact, while sales were flat excluding currency. Latin America and Asia regions also posted weak sales on Currency impact.

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