Whirlpool Corporation announced fourth-quarter GAAP net earnings of $180 million, or $2.36 per diluted share, compared to $180 million, or $2.28 per diluted share, reported for the same prior-year period.
Article continues below
Fourth-quarter ongoing business earnings per diluted share totaled $4.33 compared to $4.10 in the same prior-year period.
Fourth-quarter net sales were $5.7 billion, compared to $5.6 billion in the same prior-year period. Excluding the impact of currency, sales increased over 2 percent.
Fourth-quarter GAAP operating profit totaled $335 million, or 5.9 percent of sales, compared to $380 million, or 6.9 percent of sales, in the same prior-year period.
Fourth-quarter ongoing business operating profit totaled $425 million, or 7.5 percent of sales, compared to $468 million, or 8.4 percent of sales, in the same prior-year period.
On a GAAP and ongoing basis, cost productivity, unit volume growth, benefits from cost and capacity reduction initiatives and acquisition cost synergies partially offset unfavorable impacts from product price/mix and foreign currency; on a GAAP basis, results were negatively impacted by acquisition-related transition costs, and prior-year results were negatively impacted by the recognition of expenses related to a legal settlement.
For the full year, net sales were $20.7 billion compared to $20.9 billion in 2015. Excluding the impact of currency, sales increased by 2 percent. GAAP operating profit totaled $1.4 billion, compared to $1.3 billion in the prior year.
Full-year ongoing business operating profit totaled $1.6 billion, or 7.8 percent of sales, compared to $1.6 billion, or 7.5 percent of sales, in the prior year.
GAAP net earnings per diluted share increased to $11.50, compared to $9.83 in the prior year. Ongoing business earnings per diluted share(1) increased to $14.06, compared to $12.38 in the prior year.
For the twelve months ended December 31, 2016, the Company reported cash provided by operating activities of $1.2 billion compared to $1.2 billion in the prior year.
Whirlpool Corporation reported free cash flow of $630 million in 2016 compared to $620 million in the prior year. ■