Whirlpool Corporation announced fourth-quarter GAAP operating profit of $267 million, or 4.7 percent of sales, compared to $341 million, or 6.0 percent of sales, in the same prior-year period.
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Fourth-quarter ongoing operating profit was $392 million, or 6.9 percent of sales, compared to $431 million, or 7.6 percent of sales, in the same prior-year period.
On a GAAP and ongoing basis, the favorable impacts of cost productivity, product price/mix and restructuring benefits were more than offset by unfavorable raw material inflation and unit volume declines.
Fourth-quarter net sales were $5.7 billion, an increase of 1 percent compared to the same prior-year period. Excluding the impact of currency, sales decreased 1.6 percent.
Fourth-quarter GAAP net loss was $268 million, or $3.69 per diluted share, including a one-time non-cash charge of approximately $420 million related to tax reform, compared to GAAP net earnings of $180 million, or $2.36 per diluted share, reported for the same prior-year period. Fourth-quarter ongoing earnings per diluted share(1) were $4.10 compared to $4.33 in the same prior-year period.
For the full year, net sales were $21.3 billion compared to $20.7 billion in 2016. Excluding the impact of currency, sales increased 1.5 percent. Full-year GAAP operating profit was $1.1 billion, or 5.3 percent of sales, compared to $1.4 billion, or 6.6 percent of sales, in the prior year.
Full-year ongoing operating profit was $1.5 billion, or 6.8 percent of sales, compared to $1.6 billion, or 7.8 percent of sales, in the prior year. GAAP net earnings per diluted share were $4.70, compared to $11.50 in the prior year.
GAAP net earnings per diluted share in 2017 were adversely impacted by a one-time non-cash charge of approximately $420 million related to tax reform. Ongoing earnings per diluted share were $13.74, compared to $14.06 in the prior year.
For the twelve months ended December 31, 2017, Whirlpool Corporation reported cash provided by operating activities of $1.3 billion compared to $1.2 billion in the same prior-year period. The Company reported free cash flow of $707 million for 2017 compared to $630 million in the prior year. ■