Appliance OEM Whirlpool Corporation (Benton Harbor, Michigan, U.S.) said today its first-quarter 2007 net earnings from continuing operations were U.S. $124 million, or $1.55 per diluted share, compared to $118 million, or $1.70 per diluted share, in the same period last year. Net sales increased 24 percent from the prior-year period to $4.4 billion, driven by the 2006 acquisition of Maytag and strong international results. Excluding the impact from the Maytag acquisition and currency translations, net sales increased by approximately 2 percent.
"Our first-quarter results reflect solid performance from our global businesses and continued strong consumer preference for our brand innovations," said Whirlpool Chairman and CEO Jeff M. Fettig. "As expected, higher material costs and significantly lower demand in the United States negatively impacted our first-quarter results. The global environment is progressing as planned and we continue to expect lower industry demand in the United States through the first half of 2007 with gradual improvement during the balance of the year. The Maytag integration has gone extremely well and we are benefiting from the ramp up of efficiencies. Our efforts to revitalize growth for the Maytag brand are well underway."
The company completed the sale of the Hoover floorcare business during the first quarter and completed the sale of the Jade products business on April 2, 2007. There was no gain or loss associated with either of these transactions, and Whirlpool has now completed all the its previously announced divestitures associated with the Maytag acquisition. First-quarter financial results for Hoover and Jade are included in discontinued operations. Total net earnings for the first quarter, including discontinued operations, were $117 million, or $1.46 per diluted share.
to Daily News