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Whirlpool Corporation (Benton Harbor, Michigan, U.S.) said today it had record net sales of U.S. $4.8 billion in the third quarter of 2006. Sales were up 35 percent from the previous year, reflecting the acquisition of Maytag Corporation and continued strong demand for Whirlpool products. Excluding the Maytag acquisition, net sales increased about 8 percent.
Third quarter 2006 net earnings from continuing operations, which include the operating results, integration costs and purchase accounting impact from the acquisition of Maytag, were $134 million, or $1.68 per diluted share, compared to $114 million, or $1.66 per diluted share reported during the previous year.
The company completed the sale of the Amana commercial microwave business during the third quarter and finalized the sale of Dixie-Narco vending systems subsequent to quarter end. Combined proceeds were approximately $100 million. Whirlpool said there was no gain or loss associated with either of these transactions.
As it has said in the past, Whirlpool also intends to sell the Hoover floor-care division and its Jade commercial products appliance business. The third quarter financial results for Hoover, Dixie Narco and Jade are included in discontinued operations. Total net earnings for the third quarter, including discontinued operations, were $117 million, or $1.47 per diluted share.
Maytag Integration: "All phases announced"
“The integration of Maytag continues to progress well at an accelerated pace and is proceeding as expected,” said Jeff M. Fettig, Whirlpool's chairman and chief executive officer. “To date, we have announced all phases of business integration necessary to realize our previously communicated efficiencies.”
“Overall, the factors which impact industry demand remain consistent with our previous guidance and we continue to address the heightened material cost environment by introducing new innovative products, driving productivity throughout our global operations, controlling spending by reducing overhead and infrastructure, managing our overall mix of business and implementing cost based price adjustments," Fettig added. "Our integration plans remain on track and we fully expect to deliver efficiencies in line with our previous guidance of greater than $400 million in 2008."
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