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Whirlpool 2Q Earnings Up 163%
Jul 20, 2010
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Whirlpool Corp. said second-quarter net earnings rose 163% to $205 million, or $2.64 per diluted share, compared to $78 million, or $1.04 per diluted share during 2Q 2009.

Sales were $4.5 billion, up 9% from $4.2 billion in the second quarter of 2009. Excluding the impact of foreign exchange translation, the company's second-quarter sales increased approximately 6%.

Second-quarter operating profits were $331 million, compared to $134 million in the prior year. Results were favorably impacted by cost reduction and productivity initiatives, global unit volume growth, and increased monetization of tax credits. These favorable factors were partially offset by higher material and oil-related costs and lower product price/mix. Second-quarter adjusted operating profit totaled $298 million compared to $123 million in the prior year.

"We made strong progress towards our long-term value creation goals during the second quarter," said Whirlpool Chairman and CEO Jeff M. Fettig. "Global unit volume growth combined with our ongoing productivity improvements enabled us to expand our operating margins and accelerate profitable growth."

Sales for Whirlpool North America in the second quarter were $2.5 billion, up 6% from the prior year (4% after foreign currency exchanges). North America unit shipments increased 7%. U.S. industry unit shipments of T7 major appliances increased 12% in the second quarter. T7 includes: washers, dryers, refrigerators, freezers, dishwashers, ranges, and compactors.

Whirlpool Europe 2Q sales of $739 million were down 6% from the prior year; excluding the effects of currency, sales were approximately equal to 2009. Overall industry unit demand during the quarter increased approximately 1% compared with the prior year.

Whirlpool Latin America had 2Q 2010 net sales of $1.0 billion, up 24% from the same period in 2009. Excluding currency translation, sales increased about 13%.

Whirlpool Asia has 2Q sales of $263 million, up 43% from the prior year. Excluding the impact of currency, sales increased 34%.

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