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Whirlpool Reports Higher 1Q Sales, Profits
Apr 28, 2011
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Appliance maker Whirlpool Corp. reported first-quarter 2011 net earnings of $169 million, compared to $164 million in the first quarter of 2010. First quarter sales were $4.4 billion, up 3% from $4.3 billion in 1Q 2010.

First-quarter operating profit were $228 million, compared to $241 million 1Q 2010. On an adjusted basis, 1Q 2011 operating profit was $221 million, compared to $287 million in 1Q 2010. Whirlpool said results were favorably impacted by cost reduction and productivity initiatives, increased monetization of certain tax credits, and higher unit volume. Results were negatively impacted by lower product price/mix and higher material and oil-related costs.

North American

Whirlpool North American 1Q sales were $2.3 billion, up slightly from the prior year. North America unit shipments increased approximately 4%. Whirlpool estimates U.S. industry unit shipments of major appliances (washers, dryers, refrigerators, freezers, dishwashers, ranges, and compactors) decreased about 1% percent during the first quarter.

North America region operating profit was $59 million, down from $94 million in 1Q 2010. Adjusted operating profit was $52 million, compared to $140 million in 2010. Cost reduction and productivity initiatives, as well as foreign exchange fluctuations, favorably impacted profits. This was offset by lower product price/mix and higher material costs.

Whirlpool continues to expect full-year 2011 U.S. industry unit shipments to increase between 2-3%.

Europe, Middle East and Africa

Whirlpool Europe, Middle East and Africa had 1Q sales of $743 million, up 1% from the prior year. Whirlpool estimated industry 1Q unit demand to be equal to the prior year.

Europe reported a 1Q operating profit of $25 million compared to $27 million in 1Q 2010. Results were hurt by lower product price/mix and higher material costs, partially offset by cost reduction and productivity initiatives.

Whirlpool continues to expect full-year 2011 industry growth in the 2-4% range.

Latin America

Whirlpool Latin America had 1Q 2011 net sales of $1.2 billion, up 8% from 1Q 2010. Excluding currency translation, sales were up approximately 2%. Operating profit was $174 million, compared to $167 million in 1Q 2010. The improvement in profitability is mostly due to increased monetization of tax credits and cost reduction and productivity initiatives. This was partially offset by higher material costs.

Whirlpool continues to anticipate full-year 2011 appliance industry shipments will increase 5-20%.

Asia

Whirlpool Asia reported first-quarter sales of $208 million, up 8% over 1Q 2010. Excluding the impact of currency, sales were up approximately 6%.

Operating profit was $11 million in 1Q 2011 and was approximately equal to 1Q 2010. Favorable volume and product price/mix were offset by higher material costs during the quarter.

Whirlpool continues to anticipate full-year 2011 industry unit shipments in Asia to be up approximately 6-8%.

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