Global Supplier Directory
Supplier Solutions
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center

Daily News

Whirlpool Reports Lower Earnings
Apr 27, 2012
 Printable format
 Email this Article

Whirlpool Corp. reported first-quarter net earnings of $92 million, compared to $169 million in the first quarter of 2011. Whirlpool's 1Q earnings were hit by lower tax credits. Sales were $4.3 billion, compared to $4.4 billion in 1Q 2011. Whirlpool said the decrease of 1% came from weaker appliance demand, and currency and tax issues.

First-quarter operating profit was $205 million, down from $228 million in 1Q 2011. On an adjusted basis 1Q operating profit was $232 million, up from $163 million in 1Q 2011.

Whirlpool said it saw strong profitability improvement in North America and Latin America, partially offset by weak conditions in Europe.

"Our cost and capacity-reduction initiatives and previously implemented cost-based pricing actions are on track to deliver our operating profit margin, earnings and free cash flow guidance for the year," said Chairman and CEO Jeff M. Fettig.

In North America, 1Q sales of $2.2 billion were down 1% from 1Q 2011. Overall, North America unit shipments were down about 7%--less than U.S. industry unit shipments of major appliances the T7 group of major appliances, which was down 10%. The North America region reported operating profit of $151 million compared to $59 million in the previous year. On an adjusted basis, operating profit of $151 million tripled from $52 million reported in the prior year.

(The T7 group includes household washers, dryers, refrigerators, freezers, dishwashers, ranges, and compactors)

Whirlpool now expects full-year 2012 U.S. industry unit shipments to trend to the low end of its previous 0% to 3% range estimate.

In Latin America, 1Q 2012 sales were $1.3 billion, up 3% from 1Q 2011. Excluding currency translation, sales were up 7% while Latin America unit shipments increased 2%. Operating profit was $121 million compared to $174 million in 1Q 2011. Whirlpool expects full-year 2012 appliance industry shipments in the Latin America region to increase towards the high end of its previous 2% to 5% range estimate.

Whirlpool's Europe, Middle East and Africa business reported 1Q 2012 sales of $688 million, down 8% from 1Q 2011. Excluding currency translation, sales were down about 3%. Unit shipments for the region decreased 4%. Operating profit of $5 million improved from the $32 million fourth quarter loss but was down from $25 million in 1Q 2011. The company continues to expect full-year 2012 industry unit shipments to decrease 2% to 5%.

Whirlpool Asia reported 1Q sales of $202 million, down 3% from 1Q 2011. Excluding the impact of currency, sales increased 2%. Asia unit shipments increased 1%. Operating profit of $9 million was down from $11 million in 1Q 2011. The company now expects full-year 2012 industry unit shipments in Asia to increase at the low end of its previous 2% to 4% range estimate.

Back to Daily News


Daily News


Nov 20, 2014: Report: Drop in affluents' consumer confidence may foretell signal trouble ahead for some retailers

Nov 20, 2014: Most Profitable Industry in the U.S.: Electrical Equipment, Appliance and Component Manufacturing

Nov 19, 2014: LG washing machine global sales top 20 million in 5 years

Nov 19, 2014: Wolf ovens use columnar vertical blower fans to optimize convection

Nov 19, 2014: ASRAC meeting to address home air-conditioner regional standards enforcement

More Daily News>>

RSS Feeds
Appliance Industry
Market Research


November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014

Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows