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Whirlpool Reports Record 1Q Operating Profit
Apr 29, 2014
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Whirlpool Corp. (Benton Harbor, MI) reported first-quarter 2014 GAAP net earnings of $160 million, from $252 million in the first quarter of 2013. Net sales in 1Q 2014 were $4.4 billion, from $4.2 billion in 1Q 2013. Excluding currency and Brazilian (BEFIEX) tax credit impacts, sales were up about 6% in the quarter.

Record first-quarter GAAP operating profit was $281 million, up from $254 million in 1Q 2013.

Ongoing business operating profit was $302 million, or 6.9% of sales, from $280 million, or 6.6% of sales, in 1Q 2013. The company said higher sales, favorable product price and mix, ongoing cost productivity initiatives and cost- and capacity-reduction initiatives all helped offset higher material costs, currency impacts, and increased investments in marketing, technology. and products.

Whirlpool reaffirmed its previously announced full-year net earnings per diluted share.

"We remain confident in our ability to deliver a record year of performance in 2014 and in our long-term growth strategy," said Jeff M. Fettig, Whirlpool Corp. chairman and CEO.

Whirlpool North America reported 1Q 2014 net sales of $2.3 billion, up more than 4% from 1Q 2013’s $2.2 billion. Operating profit was $228 million, 9.8% of sales, from 1Q 2013’s $218 million, or 9.7% of sales. The company expects full-year 2014 industry unit shipments to increase 5-7%.

Whirlpool Europe, Middle East and Africa reported 1Q 2014 net sales of $720 million, from 1Q 2013’s $668 million. Excluding currency impacts, sales were up about 4%. Operating profit in 1Q 2014 were $7 million, or 1.0% of sales, compared to an operating loss of $8 million in the same prior-year period. Full-year 2014 industry unit shipments are expected to be to be up 0-2%.

Whirlpool Latin America had 1Q 2014 net sales of $1.2 billion, from 1Q 2013’s $1.2 billion. Excluding the impact of currency and BEFIEX tax credits, sales were up about 11%.

Operating profit in 1Q 2014 was $123 million, from 1Q 2013’s $130 million. First-quarter ongoing business segment operating profit was $109 million, or 9.2% of sales, from $114 million, or 9.6% of sales, in 1Q 2013. Whirlpool Corp. expects full-year 2014 industry unit shipments to be flat.

Whirlpool Asia reported 1Q 2014 net sales of $166 million, from 1Q 2013’s $187 million. Excluding currency impacts, sales were down about 4%.

Operating profits in 1Q 2014 were $5 million, 2.9% of sales, from 1Q 2013’s $3 million, or 1.7% of sales. The company expects full-year 2014 industry unit shipments to be up 0-3%.

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