Whirlpool Corporation reported second-quarter 2014 GAAP net earnings of $179 million, compared to $198 million in the second quarter of 2013. Net sales in 2Q 2014 were $4.7, the same as 2Q 2013's $4.7 billion. After excluding foreign currency impacts and effects from Brazilian (BEFIEX) tax credits, sales were up 1%.
Whirlpool North America had record operating profit of $285 million, or 10.6% of sales, from $262 million, or 10.1% of sales, a year before.
"The second-quarter results were in-line with our expectations as our North America Region delivered record operating profit," said Jeff M. Fettig, Whirlpool Corporation's chairman and CEO. "Overall, the underlying fundamentals of our business remain strong and we continue to invest in our business through innovative new products and acquisitions."
GAAP operating profit in 2Q 2014 was $291 million, down from $328 million in 2Q 2013. Ongoing business operating profit was $330 million, or 7.1% of sales; in 2Q 2013 it was $335 million, or 7.1% of sales. The company said gains came from improved product price and mix, ongoing cost productivity, and the benefits from cost and capacity-reduction initiatives. But these were more than offset by lower unit volumes, higher material costs, foreign currency, and increased investments in marketing, technology, and products.
Whirlpool Corp. adjusted its full-year 2014 guidance to reflect its pending acquisition of a majority stake in two companies (both expected to be complete by the end of the year):
• China's Hefei Rongshida Sanyo Electric Co., Ltd.
• Indesit Company S.p.A., a global appliance maker based in Italy
The company expects full-year net earnings per diluted share of $10.30 to $10.80 and full-year ongoing business earnings per diluted share of $11.50 to $12.00.
"For the balance of the year, we will benefit from increasing global demand, new product introductions, previously announced price increases, and strong productivity," said Fettig.
to Daily News