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Whirlpool Corporation (NYSE:WHR) today announced fourth-quarter 2002 results, highlighted by record sales and a solid operating performance that was in line with expectations.
Charges for the restructuring initiative and the company's previously announced write-off of aircraft-lease assets were reflected in a fourth-quarter net loss of $29 million, or $0.42 per diluted share, compared to net earnings of $21 million, or $0.31 per diluted share, in the prior year period. Excluding fourth-quarter charges, core earnings of $113 million increased 4 percent from the prior year period. Core earnings of $1.64 per diluted share compared to $1.58 per diluted share in the fourth quarter of 2001.
Net sales of $2.9 billion increased 11 percent from the prior year period. Excluding consolidated sales from the company's acquisitions in 2002 -- Polar S.A. of Poland and Vitromatic S.A. de C.V. of Mexico -- and the impact from currency translations, net sales increased 7 percent.
For the full year, record net sales of $11 billion were up 6 percent from 2001, or 5 percent excluding consolidated sales from the company's acquisitions in 2002 and the impact from currency translations.
"Despite the economic uncertainties in virtually every market in which we compete worldwide, our operations delivered record sales and a solid operating performance," said David R. Whitwam, Whirlpool's chairman and CEO. "Much of the improvement is due to Whirlpool's brand and innovation strategies and the success of our new product introductions in every part of the world. During the quarter, we also recorded final charges for the company's global restructuring effort that began in December 2000. When fully implemented, the restructuring is expected to reduce annual costs by more than $200 million. The fourth-quarter contributions from restructuring, productivity and innovation have strengthened our global business portfolio and positioned our operations for continued growth in 2003."
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