Whirlpool Corp. had first-quarter 2013 GAAP net earnings of $252 million, compared to 1Q 2012 net earnings of $92 million.
Sales in 1Q 2013 were $4.2 billion, from $4.3 billion in 1Q 2012. Sales were flat after excluding the impact of foreign currency and Brazilian (BEFIEX) tax credits.
"The first-quarter results were in line with our expectations and continue to reflect our actions to expand margins, marking the fifth consecutive quarter of year-over-year operating margin improvement," said Jeff M. Fettig, Whirlpool Corp. chairman and CEO. "We expect to see moderately higher revenue growth, due to continued strength in U.S. housing and improving demand trends internationally, and we are on track to deliver our operating profit margin, earnings and free cash flow guidance for the year."
1Q 2013 GAAP operating profit totaled $254 million, from 1Q 2012's $204 million.
On an adjusted basis, operating profit totaled $280 million, or 6.6% of sales, compared to $231 million, which was 5.3% of sales, in 1Q 2012. Whirlpool reported positive impacts of continued positive product price and mix and benefits of cost and capacity-reduction efforts.
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