Whirlpool Corp. Raises Guidance After Strong 2Q
Jul 24, 2013
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Appliance giant Whirlpool Corp. (Benton Harbor, MI) reported second quarter 2013 GAAP net earnings of $198 million, up from net earnings of $113 million in the second quarter of 2012.
Sales in the second quarter of 2013 were $4.7 billion, up from $4.5 billion in 2Q 2012. Excluding the impact of foreign currency and the impact of Brazilian (BEFIEX) tax credits, sales were up about 6%.
"Sales increased in every region of the world as we continued to expand margins," said Whirlpool Chairman and CEO Jeff M. Fettig. "Our financial results reflect increased demand for our innovative products and continued benefits from our margin expansion actions."
Second-quarter GAAP operating profit was $328 million, from $194 million in 2Q 2012. On an adjusted basis, operating profit was $335 million, or 7% of sales, from $222 million, or about 5% of sales, in 2Q 2012.
Whirlpool said higher global volume, ongoing cost productivity, and the benefits of cost and capacity-reduction initiatives all helped achieve better 2Q 2013 results.
Whirlpool Corp. increased its full-year diluted earnings per share guidance and full-year adjusted earnings per share guidance. The full-year diluted earnings per share guidance is increasing to $10.05 to $10.55, up from the previous range of $9.80 to $10.30. Full-year adjusted earnings per share guidance is increasing to $9.50 to $10.00, up from the previous range of $9.25 to $9.75.
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