Whirlpool Corp. Reports Record 3Q Earnings, Raises Guidance
Oct 23, 2013
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Whirlpool Corp. reported third-quarter GAAP net earnings of $196 million, up from net earnings of $74 million in the same period of the previous year.
Whirlpool Corp. sales in 3Q 2013 quarter were $4.7 billion, from $4.5 billion in 3Q 2012.
Excluding the impact of foreign currency and Brazilian (BEFIEX) tax credits, sales increased more than 5%, with strong growth in North America.
"We continue to execute on the plans we set out at the beginning of the year," said Jeff M. Fettig, chairman and CEO. "Our innovative products and industry-leading brands are driving increased consumer demand and revenue growth. That growth, combined with our actions to increase margins, is translating into record earnings."
Third-quarter 2013 GAAP operating profit was $313 million, from $213 million in 3Q 2012.
On an adjusted basis, operating profit was $353 million, nearly 8% of sales, from $262 million, or about 6% of sales, in 3Q 2012. Profit increases from higher revenue, ongoing cost productivity, and the benefit of cost and capacity-reduction initiatives more than offset higher material costs, foreign currency, and increased investments in marketing, technology, and products.
In the first three quarters, ending Sept. 30, 2013, Whirlpool reported cash flow from operating activities of $242 million compared to cash flow used in operating activities of -$161 million in the first three quarters of 2012.
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 $10.45-$10.65 compared to the previous range of $10.05-$10.55. Full-year adjusted earnings per share guidance is increasing to $9.90-$10.10 compared to the previous range of $9.50-$10.00.
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