Whirlpool 2013 Operating Profit Tops $1 Billion
Jan 31, 2014
| Print this page
Whirlpool Corp. 2013 operating profit was $1.2 billion, up from $869 million in 2012. Adjusted operating profit in for full-year 2013 was $1.4 billion, 7.3% of sales, up from $1.0 billion, 5.7% of sales, in 2012.
Whirlpool said higher sales, improvement in product price and mix, ongoing cost productivity and cost and capacity-reduction initiatives in 2013 more than offset higher material costs, foreign currency, and increased investments in marketing, technology, and products throughout the year.
Full-year 2013 sales were $18.8 billion, up from $18.1 billion in 2012. Excluding foreign currency impacts and BEFIEX tax credits, sales were up more than 4%.
Whirlpool had fourth-quarter 2013 net earnings of $181 million, up from $122 million, in the fourth quarter of 2012. Sales in 4Q 2013 were $5.1 billion, from $4.8 billion in 4Q 2012. Excluding the impact of foreign currency and Brazilian (BEFIEX) tax credits, sales were up approximately 7% on strong growth in North America and Latin America.
"The strong execution of our plans resulted in a record year of earnings," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. "We continue to grow revenue, expand margins and increase our investment capacity, positioning us well as we enter 2014."
Fourth-quarter 2013 operating profit was $354 million, up from $258 million in 4Q 2012. Adjusted operating profit was $386 million, 7.7% of sales, up from $309 million, 6.5% of sales, in 4Q 2012. Whirlpool said higher sales, ongoing cost productivity, and cost and capacity-reduction initiatives more than offset higher material costs, foreign currency, and increased investments in marketing, technology and products.
Back to Breaking News