Whirlpool reports results
Whirlpool Corp. (NYSE: WHR) posted fourth-quarter net earnings of $171 million, or $2.19 per diluted share, compared to $95 million, or $1.24 per diluted share reported during the same period last year. Fourth-quarter adjusted diluted earnings per share totaled $2.11 compared to $1.67 in the prior year. Sales of $5 billion increased 4 percent from the fourth quarter of 2009.
According to a news release, fourth-quarter operating profit totaled $202 million compared with $199 million in the prior year. Results were favorably impacted by cost reduction and productivity initiatives, increased monetization of certain tax credits, higher unit volume and lower incentive compensation. These factors were offset by lower product price/mix and higher material costs.
Full-year 2010 net earnings were $7.97 per diluted share compared to $4.34 per diluted share reported for 2009. Full-year 2010 adjusted diluted earnings per share totaled $9.65, compared to $5.01 in the prior year. The company reported annual net sales of $18.4 billion, an increase of 7 percent from the prior year. Excluding the impact of foreign currency translation, sales increased approximately 5 percent from the prior year.
"Delivering consumer-relevant innovations, managing costs and executing in the marketplace drove our improved performance in 2010," said Jeff M. Fettig, chairman and CEO of Whirlpool Corp. "We improved our operating margins and strengthened our financial position for the year — all indicators that our brand-value creation strategy is working.”