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Whirlpool earns $196M in 3Q13
Benton Harbor-based Whirlpool has reported continued sales growth — especially in North America — and expanding profit margins in its third-quarter earnings for fiscal 2013.
Whirlpool (NYSE: WHR) reported third-quarter net earnings of $196 million, or $2.42 per diluted share, compared to net earnings of $74 million, or 94 cents per diluted share, during the same quarter last year.
On an adjusted basis, diluted earnings per share improved to $2.72, compared to $1.80 last year, mainly driven by higher revenue and cost and capacity-reduction initiatives.
Third-quarter operating profit totaled $313 million, compared to $213 million in the prior year.
On an adjusted basis, operating profit totaled $353 million, nearly 8 percent of sales, compared with $262 million, approximately 6 percent of sales, in the prior year.
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, according to Whirlpool.
Whirlpool's sales in the third quarter were $4.7 billion, compared to $4.5 billion in the same period last year.
Excluding the impact of both foreign currency and Brazilian, BEFIEX, tax credits, sales increased more than 5 percent, led by 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/CEO of Whirlpool.
Whirlpool is increasing its forecast for full-year diluted earnings per share and full-year adjusted earnings per share. Full-year diluted EPS is now predicted at $10.45 to $10.65, compared to the previous prediction of $10.05 to $10.55. Full-year adjusted EPS is increasing to $9.90 to $10.10, compared to the previous range of $9.50 to $10.00.
Whirlpool sold approximately $18 billion worth of home appliances in 2012. It has 68,000 employees and 65 manufacturing and technology research centers around the world.