Whirlpool: net earnings at $191 million in the first quarter 2015

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Whirlpool Corporation announced first-quarter GAAP (generally accepted accounting principles) net earnings of $191 million, or 2.38 per diluted share, compared to $160 million, or 2.02 per diluted share, reported for the same prior-year period. Net sales in the quarter were $4.8 billion compared to $4.4 billion during the same prior-year period, an increase of over 11 percent. Excluding the impact of both foreign currency and Brazilian (BEFIEX) tax credits, sales increased over 23 percent, primarily driven by the acquisitions. “Our integration plans in Europe foto news whirlpooland China remain on track and we have taken actions to overcome recent currency movements”, said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. “We continue to invest in our leading brand portfolio and innovative new products while adjusting to a continuing volatile global economy”. First-quarter GAAP operating profit totaled $303 million compared to $281 million in the same prior-year period.
“Whirlpool Corporation – the company said in a official note – has adjusted its full-year 2015 guidance to reflect the impact of unfavorable currency and a weakened demand environment in Brazil. The company now expects full-year GAAP net earnings per diluted share available to Whirlpool of $9.00 to $10.00 and full-year ongoing business earnings per diluted share of $12.00 to $13.00. Whirlpool Corporation recently announced cost-based price increases in Latin America and Eastern Europe, which along with strong cost productivity programs are expected to deliver significant second-half 2015 margin expansion”.