Whirlpool: net sales increase by over 11% in the second quarter

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Jeff M. Fettig, Whirlpool Corporation chairman and chief executive officer
Jeff M. Fettig, Whirlpool Corporation chairman and chief executive officer

Whirlpool Corporation announced second-quarter GAAP net earnings of $177 million, or $2.21 per diluted share, compared to $179 million, or $2.25 per diluted share, reported for the same prior-year period. Ongoing business earnings per diluted share totaled $2.70 in the second quarter, compared to $2.62 in the same prior-year period. The benefit of cost and capacity-reduction initiatives, favorable price/mix and benefits from the acquisition integration activities offset unfavorable currency and a weakened demand environment in Brazil. Net sales in the second quarter were $5.2 billion compared to $4.7 billion during the same prior-year period, an increase of over 11 percent. Excluding the impact of foreign currency, sales increased over 25 percent, primarily driven by the acquisitions. “Whirlpool delivered strong financial results in the second quarter”, said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. “These record results reflect the strength of our expanded global platform and we have the actions in place to deliver record second-half performance”. Second-quarter GAAP operating profit totaled $273 million compared to $291 million in the same prior-year period. Record second-quarter ongoing business operating profit totaled $355 million, or 6.8 percent of sales, compared to $330 million, or 7.1 percent of sales, in the same prior-year period. Ongoing business operating margins benefited from acquisition integration activities, cost and capacity-reduction initiatives and ongoing cost productivity, which were more than offset by unfavorable currency.
Considering the different geographical regions, Whirlpool North America reported second-quarter net sales of $2.7 billion, up slightly from the same prior-year period. Excluding the impact of currency, sales increased over 1 percent. Besides, Whirlpool EMEA reported second-quarter net sales of $1.3 billion, compared to $0.7 billion in the same prior-year period, an increase of 79 percent. Excluding the impact of currency, sales increased over 127 percent.
As regards to Whirlpool Latin America, it achieved second-quarter net sales of $0.9 billion, compared to $1.1 billion in the same prior-year period. Excluding the impact of currency, sales increased by 1 percent. Finally, Whirlpool Asia reached second-quarter net sales of $381 million, compared to $211 million in the same prior-year period, an increase of 81 percent. Excluding the impact of currency, sales increased over 85 percent.