Whirlpool Corporation registered first-quarter GAAP net earnings of 153 million dollar compared to 150 million reported for the same prior-year period. Net sales were 4.8 billion, compared to 4.6 billion in the first quarter of 2016. Excluding the impact of currency, sales increased 3%. Besides, first-quarter GAAP operating profit totaled 264 million dollar, or 5.5% of sales, compared to 285 million, or 6.2% of sales, in the same prior-year period. Ongoing business operating profit totaled 310 million, or 6.5% of sales, compared to 341 million, or 7.4% of sales, in the first quarter of 2016. On a GAAP and ongoing basis, cost productivity and unit volume growth partially offset unfavorable impacts from product price/mix and raw material inflation; on a GAAP basis, prior-year period results were negatively impacted by acquisition-related integration costs.
Considering the different regions, Whirlpool North America reported first-quarter net sales of 2.6 billion, compared to 2.4 billion in the same prior-year period. Excluding the impact of currency, sales increased 7%. Whirlpool Emea registered net sales of 1 billion (1.2 billion in the same period of 2016). Excluding the impact of currency, sales decreased 9%. Whirlpool Latin America reached net sales of 818 million, compared to 705 million in the same prior-year period. Finally,Whirlpool Asia reported first-quarter net sales of 419 million (371 million in Q1 2016): excluding the impact of currency, sales increased 16%. “We continue to adapt our operating plans globally to a dynamic external environment, and our strong performance in North America and Latin America clearly demonstrates our ability to create value in challenging environments – said Marc Bitzer, president and chief operating officer of Whirlpool Corporation -. While 2017 is the most complex year of our European integration, we remain confident that we will complete key elements of the integration and deliver profitable growth in Europe this year”. “We made progress toward our goals of revenue growth and free cash flow generation, with strong growth and margin expansion in North America and Latin America – commented Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation -. As we continue to execute our plans and work through the elevated complexity of our European integration, we remain confident in our ability to deliver both 1 billion dollar of free cash flow and record earnings per share in 2017”.
