Whirlpool: strong results for the third quarter

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Whirlpool Corporation has communicated third-quarter GAAP net earnings of $358 million (7% of sales) compared to $210 million (3.9% of sales) reported for the same prior-year period. On a GAAP basis, net earnings margin, or earnings as a percent of sales, was favorably impacted by a gain on the sale of the Embraco compressor business of approximately $511 million, partially offset by product warranty and liability expense of $119 million. GAAP net earnings margin and ongoing EBIT margin were favorably impacted by price/mix and focused cost discipline. “We have sustained momentum towards achieving our long-term financial goals despite global economic volatility and remain committed to our robust strategy for creating shareholder value – said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation -. Our fundamentals remain strong, and we made solid progress against our stated priorities with near-break even performance in EMEA and strong results in North America”. Third-quarter net sales were $5.1 billion, compared to $5.3 billion in the same prior-year period, a decrease of 4.4 percent. EBIT was $722 million, or 14.2 percent of sales, compared to $275 million, or 5.2 percent of sales, in the same prior-year period. The North America region delivered strong EBIT margin expansion to 12.8 percent, an 80 basis point improvement driven by strong price/mix and focused cost discipline. The EMEA region delivered significant year-over-year and sequential EBIT improvement driven by the execution of strategic actions to restore profitability.

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