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Whirlpool Corporation Reports First-quarter 2012 Results

BENTON HARBOR, Mich. April 26, 2012 $92 million $1.17 $169 million $2.17 $1.46 $1.41 $0.64 $4.3 billion $4.4 billion

http://photos.prnewswire.com/prnh/20040202/DETU004LOGO

$205 million $228 million $232 million $163 million North America Latin America

Jeff M. Fettig

$(423) million $(224) million $275 million $58 million

OUTLOOK

$5.00 to $5.50 $6.50 to $7.00

2012* EPS Outlook

GAAP EPS

$

5.00

$

5.50

Restructuring Expense ($250M – $270M)

2.30

2.50

Brazilian (BEFIEX) Tax Credits ($60M – $80M)

(0.80)

(1.00)

Ongoing Business Operations EPS(1)

$

6.50

$

7.00

*The U.S. energy tax program concluded at the end of 2011. 2012 outlook does not include energy tax credits. 

$100 million and $150 million $275 million $110 million $250 million $279 million

FIRST -QUARTER REGIONAL REVIEW

North America
$2.2 billion North America

North America $151 million $59 million $151 million

Based on the current economic outlook, the company now expects full-year 2012 U.S. industry unit shipments to trend to the low end of its previous 0 to 3 percent range.

Latin America
Latin America $1.3 billion Latin America

$121 million $174 million $7 million $66 million $114 million $108 million

Latin America

Europe Middle East Africa
Europe Middle East Africa $688 million

$5 million $32 million $25 million

The company continues to expect full-year 2012 industry unit shipments to decrease in the range of 2 to 5 percent.

Asia
Asia $202 million Asia

$9 million $11 million

Asia



(5) A reconciliation of ongoing business operations/adjusted operating profit by segment, non-GAAP financial measures, to reported operating profit by segment and other important information, appears below.

FIRST -QUARTER 2012 PRODUCT LAUNCHES

Whirlpool North America Region launched: 

  • Whirlpool
  • Maytag AquaLift
  • KitchenAid
  • KitchenAid
  • KitchenAid
  • KitchenAid Soft Start
  • Jenn-Air
  • Gladiator

Europe Middle East

  • Bauknecht
  • Bauknecht

Whirlpool Latin America Region launched: 

  • Brastemp Gourmand Brastemp Ative!
  • Brastemp
  • Consul Pet Facil,

Whirlpool Asia Region launched: 

  • Whirlpool Neo iChill
  • Whirlpool Icemagic 6th Sense India
  • Whirlpool WhiteMagic 1-2-3 6th Sense SplitWash
  • Whirlpool MagiCook 1-2-3

FIRST -QUARTER 2012 AWARDS AND ACCOMPLISHMENTS 

  • Fortune
  • Forbes
  • Whirlpool India Readers Digest. 
  • Whirlpool Corporation received the 2012 ENERGY STAR® Sustained Excellence award by the U.S. Environmental Protection Agency (EPA). This is the company’s 13th top ENERGY STAR award and seventh consecutive Sustained Excellence win. Whirlpool has been honored with 24 ENERGY STAR awards overall, more than any other appliance manufacturer.  


$19 billion Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht http://www.whirlpoolcorp.com

Whirlpool Additional Information



FOR THE PERIOD ENDED MARCH 31
(Millions of dollars, except per share data)

2012

2011

Net sales

$

4,349

$

4,401

Expenses

Cost of products sold

3,698

3,778

Gross margin

651

623

Selling, general and administrative

405

380

Intangible amortization

7

7

Restructuring costs

34

8

Operating profit

205

228

Other income (expense)

Interest and sundry income (expense)

(18)

(20)

Interest expense

(54)

(54)

Earnings before income taxes

133

154

Income tax expense (benefit)

36

(24)

Net earnings

97

178

Less: Net earnings available to noncontrolling interests

5

9

Net earnings available to Whirlpool

$

92

$

169

Per share of common stock

Basic net earnings available to Whirlpool

$

1.19

$

2.21

Diluted net earnings available to Whirlpool

$

1.17

$

2.17

Dividends

$

0.50

$

0.43

Weighted-average shares outstanding (in millions)

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