Benton Harbor, Mich. – Whirlpool reported higher net sales and
net earnings for the fourth quarter and full year, ended Dec. 31.
Net sales for the
fourth quarter were $5.04 billion, up from the prior year’s $4.86 billion. Net
earnings for the year were $171 million, up dramatically from the prior year’s
$95 million.
For the calendar
year, net sales and earnings gains were also impressive given the economy and
competitive pressures. Net sales were $18.36 billion, up from the prior year’s
$17.09 billion. Net earnings were $619 million, almost doubling the prior
year’s $328 million.
However, for
Whirlpool North America, fourth-quarter results were not as robust. Sales of $2.6 billion decreased 1 percent from the prior year. North America unit shipments
increased approximately 5 percent. U.S. industry unit shipments of major
appliances increased 4 percent during the fourth quarter.
The North America region reported operating profit of $53 million compared with $136 million in the previous year. Fourth-quarter
adjusted operating profit totaled $43
million compared with $145 million.
Results in the
region were unfavorably impacted by lower product price/mix, higher material
costs and lower production volume. These factors were partially offset by cost
reduction and productivity initiatives and lower incentive compensation.
In discussing the
company’s overall performance, Jeff M.
Fettig, chairman and CEO,
said, “We improved our operating margins and strengthened our financial
position for the year — all indicators that our brand-value creation strategy
is working.”
He noted, “As we
enter 2011, we remain focused on delivering higher margin innovations,
realizing significant cost productivity, and achieving profitable growth driven
by some recovery in demand in the developed economies and by continued strong
growth in many emerging markets. In 2011, we expect to expand our operating
margins despite significant global inflation and generate good levels of free
cash flow and further strengthen our financial position.”
