BENTON HARBOR, Mich. — Whirlpool Corp. recently announced fourth-quarter net earnings of $171 million, or $2.19 per diluted share, compared to $95 million, or $1.24 per diluted share reported during the same period last year.
Fourth-quarter operating profit totaled $202 million compared with $199 million in the prior year. The results were favorably impacted by cost reduction and productivity initiatives, increased monetization of certain tax credits, higher unit volume and lower incentive compensation, the company says. These favorable factors were offset by lower product price/mix and higher material costs, the company adds.
Full-year 2010 net earnings were $7.97 per diluted share compared to $4.34 per diluted share reported for 2009. Full-year 2010 adjusted diluted earnings per share totaled $9.65, compared to $5.01 in the prior year. The company reported annual net sales of $18.4 billion, an increase of 7% from the prior year. Excluding the impact of foreign currency translation, sales increased approximately 5% from the prior year.
“Delivering consumer-relevant innovations, managing costs and executing in the marketplace drove our improved performance in 2010,” says Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corp. “We improved our operating margins and strengthened our financial position for the year — all indicators that our brand-value creation strategy is working.
“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.”
Fettig also expects to expand Whirlpool’s operating margins in 2011, despite significant global inflation.