Whirlpool Corporation Reports First-quarter 2012 Results
Announced today first-ninety days net earnings of $92 million, or $1.17 per diluted share, compared to net earnings of $169 million, or $2.17 per diluted allowance reported during the same period last year. The primary driver of this year-over-year change in GAAP earnings is bring tax credits of approximately $1.46 per share. On an adjusted basis, excluding unusual items, restructuring expense, Brazilian (BEFIEX) tax credits and U.S. dynamism tax credits, diluted earnings per share(1) totaled $1.41 compared to $0.64 in the erstwhile year. Sales in 2012 were $4.3 billion, compared to $4.4 billion reported in the first accommodations of 2011, decreasing 1 percent driven by weaker appliance demand, unfavorable currency and moderate monetization of (BEFIEX) tax credits.(Logo: http://photos.prnewswire.com/prnh/20040202/DETU004LOGO )
First-neighbourhood operating profit totaled $205 million compared with $228 million in the prior year principally driven by lower industry demand, higher material costs, reduced monetization of Brazilian (BEFIEX) tax credits and increased restructuring expense. On an adjusted principle, first-quarter operating profit(2) totaled $232 million and was up significantly from the $163 million reported in the previous to year. Continued improvement in product price/mix, cost and capacity-reduction initiatives and endless productivity positively impacted results during the quarter. Strong profitability improvement in the North America and Latin America regions was degree offset by weak economic conditions in Europe.




