Whirlpool Profits, Sales Dip On Strong Dollar, Weak Overseas Demand

BENTON HARBOR — Whirlpool Corp. (NYSE: WHR) reported net income of $150 million or $1.92 a share in the first quarter ended March 31, down from $191 million or $2.38 a share in the same period a year earlier.

Revenue for the quarter was $4.62 billion, down from $4.85 billion a year earlier. The company said the decline was entirely the result of a stronger United States dollar; excluding the impact of currency, sales rose 1 percent.

The company also reported “ongoing business earnings” of $339 million or $2.63 a share, up from $318 million or $2.14 a share a year earlier. That figure excludes restructuring expenses, acquisition costs, pension settlement charges, antitrust dispute resolutions, and legacy product warranty and liability expenses.

In a news release, Whirlpool said it expected 2016 net income of $11.25 to $12 per share, and “ongoing business earnings per diluted share of $14 to $14.75.

Whirlpool North America reported first-quarter net sales of $2.4 billion, compared to $2.3 billion in the same prior-year period. Excluding the impact of currency, sales increased 5 percent. The region reported a first-quarter operating profit of $250 million, compared to $276 million in the same prior-year period.

Whirlpool Europe, Middle East and Africa reported first-quarter net sales of $1.2 billion, down from $1.3 billion in the same prior-year period. Excluding the impact of currency, sales decreased 3 percent. The region reported first-quarter operating profit of $55 million, compared to $17 million in the same prior-year period.

Whirlpool Latin America reported first-quarter net sales of $0.7 billion, compared to $0.9 billion in the same prior-year period. Excluding the impact of currency, sales decreased by 4 percent. The region reported first-quarter operating profit of $42 million, or 5.9 percent of sales, compared to $59 million, or 6.6 percent of sales, in the same prior-year period.

Whirlpool Asia reported first-quarter net sales of $371 million, compared to $378 million in the same prior-year period. Excluding the impact of currency, sales increased 3 percent. The region reported a first-quarter GAAP operating profit of $25 million, compared to $24 million in the same prior-year period.

Whirlpool is the world’s largest appliance maker, with 97,000 employees and 70 manufacturing and technology research centers throughout the world in 2015. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in nearly every country around the world. Additional information about the company can be found at whirlpoolcorp.com.

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