Whirlpool Earnings More Than Double in Fourth-Quarter 2009

Jason Hicks |

BENTON HARBOR, Mich. — Whirlpool Corp.’s fourth-quarter net earnings rose 111% to $95 million, or $1.24 per diluted share, compared to $44 million, or $0.60 per diluted share, during the same period in 2008, according to the company’s quarterly report.
“In 2009, we significantly improved our global cost structure and operating performance, despite a substantial decline in global demand levels,” says Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corp. “In addition, we generated record free cashflow and strengthened our financial position. I am pleased with our execution in this challenging environment, and we look to build upon our progress in 2010.”
Sales of $4.9 billion increased 13% from the $4.3 billion reported in the fourth quarter of 2008. Excluding the impact of foreign exchange translation, the company’s fourth-quarter sales increased approximately 5%.
Fourth-quarter operating profit totaled $199 million, compared to $10 million in the prior year. Full-year 2009 net earnings were $4.34 per diluted share, compared to $5.50 per diluted share reported for 2008. The company reported annual net sales of $17.1 billion, a decrease of 10% from the prior year. Excluding the impact of foreign currency translation, sales declined approximately 6% from the prior year.
Whirlpool generated free cashflow of $1.1 billion during 2009, compared to $0.1 billion during 2008. For full-year 2009, the company reported cashflow from operations of more than $1.5 billion. Working capital, particularly due to reduced inventory balances, was a significant source of cashflow during the year, the company says.

About the author

Jason Hicks

American Drycleaner

Jason Hicks was assistant editor for American Trade Magazines, which publishes American Coin-Op, American Drycleaner and American Laundry News, for more than nine years, and web editor for three years.


Latest Podcast

Guest Paul Jewison, vice president of engineering at Healthcare Linen Services Group and general manager at Textile Care Services in Rochester, Minnesota, discusses ways to keep a laundry operation clean.

Want more? Visit the archive »

Digital Edition

Latest Classifieds