You are here

Whirlpool Reports Record Fourth-Quarter Profits

GRAND RAPIDS, Mich. — The Whirlpool Corp. has announced that its fourth-quarter profit climbed 72%, aided by its Maytag acquisition, an improved product mix and the weak dollar. Whirlpool’s net earnings for all of 2007 rose 48%.
Whirlpool, which bought Maytag in 2006, reported fourth-quarter earnings after preferred dividends increased to $187 million, or $2.38 per share, compared to $109 million, or $1.37 per share, in the previous year. Quarterly revenue grew 7% to $5.33 billion from $5 billion a year earlier.
“The year was filled with significant challenges and opportunities,” says Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corp. “We delivered record financial results in the face of both the most challenging U.S. industry demand environment in more than two decades, and unprecedented global material price inflation.”
Despite some concerns, Fettig is optimistic about this year, saying Whirlpool’s performance will be aided by “significantly higher investments in innovation and advertising” and by its willingness to adjust cost structure and manufacturing capacity.
 

Have a question or comment? E-mail our editor Matt Poe at [email protected].