Close

Whirlpool Reports Record Fourth-Quarter Profits

Bruce Beggs |

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.
 

About the author

Bruce Beggs

American Trade Magazines LLC

Editorial Director, American Trade Magazines LLC

Bruce Beggs is editorial director of American Trade Magazines LLC, including American Coin-Op, American Drycleaner and American Laundry News. He was the editor of American Laundry News from November 1999 to May 2011. Beggs has worked as a newspaper reporter/editor and magazine editor since graduating from Kansas State University in 1986 with a bachelor’s degree in journalism and mass communications. He and his wife, Sandy, have two children.

Advertisement

Digital Edition

Latest Classifieds

Industry Chatter