EXCHANGE: New York Stock Exchange
is the world's leading manufacturer and marketer of major home
with annual sales of more than $18 billion, more than 73,000 employees,
and more than 70 manufacturing and technology research centers around
world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air,
Brastemp, Bauknecht and other major brand names to consumers in nearly
every country around the world.
Whirlpool Corporation Reports Third-Quarter 2017 Results
- GAAP earnings per diluted share were $3.72 compared to $3.10 in the
same prior-year period; ongoing earnings per diluted share(1)
(non-GAAP) were $3.83 compared to $3.66 in the same prior-year period.
- Cash used in operating activities improved by $142 million and free
cash flow(3) improved by $118 million, compared to the same prior-year
period, primarily driven by a strong focus on working capital
- The North America region reported 5 percent revenue growth and 11.7
percent operating margin, despite a 90 basis point raw material cost
- The Company announced global cost-based price increases on a majority
of its business to offset the impact of sustained raw material
- The Company also announced a $150 million fixed cost reduction
initiative, which is in addition to ongoing cost productivity efforts.
- The Company revises its full-year earnings per diluted share guidance
to a range of $11.10 to $11.40 on a GAAP basis and $13.60 to $13.90 on
an ongoing basis, driven by unfavorable raw material inflation and
- The Company revises its full-year operating cash flow guidance to a
range of $1.55 billion to $1.6 billion and free cash flow guidance to
approximately $900 million.
- The Company repurchased approximately $200 million of common stock
during the third quarter and plans to continue repurchasing common
stock this year.
BENTON HARBOR, Mich., Oct. 23, 2017 /PRNewswire/ -- Whirlpool
Corporation (NYSE: WHR) announced today third-quarter GAAP net earnings
of $276 million, or $3.72 per diluted share, compared to $238 million,
or $3.10 per diluted share, reported for the same prior-year period.
GAAP net earnings were positively impacted by lower income tax expense
of approximately $65 million, compared to the same prior-year period,
driven by the timing of tax planning activities in the current-year
period. Third-quarter ongoing earnings per diluted share(1) totaled
$3.83 compared to $3.66 in the same prior-year period.