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SECURITY: WHR  (Common)   EXCHANGE: New York Stock Exchange 

Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of more than $18 billion, more than 73,000 employees, and more than 70 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Bauknecht and other major brand names to consumers in nearly every country around the world.


http://investors.whirlpoolcorp.com/

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 optimization.
- The North America region reported 5 percent revenue growth and 11.7 percent operating margin, despite a 90 basis point raw material cost increase.
- The Company announced global cost-based price increases on a majority of its business to offset the impact of sustained raw material inflation.
- 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 product price/mix.
- 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.

 

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