Increased product demand evident in Whirlpool's Q2 results
BENTON HARBOR, Mich. — Further signs of the nation's recovering housing market were evident in Whirlpool Corporation's reported net earnings of $198 million for the second quarter ended June 30, compared to net earnings of $113 million for the same period last year.
The company's net sales for the quarter were $4.7 billion, compared to $4.5 billion reported during the same period last year. Excluding the impact of foreign currency as well as Brazilian tax credits, sales increased approximately 6%.
"Sales increased in every region of the world as we continued to expand margins," said Jeff M. Fettig, chairman and CEO of Whirlpool Corporation. "Our financial results reflect increased demand for our innovative products and continued benefits from our margin expansion actions."
The company's operating profit for the quarter totaled $328 million, compared to $194 million in the prior year. Higher global volume, ongoing cost productivity and the benefit of cost and capacity-reduction initiatives positively impacted results during the quarter.
Whirlpool North America had sales of $2.6 billion for the quarter, compared to $2.5 billion in the prior year, a 5% increase. The region reported operating profit of $262 million, compared to $235 million in the prior year. Higher sales, ongoing productivity improvements and the benefit of cost and capacity-reduction initiatives more than offset higher material costs.