Whirlpool raises full-year guidance following third quarter results
Following third quarter results, Whirlpool is increasing its full-year diluted earnings per share guidance to $10.45 to $10.65 from the previous range of $10.05 to $10.55, and its full-year adjusted earnings per share to $9.90 to $10.10 from the previous range of $9.50 to $10.
The company reported net earnings of $196 million for the quarter, or $2.42 per diluted share, compared to net earnings of $74 million, or $0.94 per diluted share, reported during the same period last year.
Adjusted to exclude the impact of foreign currency and Brazilian tax credits, diluted earnings per share improved to $2.72, compared to $1.80 in the prior year, mainly driven by higher revenue, ongoing cost productivity and the benefit of cost and capacity-reduction initiatives.
Sales in the quarter were $4.7 billion compared to $4.5 billion reported during the same period last year. Excluding the impact of foreign currency and Brazilian tax credits, sales increased more than 5%, led by strong growth in North America.
"We continue to execute on the plans we set out at the beginning of the year," said Jeff M. Fettig, chairman and CEO. "Our innovative products and industry-leading brands are driving increased consumer demand and revenue growth. That growth, combined with our actions to increase margins, is translating into record earnings."
Whirlpool North America reported third-quarter sales of $2.6 billion compared to $2.4 billion in the prior year, an increase of more than 8%. The region reported operating profit of $289 million, 11% of sales, compared to $227 million, approximately 9% of sales, in the prior year. Higher sales, ongoing productivity and the benefit of cost and capacity-reduction initiatives more than offset higher material costs and investments in marketing, technology, and products.
The company now expects full-year 2013 U.S. industry unit shipments to increase by approximately 9%.
Whirlpool markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world.