Whirlpool (WHR) Investors Clean Up Following Strong Q4 Report
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Whirlpool Corporation (NYSE: WHR) shares opened over 9 percent higher Wednesday morning following the release of the company's fourth-quarter results earlier.
Sales fell slightly to $4.9 billion, compared to $5.0 billion reported in the fourth quarter of 2010. The Street’s consensus was calling for $4.98 billion in total sales. On a regional basis, sales rose 1 percent to $2.6 billion in North America, fell 8 percent to $848 million in Europe, Middle East and Africa, declined by 5 percent to $1.3 billion in Latin America and fell 2 percent to $200 million in Asia.
Operating profit totaled $205 million, compared with $202 million in the prior year-period.
Net earnings of $205 million, or $2.62 per diluted share, compared to net earnings of $171 million, or $2.19 per diluted share, reported during the same period last year. The Street consensus was looking for $1.96 per share in earnings.
"As we enter 2012, we are executing strong actions to continue to improve operating margins through our cost and capacity reduction initiatives, ongoing productivity programs and previously announced price increases," said Jeff M. Fettig, Whirlpool Corporation chairman and chief executive officer. "We exit 2011 with improving product price/mix, significantly lower inventory levels and strong new product innovation. These initiatives are the key drivers to improving our operating margins throughout 2012."
The company ended the quarter with $1.109 billion in cash and cash equivalents, down from the $1.368 billion at the end of 2010.
For 2012, Whirlpool Corporation expects to report full-year diluted earnings per share of $5.00 to $5.50. On an adjusted basis, the company expects to report full-year adjusted diluted earnings per share of $6.50 to $7.00. The Street consensus calls for earnings of $5.85 per share.
Sales fell slightly to $4.9 billion, compared to $5.0 billion reported in the fourth quarter of 2010. The Street’s consensus was calling for $4.98 billion in total sales. On a regional basis, sales rose 1 percent to $2.6 billion in North America, fell 8 percent to $848 million in Europe, Middle East and Africa, declined by 5 percent to $1.3 billion in Latin America and fell 2 percent to $200 million in Asia.
Operating profit totaled $205 million, compared with $202 million in the prior year-period.
Net earnings of $205 million, or $2.62 per diluted share, compared to net earnings of $171 million, or $2.19 per diluted share, reported during the same period last year. The Street consensus was looking for $1.96 per share in earnings.
"As we enter 2012, we are executing strong actions to continue to improve operating margins through our cost and capacity reduction initiatives, ongoing productivity programs and previously announced price increases," said Jeff M. Fettig, Whirlpool Corporation chairman and chief executive officer. "We exit 2011 with improving product price/mix, significantly lower inventory levels and strong new product innovation. These initiatives are the key drivers to improving our operating margins throughout 2012."
The company ended the quarter with $1.109 billion in cash and cash equivalents, down from the $1.368 billion at the end of 2010.
For 2012, Whirlpool Corporation expects to report full-year diluted earnings per share of $5.00 to $5.50. On an adjusted basis, the company expects to report full-year adjusted diluted earnings per share of $6.50 to $7.00. The Street consensus calls for earnings of $5.85 per share.
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