Published on January 25th, 2018 | by The GC Team0
Whirlpool results hit by tax reform charge
Whirlpool Corporation posted a fourth-quarter GAAP net loss of $268 million, compared to GAAP net earnings of $180 million in the prior-year period.
The fall included a one-time non-cash charge of approximately $420 million related to tax reform.
Net sales for the quarter amounted to $5.7 billion, an increase of 1% on Q4 last year. Excluding the impact of currency, sales decreased 1.6%.
Fourth-quarter ongoing earnings per diluted share were down from $4.33 to $4.10.
“Our unique global strategic position, coupled with favourable macro-economic conditions, gives us strong confidence towards our long-term value creation goals,” said Marc Bitzer, chief executive officer of Whirlpool Corporation. “The solid fourth-quarter exit run rates, and faster than anticipated progress on price/mix and fixed cost reduction, are very encouraging in that respect.”
Full year net sales totalled $21.3 billion, compared to $20.7 billion in 2016. Excluding the impact of currency, sales increased 1.5%.
Operating profit for the year was $1.1 billion, down from $1.4 billion in the prior year. Net earnings fell from $888 million to $360 million.