2018-05-03 REPIC 468×60

Business

Published on January 25th, 2018 | by The GC Team

0

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.

Tags:


About the Author

Get Connected is the top trade journal for the UK electricals industry. Its website is the fastest, most interesting and up to date in the business.



Leave a Reply

Your email address will not be published. Required fields are marked *

four + 12 =

Back to Top ↑
  • 2018 05 01 Beko Built-in 300×250
  • The Latest…

  • GC Latest Tweets…

    Hoover Candy appoints new sales and marketing director for SDA... gcmagazine.co.uk/?p=… pic.twitter.com/n5A7…

    Last week from GC Magazine's Twitter via Twitter Web Client · reply · retweet · favourite

  • Read The Latest Issue Now
  • Subscribe to GC's weekly e-Bulletin!
  • News by Category

  • Archived


Subscribe to GC's weekly e-Bulletin