Published on April 25th, 2017 | by The GC Team0
Whirlpool posts Q1 results
Whirlpool Corporation has announced first-quarter GAAP net earnings of $153 million, compared to $150 million for the same prior-year period.
Net sales grew to $4.8 billion from $4.6 billion, and rose 3% excluding the impact of currency. GAAP operating profit fell from $285 million to $264 million.
The company said that cost productivity and unit volume growth partially offset unfavourable impacts from product price/mix and raw material inflation.
“We made progress toward our goals of revenue growth and free cash flow generation, with strong growth and margin expansion in North America and Latin America,” said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation.
“As we continue to execute our plans and work through the elevated complexity of our European integration, we remain confident in our ability to deliver both $1 billion of free cash flow and record earnings per share in 2017.”
Whirlpool Europe, Middle East and Africa reported first-quarter net sales of $1.0 billion, compared to $1.2 billion in the same prior-year period. Excluding the impact of currency, sales decreased 9%.
The region suffered a GAAP operating loss of $17 million, compared to a GAAP operating profit of $55 million, or 4.7 percent of sales, in the same prior-year period.