July 20, 2007 -- Whirlpool Corporation announced today that second-quarter 2007 net sales increased 3 percent to $4.9 billion. Net earnings from continuing operations were $161 million, or $2.00 per diluted share, up approximately 60 percent from the $100 million, or $1.26 per diluted share, reported in the same period last year.
Earnings from continuing operations for the second quarter reflect strong operating profit improvement within each of the company's international business segments, the benefit from efficiencies associated with last year's acquisition of Maytag, productivity improvements, strong cost controls, favorable currency and a lower effective tax rate. Results were adversely affected by significantly higher material costs, lower industry shipments within the United States, increased brand investment and a pension curtailment charge. Each regional business increased year-over-year operating profit margins during the quarter.
"Our international businesses continue to execute extremely well and we are pleased with their financial performance through the first half of 2007," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. "While weak industry demand and significantly higher material prices in the United States have unfavorably impacted our results for the past year, we are positive about the trends exiting the second quarter and believe demand will begin returning to moderate growth levels in the second half of this year." During the quarter, the company repurchased $101 million of common stock. Approximately $365 million remains under the company's $500 million share repurchase program.
Source: PR Newswire (U.S.)
Source: Factiva
