Whirlpool Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported GAAP net earnings available to the company of $122 million or $1.52 per diluted share compared to net earnings available to the company of $205 million or $2.62 per diluted share reported during the same period last year. On an adjusted basis, diluted earnings per share improved significantly to $2.29 compared to $0.32 in the prior year, driven by continued favorable product price and mix, productivity and the benefit of cost and capacity-reduction initiatives. Sales were $4.8 billion compared to $4.9 billion in 2011. Excluding the impact of both foreign currency and lower Brazilian (BEFIEX) tax credits, sales increased approximately 2%, driven by strong product price and mix. GAAP operating profit totaled $258 million compared with $205 million in the prior year. On an adjusted basis, operating profit totaled $309 million compared with $128 million in the prior year. Continued positive product price and mix, productivity and the benefit of cost and capacity-reduction initiatives positively impacted results during the quarter. Earnings before income taxes were $174 million compared to $130 million reported a year ago. Earnings before income taxes were $174 million compared to $130 million reported a year ago.

For the year, GAAP operating profit totaled $869 million compared with $792 million in 2011. On an adjusted basis, full-year operating profit totaled over $1.0 billion, almost doubling compared to the $559 million in 2011, largely driven by improvement in product price and mix and cost and capacity-reduction initiatives. Full-year sales of $18.1 billion decreased 3% from $18.7 billion in 2011. Excluding the impact of both foreign currency and lower BEFIEX tax credits, sales increased approximately 3%. GAAP net earnings increased to $5.06 per diluted share compared to $4.99 per share for 2011. On an adjusted basis, net earnings increased to $7.05 per diluted share compared to $2.05 per share for 2011. The company reported cash flow provided by operating activities of $696 million compared to $530 million in the prior-year period. The company reported free cash flow of $230 million compared to negative free cash flow of $55 million in the prior-year period. Earnings before income taxes were $558 million compared to a loss of $28 million reported a year ago. Net earnings available to the company were $401 million compared to $390 million reported a year ago. Capital expenditures were $476 million compared to $608 million reported a year ago. On an adjusted basis, earnings before income taxes were $767 million compared to $267 million reported a year ago.

Along with the revenue growth, the company expects to deliver GAAP EPS in the range of $9.80 to $10.30 per share and overall positive free cash flow of $600 million to $650 million. Included in this guidance are restructuring cash outlays of up to $245 million, capital spending of $600 million to $650 million. On an ongoing business operational guidance for 2013 is $9.25 a share to $9.75 per share, and cash flow from ongoing operations is forecasted to be $950 million to $1 billion. The 2013 ongoing tax rate guidance is 24% and 2013 GAAP tax rate guidance is 9%. Cash provided by operating activities is expected between $1,200 million to $1,300 million.

The company remains focused on delivering its 8% operating margin target by 2014.