Whirlpool Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017
January 26, 2017 at 04:38 pm IST
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Whirlpool Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net sales of $5,656 million compared with $5,560 million for the same period a year ago. Operating profit was $335 million compared with $380 million for the same period a year ago. Earnings before income taxes were $308 million compared with $282 million for the same period a year ago. Net earnings available to company was $180 million or $2.36 per diluted share compared with $180 million or $2.28 per diluted share for the same period a year ago.
For the full year, the company reported net sales of $20,718 million compared with $20,891 million for the same period a year ago. Operating profit was $1,354 million compared with $1,285 million for the same period a year ago. Earnings before income taxes were $1,114 million compared with $1,031 million for the same period a year ago. Net earnings available to company was $888 million or $11.50 per diluted share compared with $783 million or $9.83 per diluted share for the same period a year ago. Cash provided by operating activities was $1,203 million compared with $1,225 million for the same period a year ago. Capital expenditures were $660 million compared with $689 million for the same period a year ago. Free cash flow was $630 million compared to $620 million a year ago.
For the year 2017, the company expects to deliver GAAP earnings per diluted share of $13.25 to $14.25 and ongoing business earnings per diluted share of $15.25 to $16.25 through aggressive cost reduction and leveraging its robust pipeline of innovative new products. The company expects to generate significant free cash flow improvement to approximately $1 billion driven by earnings growth and strong working capital management. For the full-year 2017, the company expects to generate cash from operating activities of $1.7 to $1.75 billion. Included in this guidance are primarily acquisition-related restructuring cash outlays of up to $165 million, legacy product warranty and liability costs of $70 million, pension contributions of $45 million and, with respect to free cash flow, capital spending of $700 to $750 million.
Whirlpool Corporation is a global kitchen and laundry company. The Companyâs segments include Major Domestic Appliances (MDA) North America; MDA Europe, MDA Latin America; MDA Asia, and Small Domestic Appliances (SDA) Global. The Company in the United States and Canada, market and distributes major home appliances and other consumer products under the Whirlpool, KitchenAid, Maytag, Amana, InSinkErator, JennAir, affresh, Swash, everydrop and Gladiator brand names to retailers, distributors, and builders, and directly to consumers. In Europe, the Company markets and distributes major domestic appliances under the Whirlpool, Indesit, Hotpoint, Bauknecht, Ignis, Maytag and Privileg brand names. In Latin America, the Company produces, market and distributes primarily Consul, Brastemp, Whirlpool, KitchenAid, Acros, Maytag and Eslabon de Lujo brand names. In Asia, the Company market primarily under the Whirlpool, Elica, Maytag, KitchenAid, and Indesit brand names.
Whirlpool Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017