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Energy Credit Boosts Whirlpool Profit

Paul Partyka |

BENTON HARBOR, Mich. — Whirlpool Corp. first-quarter sales of $4.4 billion increased 3%, helped by an energy tax credit, from the $4.3 billion reported in the first quarter of 2010.
Whirlpool announced first-quarter net earnings of $169 million, or $2.17 per diluted share, compared to $164 million, or $2.13 per diluted share, reported during the same period last year.
The first-quarter operating profit totaled $228 million compared with $241 million in the prior year. On an adjusted basis, the first-quarter 2011 operating profit totaled $211 million compared to $287 million in 2010.
“Our first-quarter results reflect our ongoing cost-reduction efforts and continued innovation efforts, which helped to mitigate significant material-cost inflation,” says Jeff M. Fettig, Whirlpool Corp. chairman and CEO. “We recently announced a 16% dividend increase, reflective of the successes of our brand-value creation strategy and our strong financial position.”
For the full-year 2011, Whirlpool Corp. continues to expect to produce diluted earnings per share of $12 to $13. This outlook includes approximately $300 million of U.S. energy tax credits.

About the author

Paul Partyka

American Coin-Op

Paul Partyka was editor of American Coin-Op from 1997 through May 2011.

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