Whirlpool Q2 GAAP net earnings $189 millionStaff Writer | July 28, 2017
Whirlpool Corporation announced second-quarter GAAP net earnings of $189 million, or $2.52 per diluted share, compared to $320 million, or $4.15 per diluted share, reported for the same prior-year period.
Whirlpool $2.52 per diluted share
Second-quarter ongoing business earnings per diluted share totaled $3.35 compared to $3.50 in the same prior-year period.
Second-quarter net sales were $5.3 billion, compared to $5.2 billion in the same prior-year period. Excluding the impact of currency, sales increased more than 3 percent.
Second-quarter GAAP operating profit totaled $274 million, or 5.1 percent of sales, compared to $368 million, or 7.1 percent of sales, in the same prior-year period.
Second-quarter ongoing business operating profit totaled $373 million, or 6.9 percent of sales, compared to $437 million, or 8.4 percent of sales, in the same prior-year period.
On a GAAP and ongoing basis, cost productivity and unit volume growth partially offset unfavorable impacts from raw material inflation and product price/mix.
For the six months ended June 30, 2017, Whirlpool Corporation reported cash used in operating activities of $(191) million compared to $(404) million in the same prior-year period.
The company reported free cash flow(3) of $(356) million for the first six months of 2017 compared to $(547) million in the same prior-year period, driven by the company's focus on working capital optimization. ■