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Whirlpool Q2 GAAP net earnings $189 million

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Staff 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
Whirlpool   $2.52 per diluted share
GAAP net earnings were negatively impacted primarily by higher income tax expenses of approximately $90 million, compared to the same prior-year period, driven by the timing of tax planning activities in the same prior-year period.

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.


 

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