Whirlpool Q4 GAAP net earnings $180 millionStaff writer ▼ | February 1, 2016
Whirlpool Corporation announced fourth-quarter GAAP net earnings of $180 million, or $2.28 per diluted share.
Whirlpool Corporation Ongoing business earnings per diluted share were $4.10
Ongoing business earnings per diluted share totaled a record $4.10 compared to $3.52 in the same prior-year period, primarily driven by acquisition synergies, the benefits of cost and capacity-reduction initiatives, ongoing cost productivity and improved price/mix.
Net sales in the quarter were $5.6 billion compared to $6.0 billion during the same prior-year period. Excluding the impact of currency, sales increased by 4 percent.
Fourth-quarter GAAP operating profit totaled $380 million compared to $281 million in the same prior-year period. Record fourth-quarter ongoing business operating profit totaled $468 million, or approximately 8.5 percent of sales, compared to $456 million, or 7.6 percent of sales, in the same prior-year period.
For the full year, GAAP net sales for 2015 were $20.9 billion compared to $19.9 billion in 2014. Excluding the impact of foreign currency, sales increased by 18 percent. GAAP operating profit totaled $1.3 billion, compared to $1.2 billion in 2014.
Full-year ongoing business operating profit totaled $1.6 billion, or 7.5 percent of sales, compared to $1.5 billion, or 7.4 percent of sales, in 2014.
During the twelve months ended December 31, 2015, the company reported cash provided by operating activities of $1.2 billion compared to $1.5 billion in the prior year. Whirlpool Corporation reported free cash flow(3) of $620 million in 2015 compared to $854 million in the prior year.
For the full year 2016, Whirlpool Corporation expects to report GAAP earnings per diluted share of $11.25 to $12.00 and ongoing business earnings per diluted share of $14.00 to $14.75. ■