Whirlpool Corporation announced first-quarter GAAP (generally accepted accounting principles) net earnings of $150 million compared to $191 million reported for the same prior-year period. Net sales in the quarter were $4.6 billion compared to $4.8 billion during the same prior-year period. Excluding the impact of currency, sales increased by 1 percent. “Our record first-quarter results were in line with our expectations and we completed our existing share repurchase program – said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation -. We remain confident in our ability to deliver our 2016 guidance as we capitalize on robust demand in the U.S., new product introductions and strong productivity around the globe”. First-quarter GAAP operating profit totaled $283 million compared to $303 million in the same prior-year period. “Record first-quarter ongoing business operating profit totaled $339 million, or approximately 7.3 percent of sales, compared to $318 million, or 6.6 percent of sales, in the same prior-year period – said the company in a official note -. Acquisition synergies, the benefits of cost and capacity-reduction initiatives, and ongoing cost productivity more than offset unfavorable currency and weak emerging market demand”.
Considering the results in the different regions, Whirlpool North America reported first-quarter net sales of $2.4 billion, compared to $2.3 billion in the same prior-year period. Whirlpool EMEA registered net sales of $1.2 billion, compared to $1.3 billion in the first quarter 2015. Whirlpool Latin America achieved net sales of $0.7 billion ($0.9 billion in the same prior-year period) and Whirlpool Asia reported first-quarter net sales of $371 million ($378 million in the first three months of 2015).
