Whirlpool Corporation Reports Fourth-Quarter and Full-Year 2012 Results

   Whirlpool Corporation Reports Fourth-Quarter and Full-Year 2012 Results

Ongoing Business Operating Profit Improves 137 Percent During the Quarter;
GAAP Operating Profit Improves 25 Percent

Company Expects Strong Earnings and Free Cash Flow to Continue in 2013

PR Newswire

BENTON HARBOR, Mich., Jan. 31, 2013

BENTON HARBOR, Mich., Jan. 31, 2013 /PRNewswire/ -- Whirlpool Corporation
(NYSE: WHR) announced today fourth-quarter GAAP net earnings of $122 million,
or $1.52 per diluted share, compared to net earnings of $205 million, or $2.62
per diluted share reported during the same period last year. Prior-year GAAP
earnings included $2.17 per share of benefits from tax credits. On an adjusted
basis, diluted earnings per share^(1) improved significantly to $2.29,
compared to $0.32 in the prior year, driven by continued favorable product
price and mix, productivity and the benefit of cost and capacity-reduction
initiatives.

(Logo: http://photos.prnewswire.com/prnh/20040202/DETU004LOGO )

Sales in the quarter were $4.8 billion, compared to $4.9 billion in 2011.
Excluding the impact of both foreign currency and lower Brazilian (BEFIEX) tax
credits, sales increased approximately 2 percent, driven by strong product
price and mix.

"Our actions have clearly produced the expected improvement in operating
margins, resulting in strong earnings per share and underlying cash flow,"
said Jeff M. Fettig, chairman and chief executive officer of Whirlpool
Corporation. "As outlined in October 2011, we successfully improved operating
margins through our cost-based price increases, product mix, cost and
capacity-reduction initiatives and ongoing productivity programs. Those
actions, combined with improving trends in U.S. housing and growth
opportunities in emerging markets, create positive momentum going into 2013."

Fourth-quarter GAAP operating profit totaled $258 million, compared with $205
million in the prior year. On an adjusted basis, operating profit^(2) totaled
$309 million, approximately 7 percent of sales, compared with $128 million,
approximately 3 percent of sales, in the prior year. Continued positive
product price and mix, productivity and the benefit of cost and
capacity-reduction initiatives positively impacted results during the quarter.

GAAP operating profit for the year totaled $869 million, compared with $792
million in 2011. On an adjusted basis, full-year operating profit^(2) totaled
over $1.0 billion, approximately 6 percent of sales, almost doubling compared
to the $559 million, 3 percent of sales, in 2011, largely driven by
improvement in product price and mix and cost and capacity-reduction
initiatives. Full-year sales of $18.1 billion decreased 3 percent from $18.7
billion in 2011. Excluding the impact of both foreign currency and lower
BEFIEX tax credits, sales increased approximately 3 percent. GAAP net earnings
for the year increased to $5.06 per diluted share, compared to $4.99 per share
for 2011. On an adjusted basis, net earnings^(1) for the year increased to
$7.05 per diluted share, compared to $2.05 per share for 2011.

During the twelve months ended December 31, 2012, the company reported cash
flow provided by operating activities of $696 million compared to $530 million
in the prior-year period. Current-year results include cash outflows of $400
million for legal settlements. On a year-to-date basis, Whirlpool Corporation
reported free cash flow^(3) of $230 million compared to $(55) million in the
prior-year period.

OUTLOOK

For 2013, Whirlpool Corporation expects to report full-year diluted earnings
per share of $9.80 to $10.30. On an adjusted basis (excluding restructuring
charges, Brazilian (BEFIEX) tax credits and U.S. energy tax credits), the
company expects to report full-year adjusted diluted earnings per share^(1) of
$9.25 to $9.75.



                                        2013 EPS Outlook
GAAP EPS                                $9.80–$10.30
Restructuring Expense                   1.75
Brazilian (BEFIEX) Tax Credits          (0.81)
U.S. Energy Tax Credits*                (1.50)
Ongoing Business Operations EPS^(1)     $9.25–$9.75
*2013 outlook includes the expected impact of the U.S. energy tax credits
earned in 2012 and 2013. The benefit earned for both years will be recognized
in 2013.

For the full-year 2013, Whirlpool Corporation expects to generate free cash
flow^(3) between $600 million and $650 million. Included in this guidance are
restructuring cash outlays of up to $245 million, capital spending of $600 to
$650 million and U.S. pension contributions of up to $140 million.

"Our competitive cost structure, preferred brands and new product
introductions have positioned us well for global industry demand recovery,"
said Fettig. "We will continue funding our business and executing our
long-term growth strategy, and we remain focused on delivering our 8 percent
operating margin target by 2014."

FOURTH-QUARTER REGIONAL REVIEW

Whirlpool North America

Whirlpool North America reported fourth-quarter sales of $2.5 billion, down
approximately 3 percent from the prior year. The North American region
reported operating profit of $233 million, compared to $202 million in the
prior year. On an adjusted basis, fourth-quarter operating profit^(4) of $233
million, over 9 percent of sales, compares with $106 million, 4 percent of
sales, in the prior year. Continued favorable product price and mix,
productivity and cost and capacity-reduction actions positively impacted the
quarter. This marks the fifth consecutive quarter of year-over-year operating
profit margin improvement.

Based on the current economic outlook, the company expects full-year 2013 U.S.
industry unit shipments to increase in the range of 2 to 3 percent.

Whirlpool Latin America

Whirlpool Latin America reported fourth-quarter sales of $1.3 billion, up 1
percent from the prior year. Excluding currency translation and Brazilian
(BEFIEX) tax credits, sales increased 14 percent on higher volumes and
improved product price and mix.

The region reported operating profit of $134 million, compared to $155 million
in the prior year. During the 2012 and 2011 quarters, the company monetized
$15 million and $59 million of Brazilian (BEFIEX) tax credits, respectively.
On an adjusted basis, operating profit^(4) totaled $119 million, approximately
9 percent of sales, versus $96 million, approximately 8 percent of sales, in
the prior year. Favorable product price and mix and productivity more than
offset higher material costs.

The company expects full-year 2013 industry unit shipments to increase in the
range of 3 to 5 percent.

Whirlpool Europe, Middle East and Africa

Whirlpool Europe, Middle East and Africa reported fourth-quarter sales of $794
million, versus $848 million in the prior year. Excluding currency
translation, sales were down approximately 4 percent.

The region reported an operating profit of $8 million, 1 percent of sales,
compared to the $(32) million operating loss, approximately minus 4 percent of
sales, in the prior year. Favorable product price and mix combined with
productivity and benefits from cost and capacity-reduction initiatives more
than offset higher material costs.

The company expects full-year 2013 industry unit shipments to be flat.

Whirlpool Asia

Whirlpool Asia reported fourth-quarter sales of $203 million, versus $200
million in the prior year. Excluding the impact of currency, sales increased 4
percent.

Operating profit of $7 million, 3 percent of sales, was up compared to $2
million, approximately 1 percent of sales, in the prior year. Favorable
product price and mix and productivity more than offset unfavorable currency
and higher material costs.

The company expects full-year 2013 industry unit shipments to increase 3 to 5
percent.

(1) A reconciliation of ongoing business operations/adjusted diluted earnings
per share, non-GAAP financial measures, to reported diluted earnings per share
and other important information, appears below.
(2) A reconciliation of ongoing business operations/adjusted operating profit,
non-GAAP financial measures, to reported operating profit and other important
information, appears below.
(3) A reconciliation of free cash flow, a non-GAAP financial measure, to cash
provided by / (used in) operating activities and other important information,
appears below.
(4) A reconciliation of ongoing business operations/adjusted operating profit
by segment, non-GAAP financial measures, to reported operating profit by
segment and other important information, appears below.

FOURTH-QUARTER 2012 PRODUCT LEADERSHIP, INNOVATION AND AWARDS

Whirlpool Corporation innovation is leading the market because the company's
focus for more than a century has been on identifying unique consumer
insights, and then designing high-quality products that deliver what consumers
want and need. This focus yielded positive results during the fourth quarter,
with strong consumer preference for the company's innovative new product
offerings driving improvement in product mix around the globe. The company's
efforts were recognized externally with awards for design, sustainability and
innovation.

Global Leadership:

  oThe company's commitment to cooking innovation was recognized with
    numerous top ratings from a leading U.S. consumer magazine. The company
    received No. 1 ratings in both the 30-inch and 36-inch electric smoothtop
    categories and took the top five spots in the wall oven category.
  oWhirlpool Corporation's innovative refrigeration products were recognized
    with several top ratings from a leading U.S. consumer magazine. The
    company received six top-ten ratings in the overall refrigeration reviews.
  oWhirlpool Corporation was named to the 2012-2013 Ocean Tomo 300® Patent
    Index for the seventh consecutive year. The equity index, priced and
    published by NYSE Euronext, is the first based on the value of corporate
    intellectual property.
  oWhirlpool Corporation joined MyEnergi Lifestyle, a strategic collaboration
    with Ford Motor Company, Eaton and SunPower, to demonstrate how a typical
    American family can significantly reduce its home electricity bills and
    CO[2] footprint by integrating home appliance technology with a plug-in
    vehicle to achieve an energy-efficient lifestyle.
  oFor the ninth consecutive year, Whirlpool Corporation attained a perfect
    score of 100 from the Human Rights Campaign's U.S. Corporate Equality
    Index. The company is the first and only appliance company with this
    achievement. The Corporate Equality Index rates American workplaces on
    Lesbian, Gay, Bisexual and Transgender Equality.

Whirlpool North America Region:

  oThe Whirlpool brand Whirlpool Gold gas and electric ranges with TimeSavor
    convection cooking systems earned the Good Housekeeping Seal by theGood
    Housekeeping Research Institute(GHRI). Products with the Good
    Housekeeping Seal are covered by a two-year limited warranty as part of
    Good Housekeeping magazine's consumer policy.
  oThe Maytag brand Bravos X washer was named best top-loading washer in the
    10rate Editors' Choice Awards. The washer was recognized for its capacity,
    innovative features, cleaning performance and aesthetics.
  oThe Maytag brand won Silver for Best White Goods at House Beautiful Awards
    2012, which recognize the best home products.

Whirlpool Latin America Region:

  oIntroduced the Brastemp brand Gourmand accessories line, including
    non-stick silicone utensils, flexible silicone pans and two choices of
    pots.
  oThe Consul brand launched accessory lines, including the Conserva Facil, a
    vacuum packaging line that stores fruits, vegetables and grains.
  oBrastemp brand Ative! washers launched to consumers in Brazil, which boost
    washing performance with five different systems.
  oThe Brastemp brand began a new water purifier business in which the
    product is leased to consumers, not sold. Designed to align with the
    brand's Ative! products, the water purifiers facilitate access with an
    enhanced audible and tactile panel.
  oThe Consul brand expanded its cooking portfolio with its Facilite cooktop,
    built-in oven and hood, designed to help consumers easily find the ideal
    settings for preparing a variety of foods.
  oThe new Split Consul brand InverterOne air treatment solution features
    multiple filtering that eliminates 99.9% of bacteria, mold and dust while
    delivering up to 40 percent savings in energy consumption.
  oThe company was recognized with Top of Mind awards for its Consul brand in
    refrigeration and for its Brastemp brand in washers and cooking.
  oWhirlpool Latin America received the Best Innovator Award from Época
    Negócios magazine and AT Kearney. The company was recognized with the
    third position in the innovation process and outcomes categories and has
    been included on the list every year since its inception.
  oFor the second time, Whirlpool Latin America was named one of the 20 model
    companies in sustainability in the Guia Exame de Sustentabilidade, by
    Exame magazine.

Whirlpool Europe, Middle East and Africa Region:

  oThe Whirlpool brand introduced the 6^th Sense PowerClean dishwasher and
    6^th Sense Fresh Control Combi refrigerator as part of its super-efficient
    GREENKITCHEN suite. The products work on a connected system that uses
    wasted heat generated by the refrigerator to warm water for the dishwasher
    washing cycle.
  oThrough 6^th Sense technology, the Whirlpool brand's new compact
    front-load washer provides exceptional color retention and wash
    performance for consumers with limited space.
  oMicrowave cooking is increasingly popular, and to help consumers easily
    achieve perfect results, the Whirlpool brand has launched the Wavelicious
    mobile application with 40 recipes and social media links for sharing
    advice.

Whirlpool Asia Region:

  oThe Whirlpool brand in India launched the 360° Bloom Wash that moves
    clothes in 11 different motions, offering the wash quality of a
    front-loading washing machine and the convenience of a top-loading
    configuration.
  oIn China, three Whirlpool brand products received the 2012 Successful
    Design Award, which honors top international designers and enterprises for
    designs that are most successful in the Chinese market. Recognized for
    Whirlpool Corporation were the Ares Combo washer/dryer, the Venus Refresh
    washer and the fully air-cooled three-door refrigerator.

About Whirlpool Corporation

Whirlpool Corporation is the world's leading manufacturer and marketer of
major home appliances, with annual sales of approximately $18 billion in 2012,
68,000 employees, and 65 manufacturing and technology research centers around
the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana,
Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly
every country around the world. Additional information about the company can
be found at http://www.whirlpoolcorp.com.

Whirlpool Additional Information:

This document contains forward-looking statements about Whirlpool Corporation
and its consolidated subsidiaries ("Whirlpool") that speak only as of this
date. Whirlpool disclaims any obligation to update these statements.
Forward-looking statements in this document may include, but are not limited
to, statements regarding expected earnings per share, cash flow, productivity
and material and oil-related prices. Many risks, contingencies and
uncertainties could cause actual results to differ materially from Whirlpool's
forward-looking statements. Among these factors are: (1) intense competition
in the home appliance industry reflecting the impact of both new and
established global competitors, including Asian and European manufacturers;
(2) Whirlpool's ability to continue its relationship with significant trade
customers and the ability of these trade customers to maintain or increase
market share; (3) changes in economic conditions which affect demand for our
products, including the strength of the building industry and the level of
interest rates; (4) inventory and other asset risk; (5) global, political
and/or economic uncertainty and disruptions, especially in Whirlpool's
significant geographic regions, including uncertainty and disruptions arising
from natural disasters or terrorist attacks; (6) The impact of the European
debt crisis; (7) the ability of Whirlpool to achieve its business plans,
productivity improvements, cost control, price increases, leveraging of its
global operating platform, and acceleration of the rate of innovation; (8)
fluctuations in the cost of key materials (including steel, oil, plastic,
resins, copper and aluminum) and components and the ability of Whirlpool to
offset cost increases; (9) litigation, tax and legal compliance risk and
costs, especially costs which may be materially different from the amount we
expect to incur or have accrued for; (10) product liability and product
recall costs; (11) the effects and costs of governmental investigations or
related actions by third parties; (12) Whirlpool's ability to obtain and
protect intellectual property rights; (13) the ability of suppliers of
critical parts, components and manufacturing equipment to deliver sufficient
quantities to Whirlpool in a timely and cost-effective manner; (14) health
care cost trends, regulatory changes and variations between results and
estimates that could increase future funding obligations for pension and post
retirement benefit plans; (15) information technology system failures and
data security breaches; (16) the impact of labor relations; (17) our ability
to attract, develop and retain executives and other qualified employees; (18)
changes in the legal and regulatory environment including environmental and
health and safety regulations; and (19) the ability of Whirlpool to manage
foreign currency fluctuations. Additional information concerning these and
other factors can be found in Whirlpool Corporation's filings with the
Securities and Exchange Commission, including the most recent annual report on
Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.



WHIRLPOOL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

FOR THE PERIOD ENDED DECEMBER 31

(Millions of dollars, except per share data)
                        Three Months Ended           Twelve Months Ended
                        2012           2011          2012
                                                                     2011
                        (Unaudited)    (Unaudited)   (Unaudited)
Net sales               $      4,791   $     4,910   $      18,143   $  18,666
Expenses
Cost of products sold   3,979          4,198         15,250          16,089
Gross margin            812            712           2,893           2,577
Selling, general and    485            422           1,757           1,621
administrative
Intangible amortization 7              7             30              28
Restructuring costs     62             78            237             136
Operating profit        258            205           869             792
Other income (expense)
Interest and sundry     (35)           (22)          (112)           (607)
income (expense)
Interest expense        (49)           (53)          (199)           (213)
Earnings (loss) before  174            130           558             (28)
income taxes
Income tax expense      46             (83)          133             (436)
(benefit)
Net earnings            128            213           425             408
Less: Net earnings
available to            6              8             24              18
noncontrolling
interests
Net earnings available  $      122     $     205     $      401      $  390
to Whirlpool
Per share of common
stock
Basic net earnings      $      1.55    $     2.66    $      5.14     $  5.07
available to Whirlpool
Diluted net earnings    $      1.52    $     2.62    $      5.06     $  4.99
available to Whirlpool
Dividends               $      0.50    $     0.50    $      2.00     $  1.93
Weighted-average shares
outstanding (in
millions)
Basic                   78.8           76.9          78.1            76.8
Diluted                 80.2           78.1          79.3            78.1



WHIRLPOOL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Millions of dollars, except share data)
                                                    (Unaudited)
                                                    December31,  December31,
                                                    2012          2011
Assets
Current assets
Cash and equivalents                                $    1,168    $    1,109
Accounts receivable, net of allowance of $60 and    2,038         2,105
$61, respectively
Inventories                                         2,354         2,354
Deferred income taxes                               558           248
Prepaid and other current assets                    709           606
Total current assets                                6,827         6,422
Property, net of accumulated depreciation of $6,070 3,034         3,102
and $6,146, respectively
Goodwill                                            1,727         1,727
Other intangibles, net of accumulated amortization  1,722         1,757
of $211 and $177, respectively
Deferred income taxes                               1,832         1,893
Other noncurrent assets                             254           280
Total assets                                        $    15,396   $    15,181
Liabilities and stockholders' equity
Current liabilities
Accounts payable                                    $    3,698    $    3,512
Accrued expenses                                    692           951
Accrued advertising and promotions                  419           429
Employee compensation                               520           365
Notes payable                                       7             1
Current maturities of long-term debt                510           361
Other current liabilities                           664           678
Total current liabilities                           6,510         6,297
Noncurrent liabilities
Long-term debt                                      1,944         2,129
Pension benefits                                    1,636         1,487
Postretirement benefits                             422           430
Other noncurrent liabilities                        517           558
Total noncurrent liabilities                        4,519         4,604
Stockholders' equity
Common stock, $1 par value, 250million shares
authorized, 108 million and 106million shares      108           106
issued and 79 million and 76million shares
outstanding, respectively.
Additional paid-in capital                          2,313         2,201
Retained earnings                                   5,147         4,922
Accumulated other comprehensive loss                (1,531)       (1,226)
Treasury stock, 29 million and 30million shares,   (1,777)       (1,822)
respectively
Total Whirlpool stockholders' equity                4,260         4,181
Noncontrolling interests                            107           99
Total stockholders' equity                          4,367         4,280
Total liabilities and stockholders' equity          $    15,396   $    15,181



WHIRLPOOL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

TWELVE MONTHS ENDED DECEMBER 31

(Millions of dollars)
                                                        (Unaudited)
                                                        2012         2011
Operating activities
Net earnings                                            $    425     $  408
Adjustments to reconcile net earnings to cash provided
by operating activities:
Depreciation and amortization                           551          558
Curtailment gain                                        (52)         (35)
Increase (decrease) in LIFO inventory reserve           (13)         54
Brazilian collection dispute                            (275)        144
Changes in assets and liabilities:
Accounts receivable                                     47           (15)
Inventories                                             (7)          283
Accounts payable                                        240          25
Accrued advertising and promotions                      (13)         14
Product recall                                          —            (15)
Taxes deferred and payable, net                         (68)         (573)
Accrued pension and postretirement benefits             (227)        (349)
Employee compensation                                   249          (59)
Other                                                   (161)        90
Cash provided by operating activities                   696          530
Investing activities
Capital expenditures                                    (476)        (608)
Proceeds from sale of assets                            10           23
Investment in related businesses                        (28)         (7)
Other                                                   —            (4)
Cash used in investing activities                       (494)        (596)
Financing activities
Repayments of long-term debt                            (361)        (313)
Proceeds from borrowings of long-term debt              322          300
Net proceeds (repayments) from short-term borrowings    6            (2)
Dividends paid                                          (155)        (148)
Common stock issued                                     43           14
Other                                                   (3)          (17)
Cash used in financing activities                       (148)        (166)
Effect of exchange rate changes on cash and equivalents 5            (27)
Increase (decrease) in cash and equivalents             59           (259)
Cash and equivalents at beginning of year               1,109        1,368
Cash and equivalents at end of year                     $    1,168   $  1,109



SUPPLEMENTAL INFORMATION - CONSOLIDATED STATEMENTS OF INCOME RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
(Millions of dollars except per share data)
(Unaudited)

We supplement the reporting of our financial information determined under U.S.
generally accepted accounting principles (GAAP) with certain non-GAAP
financial measures, which we refer to as "ongoing business operations"
measures, including adjusted operating profit, adjusted earnings (loss) before
income taxes (hereafter referred to as "adjusted earnings (loss) before tax"),
adjusted diluted earnings per share available to Whirlpool common stockholders
(hereafter referred to as "adjusted diluted earnings per share"), adjusted
operating profit by segment (hereafter referred to as "adjusted segment
operating profit"), and free cash flow. Ongoing business operations measures
exclude items that may not be indicative of, or are unrelated to, results from
our ongoing business operations. We believe that these non-GAAP measures
provide meaningful information to assist stockholders in understanding our
financial results and assessing our prospects for future performance.
Management believes adjusted operating profit, adjusted earnings before tax,
adjusted diluted earnings per share and adjusted segment operating profit are
important indicators of our operations because they exclude items that may not
be indicative of, or are unrelated to our core operating results, and provide
a better baseline for analyzing trends in our underlying businesses.
Management believes that free cash flow provides stockholders with a relevant
measure of liquidity and a useful basis for assessing the company's ability to
fund its activities and obligations. Because non-GAAP financial measures are
not standardized, it may not be possible to compare these financial measures
with other companies' non-GAAP financial measures having the same or similar
names. These adjusted financial measures should not be considered in
isolation or as a substitute for reported operating profit, earnings before
income taxes, diluted net earnings per share available to Whirlpool common
stockholders and cash provided by operating activities, the most directly
comparable GAAP financial measures. These non-GAAP financial measures reflect
an additional way of viewing aspects of our operations that, when viewed with
our GAAP results and the following reconciliations to corresponding GAAP
financial measures, provide a more complete understanding of our business. We
strongly encourage investors and stockholders to review our financial
statements and publicly-filed reports in their entirety and not to rely on any
single financial measure.

Ongoing Business Operations Measures - Adjusted Operating Profit, Adjusted
Earnings Before Tax, Adjusted Diluted Earnings Per Share

The reconciliation provided below reconciles the non-GAAP financial measures
adjusted operating profit, adjusted earnings before tax and adjusted diluted
earnings per share, with the most directly comparable GAAP financial measures,
reported operating profit, earnings before income taxes, and diluted earnings
per share available to Whirlpool common stockholders, for the three months
ended December31, 2012.

                             Three Months Ended

                             December  31, 2012
                             Operating
                                              Earnings        Diluted Earnings
                             Profit          (Loss) Before   (Loss) Per
                                              Tax             Share
                             (Loss)
Reported GAAP Measure        $          258   $        174    $         1.52
Restructuring Expense^(a)    62               62              0.56
Brazilian Tax Credits        (15)             (15)            (0.19)
(BEFIEX)^(b)
Antitrust Resolutions^(c)    —                17              0.21
Intangible Impairment^(d)    4                4               0.03
Tax Rate Adjustment ^ (e)    —                —               0.16
Adjusted Non-GAAP measure    $          309   $        242    $         2.29



Ongoing Business Operations Measures - Adjusted Operating Profit, Adjusted
Earnings Before Tax, Adjusted Diluted Earnings Per Share

The reconciliation provided below reconciles the non-GAAP financial measures
adjusted operating profit, adjusted earnings before tax and adjusted diluted
earnings per share, with the most directly comparable GAAP financial measures,
reported operating profit, earnings before income taxes, and diluted earnings
per share available to Whirlpool common stockholders, for the three months
ended December31, 2011.

                            Three Months Ended

                            December  31, 2011
                            Operating        Earnings (Loss)  Diluted Earnings

                            Profit (Loss)    Before Tax       (Loss) Per Share
Reported GAAP Measure       $          205   $     130        $   2.62
Restructuring Expense^(a)              78              78         0.64
Brazilian Tax Credits                  (59)            (59)       (0.76)
(BEFIEX)^(b)
Supplier Quality                       (61)            (61)       (0.49)
Recovery^(f)
Benefit Plan Curtailment               (35)            (35)       (0.28)
Gain^(g)
Energy Tax Credits ($110M)             —               —          (1.41)
^(h)
Adjusted Non-GAAP measure   $          128   $   53           $   0.32



Ongoing Business Operations Measures - Adjusted Operating Profit, Adjusted
Earnings Before Tax, Adjusted Diluted Earnings Per Share

The reconciliation provided below reconciles the non-GAAP financial measures
adjusted operating profit, adjusted earnings before tax and adjusted diluted
earnings per share, with the most directly comparable GAAP financial measures,
reported operating profit, earnings before income taxes, and diluted earnings
per share available to Whirlpool common stockholders, for the twelve months
ended December31, 2012.



                        Twelve Months Ended
                        December 31, 2012
                        Operating          Earnings (Loss)   Diluted Earnings

                        Profit (Loss)      Before Tax        (Loss) Per Share
Reported GAAP Measure   $          869     $         558     $          5.06
Restructuring           237                237               2.15
Expense^(a)
Brazilian Tax Credits   (37)               (37)              (0.47)
(BEFIEX)^(b)
Antitrust               —                  25                0.32
Resolutions^(c)
Investment and
Intangible              4                  11                0.12
Impairment^(d)
Benefit Plan            (49)               (49)              (0.38)
Curtailment Gain^(g)
Contract and Patent     —                  22                0.17
Resolutions^(i)
Tax Rate Adjustment^(e) —                  —                 0.08
Adjusted Non-GAAP       $          1,024   $         767     $          7.05
measure



Ongoing Business Operations Measures - Adjusted Operating Profit, Adjusted
Earnings Before Tax, Adjusted Diluted Earnings Per Share

The reconciliation provided below reconciles the non-GAAP financial measures
adjusted operating profit, adjusted earnings before tax and adjusted diluted
earnings per share, with the most directly comparable GAAP financial measures,
reported operating profit, earnings before income taxes, and diluted earnings
per share available to Whirlpool common stockholders, for the twelve months
ended December31, 2011.

                                Twelve Months Ended
                                December  31, 2011
                                Operating        Earnings     Diluted Earnings

                                Profit           (Loss)       (Loss)

                                (Loss)           Before Tax   Per Share
Reported GAAP Measure           $          792   $     (28)   $         4.99
Restructuring Expense^(a)       136              136          1.13
Brazilian Tax Credits           (266)            (266)        (3.41)
(BEFIEX)^(b)
Brazilian Collection Dispute &  —                528          4.85
Antitrust Resolutions^(c)
Supplier Quality Recovery^(f)   (61)             (61)         (0.49)
Benefit Plan Curtailment        (35)             (35)         (0.28)
Gain^(g)
Energy Tax Credits ($366M)^(h)  —                —            (4.68)
Supplier-Related Quality        (7)              (7)          (0.06)
Issue^(j)
Adjusted Non-GAAP measure       $          559   $     267    $         2.05



Ongoing Business Operations Measures - Adjusted Segment Operating Profit

The reconciliation provided below reconciles the non-GAAP financial measure
adjusted segment operating profit with the most directly comparable GAAP
financial measure, reported segment operating profit, for the three months
ended December31, 2012.

                   Three Months Ended
                   December 31, 2012
                                                                                            Adjusted
                   Segment Operating        Restructuring   Brazilian      Intangible       Segment
                   Profit (Loss)            Expense^(a)     Tax Credits    Impairment^(d)   Operating
                                                            (BEFIEX)^(b)                    Profit
                                                                                            (Loss)
North America      $                  233   $        —      $      —       $          —     $     233
Latin America      134                      —               (15)           —                119
EMEA               8                        —               —              —                8
Asia               7                        —               —              —                7
Other/Eliminations (124)                    62              —              4                (58)
Total Whirlpool    $                  258   $        62     $      (15)    $          4     $     309
Corporation



The reconciliation provided below reconciles the non-GAAP financial measure
adjusted segment operating profit with the most directly comparable GAAP
financial measure, reported segment operating profit, for the three months
ended December31, 2011.



                   Three Months Ended

                   December 31, 2011
                   Segment                                                  Benefit       Adjusted
                   Operating   Restructuring   Brazilian                     Plan          Segment
                   Profit      Expense^(a)     Tax Credits    Supplier       Curtailment   Operating
                   (Loss)                      (BEFIEX)^(b)   Quality                      Profit
                                                              Recovery^(f)   Gain^(g)      (Loss)
North America      $    202    $       —       $     —        $     (61)     $     (35)    $    106
Latin America      155         —               (59)           —              —             96
EMEA               (32)        —               —              —              —             (32)
Asia               2           —               —              —              —             2
Other/Eliminations (122)       78              —              —              —             (44)
Total Whirlpool    $    205    $       78      $     (59)     $     (61)     $     (35)    $    128
Corporation



Footnotes:
   During the fourth quarters of 2012 and 2011, we recorded restructuring
   charges of $62 million and $78 million, respectively. The diluted earnings
   per share impacts are calculated based on income tax impacts of $17 million
a. and $27 million, respectively. During the full years of 2012 and 2011, we
   recorded restructuring charges of $237 million and $136 million,
   respectively. The diluted earnings per share impacts are calculated based
   on income tax impacts of $66 million and $48 million, respectively.
   During the fourth quarters of 2012 and 2011, we monetized Brazilian
   (BEFIEX) tax credits of $15 million and $59 million, respectively. During
b. the full years of 2012 and 2011, we monetized Brazilian (BEFIEX) tax
   credits of $37 million and $266 million, respectively. The diluted earnings
   per share impact is calculated based on an income tax impact of $0 million.
   During 2011, we recognized expenses of approximately $528 million related
   to the settlement of a previously disclosed Brazilian collection dispute
   and increased accruals related to the antitrust resolutions. In the second
c. and fourth quarters of 2012, we recognized expenses of approximately $8
   million and $17 million, respectively, related to the antitrust
   resolutions. The diluted earnings per share impacts are calculated based on
   an income tax impact of approximately $149 million for 2011 and $0 million
   for 2012.
   During the fourth quarter of 2012, a $4 million intangible impairment
   charge occurred. The diluted earnings per share impact is calculated based
d. on a tax impact of $1 million. During the second quarter of 2012, a $7
   million other-than-temporary impairment charge of a European investment
   occurred. The diluted earnings per share impact is calculated based on a
   tax impact of $0 million.
   During the fourth quarter of 2012 and full year 2012, we made an adjustment
e. to ongoing business operations EPS to reconcile specific items reported to
   a full-year effective tax rate of 24%.
   Pursuant to a settlement agreement, a supplier reimbursed Whirlpool
f. Corporation $61 million related to a prior quality issue on December 20,
   2011. The diluted earnings per share impact for the period is calculated
   based on an income tax impact of approximately $23 million.
   During the second quarter of 2012 and the fourth quarter of 2011, we
   recognized curtailment gains related to a retiree health care plan of $49
g. million and $35 million, respectively. The diluted earnings per share
   impacts are calculated based on income tax impact of approximately $19
   million and $13 million, respectively.
   We earned U.S. energy tax credits of $110 million in the fourth quarter of
h. 2011 and $366 million during the full-year 2011. The diluted earnings per
   share impact is calculated based on an income tax impact of $110 million
   and $366 million, respectively.
   During the third quarter of 2012, we recorded net expenses of $22 million
i. primarily due to the conclusion of long-standing U.S. contract and patent
   litigations. The diluted earnings per share impact is calculated based on
   income tax impact of approximately $8M.
   During 2010, we recognized an accrual for $75M related to a product recall.
j. During 2011, we revised the total cost of this recall to $68M as a result
   of lower than expected costs. The diluted earnings per share impact for
   2011 is calculated based on an income tax impact of $3M for 2011.



Free Cash Flow (2013 Outlook)

As defined by the company, free cash flow is cash provided by operating
activities after capital expenditures and proceeds from the sale of assets.
The reconciliation provided below reconciles twelve-month actual 2012 and 2011
and projected 2013 full-year free cash flow with actual and projected cash
provided by (used in) operating activities, the most directly comparable GAAP
financial measure.

                                         Twelve Months Ended

                                         December 31,
(millions of dollars)                    2012*       2011**    2013 Outlook
Cash provided by operating activities    $      696  $  530    $1,200 – $1,300
Capital expenditures and proceeds from   (466)       (585)     (600)  – (650)
sale of assets
Free Cash Flow                           $      230  $  (55)   $600   – $650
*Includes 2012 Brazilian collection dispute payment of $275 million.

**Includes 2011 Brazilian collection dispute payment of $301 million.

SOURCE Whirlpool Corporation

Website: http://www.whirlpoolcorp.com
Contact: Media, Whirlpool Corporation Press Office, +1-269-923-7405,
Media@Whirlpool.com or Financial, Joseph Lovechio, +1-269-923-2641,
Investor_Relations@Whirlpool.com