Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,501.65 -12.72 -0.08%
S&P 500 1,875.39 -4.16 -0.22%
NASDAQ 4,126.97 -34.49 -0.83%
Ticker Volume Price Price Delta
STOXX 50 3,194.55 18.58 0.59%
FTSE 100 6,700.95 26.21 0.39%
DAX 9,598.13 53.94 0.57%
Ticker Volume Price Price Delta
NIKKEI 14,404.99 -141.28 -0.97%
TOPIX 1,164.90 -8.91 -0.76%
HANG SENG 22,555.00 45.36 0.20%

Whirlpool Corporation Reports First-Quarter 2013 Results and Continues Margin Expansion



Whirlpool Corporation Reports First-Quarter 2013 Results and Continues Margin
                                  Expansion

First-Quarter GAAP EPS Up 166 Percent; Ongoing Business Operations EPS Up 40
Percent

Reaffirms 2013 Full-Year Guidance

PR Newswire

BENTON HARBOR, Mich., April 24, 2013

BENTON HARBOR, Mich., April 24, 2013 /PRNewswire/ -- Whirlpool Corporation
(NYSE: WHR) announced today first-quarter GAAP net earnings of $252 million,
or $3.12 per diluted share, compared to net earnings of $92 million, or $1.17
per diluted share, reported during the same period last year. Current-quarter
GAAP earnings include $1.04 per share of benefits from U.S. energy tax
credits. On an adjusted basis, diluted earnings per share^(1) improved to
$1.97, compared to $1.41 in the prior year, driven by continued favorable
product price and mix and the benefit of cost and capacity-reduction
initiatives.

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

Sales in the quarter were $4.2 billion compared to $4.3 billion reported
during the same period last year. Excluding the impact of both foreign
currency and Brazilian (BEFIEX) tax credits, sales were flat to the prior
year. 

"The first-quarter results were in line with our expectations and continue to
reflect our actions to expand margins, marking the fifth consecutive quarter
of year-over-year operating margin improvement," said Jeff M. Fettig, chairman
and chief executive officer of Whirlpool Corporation. "We expect to see
moderately higher revenue growth, due to continued strength in U.S. housing
and improving demand trends internationally, and we are on track to deliver
our operating profit margin, earnings and free cash flow guidance for the
year."

First-quarter GAAP operating profit totaled $254 million, compared to $204
million in the prior year. On an adjusted basis, operating profit^(2) totaled
$280 million, 6.6 percent of sales, compared with $231 million, 5.3 percent of
sales, in the prior year. Continued positive product price and mix and the
benefit of cost and capacity-reduction initiatives positively impacted results
during the quarter.

During the three months ended March 31, 2013, the company reported cash flow
used in operating activities of $(305) million compared to cash flow used in
operating activities of $(423) million in the prior-year period. On a
year-to-date basis, Whirlpool Corporation reported free cash flow^(3) use of
$(376) million compared to free cash flow use^(3) of $(515) million in the
prior-year period.

OUTLOOK

Whirlpool Corporation continues to expect 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
continues to expect 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 $120 million from U.S. energy
tax credits.

The company continues to expect 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 million to $650
million and U.S. pension contributions of up to $140 million.

"We are leveraging our competitive cost structure, preferred brands and
innovative products to build upon our positive momentum," said Fettig.
"Continued investments in innovative consumer solutions for the home will
enable us to reach our long-term growth goals."

FIRST-QUARTER REGIONAL REVIEW

Whirlpool North America

Whirlpool North America reported first-quarter sales of $2.2 billion,
essentially flat from the previous year. The North American region reported
operating profit of $218 million, or 9.7 percent of sales, compared to $151
million in the prior year, or 6.7 percent of sales. Continued favorable
product price and mix and cost and capacity-reduction actions positively
impacted the quarter.

The company continues to expect 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 first-quarter sales of $1.2 billion compared
to $1.3 billion in the prior year. Excluding currency translation and
Brazilian (BEFIEX) tax credits, sales increased 2 percent on improved product
price and mix. 

The region reported operating profit of $130 million, compared to $121 million
in the prior year.  During the first quarters of 2013 and 2012, the company
monetized $16 million and $7 million of Brazilian (BEFIEX) tax credits,
respectively. On an adjusted basis, operating profit^(4) totaled $114 million,
approximately 10 percent of sales, versus $114 million, approximately 9
percent of sales, in the prior year. Favorable product price and mix offset
unfavorable currency and higher material costs.

The company continues to expect 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 first-quarter sales of $668
million compared to $687 million in the prior year.

The region reported an operating loss of $(8) million compared to a $4 million
operating profit in the prior year. The year-over-year decline in operating
profit was driven by the continued weak environment across the euro zone.

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

Whirlpool Asia

Whirlpool Asia reported first-quarter sales of $187 million compared to $202
million in the prior year. Excluding the impact of currency, sales decreased 4
percent.

Operating profit of $3 million was down compared to $9 million in the prior
year. Favorable product price and mix were more than offset by higher material
costs, lower volumes and unfavorable currency.

The company continues to expect 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.

FIRST-QUARTER 2013 PRODUCT LEADERSHIP, INNOVATION AND AWARDS

Whirlpool Corporation innovation is leading the market. 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 first quarter, with
strong consumer preference for the company's innovative new product offerings
driving improvement in global product mix. The company's efforts were
recognized externally with awards for leadership in corporate reputation and
citizenship, design and innovation.

Global Leadership:

  o Whirlpool Corporation was recognized as one of Fortune magazine's World's
    Most Admired Companies in the Home Equipment, Furnishings industry sector.
    The company finished first in this sector for the third year in a row.
    Whirlpool Corporation's highest scores in the survey came in the
    categories of people management, quality of management and global
    competitiveness.
  o Forbes magazine and the Reputation Institute recognized Whirlpool
    Corporation as one of the world's Most Reputable Companies for the sixth
    year. And for the 11th consecutive year, CR magazine recognized Whirlpool
    Corporation as a 2013 Top 50 Best Corporate Citizen. The awards highlight
    the company's reputation, corporate citizenship and unique sense of
    responsibility in the way it operates.

Whirlpool North America Region:

  o Whirlpool brand launched its line of smart appliances with 6th Sense Live
    technology. Features like Smart Assistant, Smart Stats, Smart Nudges and
    Smart Alerts enable remote functionality and provide status updates, so
    users can be confident appliances are running smoothly at home. And by
    connecting to the Smart Grid used by select utility companies, these
    appliances optimize and track energy usage.
  o The Maytag brand launched the Maxima XL front-load steam washer with
    PowerWash cycle that combines extra cleaning action and heated water to
    fight stains. The Optimal Dose dispenser stores enough detergent for up to
    12 loads, and the Overnight Wash & Dry cycle has clothes ready to wear the
    next day.
  o The Maytag Jetclean Plus dishwasher features a stainless steel tub that
    cools faster and draws moisture to help prevent spots on glassware and
    water drops on plastic containers. The ToughScrub™ option and powerful
    four-blade stainless steel chopper prevent the need to rinse off dried-on
    food.
  o The Jenn-Air brand Accolade™ ventilation system serves as an impressive
    design focal point when powerfully and quietly clearing the air and
    virtually disappears when not in use. The arc-shaped design places
    ventilation power even closer to the cooking source than traditional
    systems.
  o Whirlpool brand's Gold series dishwasher with PowerScour and four other
    Whirlpool Gold series dishwashers earned the Good Housekeeping Seal by the
    Good Housekeeping Research Institute. The ENERGY STAR® dishwashers scour
    away baked-on foods and deliver twice the coverage to clean without using
    an additional drop of water.
  o The Whirlpool Gold French-door bottom-freezer and the Whirlpool Gold 21
    cu. ft. top-freezer refrigerator with exterior water dispenser were
    featured on a leading consumer publication's Hot List of recommended
    appliances in March.

Whirlpool Latin America Region:

  o The Brastemp Dual Zone wine cellar is a product of truly modern design
    combined with technological solutions. The wine cellar has storage
    capacity for 31 bottles and includes two independent temperature control
    areas that allow simultaneous storage of different types of wine. 
  o In one load, the Brastemp Ative! dishwasher can clean enough dishes to
    serve 12 people. The dishwasher's Smart Sensor technology can
    automatically program the ideal time and wash cycle based on the amount of
    dishes and how dirty they are. It also has the exclusive Aquaspray quick
    rinse system for dishes loaded between meals.

Whirlpool Europe, Middle East and Africa Region:       

  o The Whirlpool and Bauknecht brands launched induction ovens that deliver
    precise baking and cooking results while saving up to 50 percent in time
    and energy.
  o The Whirlpool brand Art Gallery hood collection received the prestigious
    Red Dot Design Award 2013 honorable mention. The hood collection includes
    six interchangeable panels of artwork, which transforms the cooking area
    into a personal art show.
  o The Bauknecht KOSMOS induction oven received the award for product
    benefit, innovation, functionality, design and ecology as well as the Best
    of the Best Gold Award from the KitchenInnovation of the Year Award jury.
  o Four KitchenAid brand small appliances received KitchenInnovation of the
    Year awards. The KitchenAid brand tea kettle was recognized as Best of the
    Best, while the brand's food processor, cordless immersion blender and
    two-slice toaster were recognized for their product benefit, innovation,
    user experience and design.

Whirlpool Asia Region:

  o In India, the Whirlpool brand Stainwash fully automatic washing machine
    boasts a unique design as well as a six-step cleaning process that removes
    16 types of tough stains through its thermal, chemical and mechanical
    action.
  o The Whirlpool brand in India launched the Mastermind frost-free
    refrigerators with new surround cooling technology that provides efficient
    cooling even with frequent door opening.
  o In China, the Whirlpool Venus BPM Refresh washer with full glass lid and
    LED touch control uses unique heating technology to enhance cleaning.
  o The Whirlpool 376 MD four-door refrigerator in China features premium
    aesthetics and outstanding performance. The refrigerator offers flexible
    space and organization, including a drawer that can fully convert from
    freezer to fridge.

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)  risks related to our
international operations, including changes in foreign regulations, regulatory
compliance and disruptions arising from natural disasters or terrorist
attacks; (6) the uncertain global economy; (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) Whirlpool's ability to maintain its reputation and
brand image; (9) 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; (10) 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; (11)  product liability and
product recall costs; (12) the effects and costs of governmental
investigations or related actions by third parties; (13) Whirlpool's ability
to obtain and protect intellectual property rights; (14)  the ability of
suppliers of critical parts, components and manufacturing equipment to deliver
sufficient quantities to Whirlpool in a timely and cost-effective manner; 
(15) 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;  (16) information technology system
failures and data security breaches; (17) the impact of labor relations;
(18) our ability to attract, develop and retain executives and other qualified
employees; (19) changes in the legal and regulatory environment including
environmental and health and safety regulations; and (20) the ability of
Whirlpool to manage foreign currency fluctuations.

Additional information concerning these and other factors can be found in
Whirlpool'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 CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE PERIOD ENDED MARCH 31
(Millions of dollars, except per share data)
                                          2013               2012
Net sales                                 $                  $                
                                          4,248              4,348
Expenses
Cost of products sold                     3,522              3,698
Gross margin                              726                650
Selling, general and administrative       421                405
Intangible amortization                   9                  7
Restructuring costs                       42                 34
Operating profit                          254                204
Other income (expense)
Interest and sundry income (expense)      (18)               (17)
Interest expense                          (46)               (54)
Earnings before income taxes              190                133
Income tax expense (benefit)              (67)               36
Net earnings                              257                97
Less: Net earnings available to           5                  5
noncontrolling interests
Net earnings available to Whirlpool       $                  $                
                                             252                  92
Per share of common stock
Basic net earnings available to Whirlpool $                  $                
                                            3.18               1.19
Diluted net earnings available to         $                  $                
Whirlpool                                   3.12               1.17
Dividends declared                        $                  $                
                                            0.50               0.50
Weighted-average shares outstanding (in
millions)
Basic                                     79.3               77.3
Diluted                                   80.7               78.5
Comprehensive income
Comprehensive income                      $                  $                
                                             226                194

WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Millions of dollars, except share data)
                                      (Unaudited)
                                      March 31,              December 31,
                                      2013                   2012
Assets
Current assets
Cash and equivalents                  $                      $                
                                                750                     1,168
Accounts receivable, net of allowance 2,080                  2,038
of $61 and $60, respectively
Inventories                           2,569                  2,354
Deferred income taxes                 548                    558
Prepaid and other current assets      768                    709
Total current assets                  6,715                  6,827
Property, net of accumulated
depreciation of $6,085 and $6,070,    2,961                  3,034
respectively
Goodwill                              1,726                  1,727
Other intangibles, net of accumulated
amortization of $220 and $211,        1,713                  1,722
respectively
Deferred income taxes                 1,937                  1,832
Other noncurrent assets               279                    254
Total assets                          $                      $                
                                           15,331                     15,396
Liabilities and stockholders' equity
Current liabilities
Accounts payable                      $                      $                
                                             3,556                      3,698
Accrued expenses                      694                    692
Accrued advertising and promotions    310                    419
Employee compensation                 547                    520
Notes payable                         1                      7
Current maturities of long-term debt  10                     510
Other current liabilities             683                    664
Total current liabilities             5,801                  6,510
Noncurrent liabilities
Long-term debt                        2,441                  1,944
Pension benefits                      1,599                  1,636
Postretirement benefits               412                    422
Other noncurrent liabilities          492                    517
Total noncurrent liabilities          4,944                  4,519
Stockholders' equity
Common stock, $1 par value,
250 million shares authorized, 108    108                    108
million shares issued and 79 million
shares outstanding
Additional paid-in capital            2,346                  2,313
Retained earnings                     5,360                  5,147
Accumulated other comprehensive loss  (1,563)                (1,531)
Treasury stock, 29 million shares     (1,776)                (1,777)
Total Whirlpool stockholders' equity  4,475                  4,260
Noncontrolling interests              111                    107
Total stockholders' equity            4,586                  4,367
Total liabilities and stockholders'   $                      $                
equity                                     15,331                     15,396

 

WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE PERIOD ENDED MARCH 31
(Millions of dollars)
                                        2013               2012
Operating activities
Net earnings                            $                  $                  
                                                257                97
Adjustments to reconcile net earnings
to cash used in operating activities:
Depreciation and amortization           129                151
Settlement of Brazilian collection      —                  (275)
dispute
Changes in assets and liabilities:
Accounts receivable                     (58)               —
Inventories                             (223)              (207)
Accounts payable                        (141)              (2)
Accrued advertising and promotions      (105)              (112)
Taxes deferred and payable, net         (92)               (3)
Accrued pension and postretirement      (45)               (72)
benefits
Employee compensation                   29                 57
Other                                   (56)               (57)
Cash used in operating activities       (305)              (423)
Investing activities
Capital expenditures                    (74)               (92)
Proceeds from sale of assets            3                  —
Other                                   (26)               —
Cash used in investing activities       (97)               (92)
Financing activities
Proceeds from borrowings of long-term   499                —
debt
Repayments of long-term debt            (503)              (3)
Dividends paid                          (39)               (39)
Net repayments of short-term borrowings (3)                (1)
Common stock issued                     37                 11
Other                                   (5)                (2)
Cash used in financing activities       (14)               (34)
Effect of exchange rate changes on cash (2)                23
and equivalents
Decrease in cash and equivalents        (418)              (526)
Cash and equivalents at beginning of    1,168              1,109
period
Cash and equivalents at end of period   $                  $                  
                                                750              583

 

SUPPLEMENTAL INFORMATION - CONSOLIDATED CONDENSED 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 March 31, 2013.

                                Three Months Ended
                                March 31, 2013
                                               Earnings
                                Operating                     Diluted Earnings
                                               (Loss) Before
                                Profit (Loss)                 (Loss) Per Share
                                               Tax
Reported GAAP Measure           $    254       $    190       $    3.12
Restructuring Expense^(a)       42             42             0.40
Brazilian Tax Credits           (16)           (16)           (0.20)
(BEFIEX)^(b)
Energy Tax Credits ($84M)^(c)        —              —              (1.04)
Normalized Tax Rate Adjustment^(d)   —              —              (0.31)
Adjusted Non-GAAP measure       $    280       $    216       $    1.97

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 March 31, 2012.

                                Three Months Ended
                                March 31, 2012
                                               Earnings
                                Operating                     Diluted Earnings
                                               (Loss) Before
                                Profit (Loss)                 (Loss) Per Share
                                               Tax
Reported GAAP Measure           $    204       $    133       $    1.17
Restructuring Expense^(a)       34             34             0.32
Brazilian Tax Credits           (7)            (7)            (0.08)
(BEFIEX)^(b)
Adjusted Non-GAAP measure       $    231       $    160       $    1.41

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 March 31, 2013.

                            Three Months Ended
                            March 31, 2013
                                                                     Adjusted
                            Segment                   Brazilian Tax
                                       Restructuring                 Segment
                            Operating                 Credits
                                       Expense^(a)                   Operating
                            Profit                    (BEFIEX)^(b)
                            (Loss)                                   Profit
                                                                     (Loss)
North America               $  218     $    —         $   —          $  218
Latin America               130        —              (16)           114
EMEA                        (8)        —              —              (8)
Asia                        3          —              —              3
Other/Eliminations          (89)       42             —              (47)
Total Whirlpool Corporation $  254     $    42        $   (16)       $  280

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 March 31, 2012.

                            Three Months Ended
                            March 31, 2012
                                                                     Adjusted
                            Segment                   Brazilian Tax
                                       Restructuring                 Segment
                            Operating                 Credits
                                       Expense^(a)                   Operating
                            Profit                    (BEFIEX)^(b)
                            (Loss)                                   Profit
                                                                     (Loss)
North America               $  151     $    —         $    —         $  151
Latin America               121        —              (7)            114
EMEA                        4          —              —              4
Asia                        9          —              —              9
Other/Eliminations          (81)       34             —              (47)
Total Whirlpool Corporation $  204     $    34        $    (7)       $  231

Footnotes:
   During the first quarters of 2013 and 2012, we recorded restructuring
a. charges of $42 million and $34 million, respectively. The diluted earnings
   per share impacts are calculated based on income tax impacts of $10 million
   and $9 million, respectively.
   During the first quarters of 2013 and 2012, we monetized Brazilian (BEFIEX)
b. tax credits of $16 million and $7 million, respectively. The diluted
   earnings per share impact is calculated based on an income tax impact of $0
   million.
c. In the first quarter of 2013 we recognized U.S. energy tax credits earned
   in 2012 and first quarter 2013. The diluted earnings per share impact is
   calculated based on an income tax benefit of $84 million.
   During the first quarter of 2013, we made an adjustment to ongoing business
d. operations EPS to reconcile specific items reported to a full-year
   effective tax rate of 24%.

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 three-month actual 2013 and 2012
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.

                                         Three Months Ended
                                         March 31,
(millions of dollars)                    2013      2012      2013 Outlook
Cash provided by operating activities    $  (305)  $ (423)   $ 1,200 – $ 1,300
Capital expenditures and proceeds from      (71)     (92)      (600) –   (650)
sale of assets
Free Cash Flow                           $  (376)  $ (515)   $ 600   – $ 650

SOURCE Whirlpool Corporation

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