Whirlpool Corporation Reports Record Third-Quarter Earnings And Raises Full-Year Guidance

    Whirlpool Corporation Reports Record Third-Quarter Earnings And Raises
                              Full-Year Guidance

Third-Quarter GAAP EPS Up 158 Percent; Ongoing Business Operations EPS Up 51
Percent

Continued Sales Growth and Margin Expansion

PR Newswire

BENTON HARBOR, Mich., Oct. 22, 2013

BENTON HARBOR, Mich., Oct. 22, 2013 /PRNewswire/ --Whirlpool Corporation
(NYSE: WHR) announced today third-quarter GAAP net earnings of $196 million,
or $2.42 per diluted share, compared to net earnings of $74 million, or $0.94
per diluted share, reported during the same period last year. On an adjusted
basis, diluted earnings per share^(1) improved to $2.72, compared to $1.80 in
the prior year, mainly driven by higher revenue, ongoing cost productivity and
the benefit of cost and capacity-reduction initiatives.

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

Sales in the quarter were $4.7 billion compared to $4.5 billion reported
during the same period last year. Excluding the impact of both foreign
currency and Brazilian (BEFIEX) tax credits, sales increased over 5 percent
led by strong growth in North America.

"We continue to execute on the plans we set out at the beginning of the year,"
said Jeff M. Fettig, chairman and chief executive officer of Whirlpool
Corporation. "Our innovative products and industry-leading brands are driving
increased consumer demand and revenue growth. That growth, combined with our
actions to increase margins, is translating into record earnings."

Third-quarter GAAP operating profit totaled $313 million, compared to $213
million in the prior year. On an adjusted basis, operating profit^(2) totaled
$353 million, nearly 8 percent of sales, compared with $262 million,
approximately 6 percent of sales, in the prior year. Higher revenue, ongoing
cost productivity and the benefit of cost and capacity-reduction initiatives
more than offset higher material costs, foreign currency and increased
investments in marketing, technology, and products.

During the nine months ended September 30, 2013, the company reported cash
flow from operating activities of $242 million compared to cash flow used in
operating activities of $(161) million in the prior-year period. On a
year-to-date basis, Whirlpool Corporation reported free cash flow^(3) use of
$(72) million compared to free cash flow^(3) use of $(435) million in the
prior-year period.

OUTLOOK
Whirlpool Corporation is increasing its full-year diluted earnings per share
guidance and full-year adjusted earnings per share^(1) guidance. The full-year
diluted earnings per share guidance is increasing to $10.45 to $10.65 compared
to the previous range of $10.05 to $10.55, and the full-year adjusted earnings
per share^(1) guidance is increasing to $9.90 to $10.10 compared to the
previous range of $9.50 to $10.00.



                                    2013 EPS Outlook
GAAP EPS                            $10.45-$10.65
Restructuring Expense               1.75
Brazilian (BEFIEX) Tax Credits      (0.91)
U.S. Energy Tax Credits*            (1.50)
Antitrust and Contract Resolutions  (0.02)
Investment Expenses                 0.14
Ongoing Business Operations EPS^(1) $9.90–$10.10

*2013 outlook includes the expected impact of $120 million from U.S. energy
tax credits.



The company now expects to generate free cash flow^(3) between $690 million
and $710 million up from between $650 million and $700 million.

"Our robust pipeline of new product innovations for consumers around the globe
creates significant opportunities for us going forward," said Fettig. "We are
executing our long-term growth strategy and remain focused on delivering our
shareholder value creation targets."

THIRD-QUARTER REGIONAL REVIEW

Whirlpool North America
Whirlpool North America reported third-quarter sales of $2.6 billion compared
to $2.4 billion in the prior year, an increase of over 8 percent. The region
reported operating profit of $289 million, 11 percent of sales, compared to
$227 million, approximately 9 percent of sales, in the prior year. Higher
sales, ongoing productivity, and the benefit of cost and capacity-reduction
initiatives more than offset higher material costs and investments in
marketing, technology, and products.

The company now expects full-year 2013 U.S. industry unit shipments to
increase by approximately 9 percent.

Whirlpool Europe, Middle East and Africa
Whirlpool Europe, Middle East and Africa reported third-quarter sales of $778
million compared to $702 million in the prior year. Excluding the impact of
currency, sales increased approximately 5 percent.

The region reported break-even results compared to an operating loss of $(36)
million in the prior year. The improvement was driven by higher sales, ongoing
productivity and cost and capacity-reduction initiatives which more than
offset higher material costs.

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

Whirlpool Latin America
Whirlpool Latin America reported third-quarter sales of $1.1 billion, compared
to $1.2 billion in the prior year. Excluding currency and Brazilian (BEFIEX)
tax credits, sales were down less than 1 percent as a temporary reduction in
global compressor sales was offset by stronger appliance shipments.

The region reported operating profit of $133 million, compared to $118 million
in the prior year. During the third quarters of 2013 and 2012, the company
monetized $29 million and $13 million of Brazilian (BEFIEX) tax credits,
respectively. On an adjusted basis, operating profit^(4) totaled $104 million,
9.4 percent of sales, versus $105 million, 8.8 percent of sales, in the prior
year. Ongoing productivity offset higher material costs and foreign currency.

The company now expects full-year 2013 industry unit shipments to be up 1
percent.

Whirlpool Asia
Whirlpool Asia reported third-quarter sales of $197 million compared to $201
million in the prior year. Excluding the impact of currency, sales increased
approximately 2 percent.

Operating profit of $7 million in the third quarter, approximately 4 percent
of sales, was flat compared to the prior year. Favorable product price and mix
and ongoing productivity offset higher material costs and foreign currency.

The company now expects full-year 2013 industry unit shipments to decline by 2
percent, primarily driven by weakness in India.

(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.

THIRD-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
designing high-quality products that deliver what consumers want and need.
This focus yielded positive results during the third quarter, with strong
consumer preference for the company's innovative new product offerings driving
continued sales growth. The company's efforts were recognized externally with
awards for leadership in corporate reputation and citizenship, performance and
innovation.

Global Leadership:

  oWhirlpool Corporation was recognized by the Alliance to Save Energy with
    an Innovative Star Award for the company's new line of Smart Grid home
    appliances.
  oWhirlpool Corporation's state-of-the-art facility in Cleveland, Tenn.
    achieved Leadership in Energy and Environmental Design (LEED) Gold
    Certification from the U.S. Green Building Council.
  oIn Latin America, Whirlpool Corporation was named a Great Place to Work by
    Época magazine and one of the Best Companies to Work For by the magazine
    Você S/A and the Institute of Administration.
  oWhirlpool Corporation's Europe, Middle East and Africa Region was awarded
    the prestigious Emirates Quality Mark for Excellence in Dubai in
    September.
  oWhirlpool Corporation won the Stand Design Award of Excellence at Decorex
    Johannesburg, the largest consumer show in South Africa. The company was
    one of only 19 winners among the 700 exhibitors at the decor, design and
    lifestyle expo.

Whirlpool North America Region:

  oThe Whirlpool Cabrio Platinum dryer was named Editors' Choice by
    Reviews.com as a "highly efficient and affordable top-load dryer."
  oA leading consumer publication awarded two Maytag wall oven models and the
    Whirlpool Duet front-load washer with BEST BUY ratings.
  oWhirlpool brand launched the industry's first induction double oven
    freestanding range, which leads the way in cooking consistency and control
    with efficient cooking technology and easy cleaning. The 2.5 cubic-foot
    upper oven and 4.2 cubic-foot lower oven include a variety of special
    features that brings together the best of the brand's cooking technology
    in one appliance.
  oMore than 100 years of laundry knowledge is now at consumers' fingertips
    in the new WashSquad laundry app, available in the iTunes store. The
    mobile app provides stain-solving tips and fabric-care instructions and
    can even assign laundry jobs to members of the household using a tracking
    system and points board.
  oKitchenAid brand introduced five-speed diamond blenders in both classic
    and diamond pitcher design. The new models feature patented four-star
    blade system and Intelli-Speed Motor Control and automatic Soft Start
    technology that ensure exceptional performance sure to handle any kitchen
    task.
  oJenn-Air brand takes the guesswork out of cooking, baking and preparing
    food with its versatile 24-inch steam and convection wall oven. The
    modern, glass-touch controls guide consumers through the oven's many menu
    choices and options - like Steam Plus Convection Mode, which uses steam
    and convection together for food that's tender inside and roasted or
    crisped outside.

Whirlpool Europe, Middle East and Africa Region:

  oThe biggest technology competition in Europe awarded the Plus X award for
    Best Design Brand 2013 to the Bauknecht brand in the large household
    appliances category, making it the home appliance brand with the most
    awards in the design category for 2013.
  oThe Whirlpool brand's Heatpump Green 850 dryer was named Best Buy and Best
    Tested in July by Consumentenbond, The Netherlands' leading consumer
    journal.
  oThe region announced the KitchenAid brand 6.9L Artisan bowl-lift stand
    mixer won the Small Electricals Innovation Award at the United Kingdom's
    2013 Housewares Innovation Awards.
  oThe Bauknecht JetCuisine microwave specializes in precision, whether it's
    grilling, browning or gentle steam cooking. With its new weight sensor,
    consumers need only select what is in the microwave, and the microwave
    automatically takes over all the other settings - cooking has never been
    so simple and so delicious.
  oThe Bauknecht UltimateCare washer and dryer are setting new standards in
    laundry care, with a gentle, low-friction drum that protects the color,
    shape and texture of laundry better than any other appliance in
    independent tests. The pair's energy and water-efficient cycles ensure
    economical results without sacrificing the reliability and quality
    consumers expect.
  oBauknecht dishwashers with unique PowerDry ventilation system generate
    double the air circulation - making hand drying the dishes as much a thing
    of the past as prewashing them. Its innovative PowerClean+ system removes
    even the hardest dirt from dishes, and the one-hour wash and dry cycle
    makes cleaning fast as well as thorough.

Whirlpool Latin America Region:

  oStrong innovation in the Brastemp and Consul brands drove Whirlpool Latin
    America to secure its sixth straight win in the electronics category of
    Melhores da Dinheiro, by IstoE Dinheiro magazine.
  oFor the third year, Whirlpool brand was recognized in Argentina as the
    2013 Most Trusted Brand in refrigerators by Selecciones magazine's annual
    Trusted Brands survey.
  oThe Consul Bem Estar refrigerator has unique storage space for consumers
    who don't want to store medicine and cosmetics near food and the exclusive
    Horta em Casa keeps vegetables fresh twice as long.

Whirlpool Asia Region:

  oWhirlpool China launched the Whirlpool Beijing Opera refrigerator, which
    features iconic design, extra-large capacity and innovative features that
    delight consumers.
  oThe Whirlpool Mars front-load washer offers the fastest washing time in
    its market, with three Quick Clean modes and a Quick and Easy button that
    accelerates all cycle times by 10 percent.
  oIn India, the Whirlpool brand's new French-door, bottom-mount
    refrigerators feature Intelligent Temperature Control and Dual Cycle Dual
    Air Cooled System for customized cooling to change the way consumers view
    refrigeration.
  oThe Whirlpool Neo iChill refrigerator portfolio now provides separate
    products that cater to a variety of consumer needs. From the entry-level
    Classic and Classic Plus models to the premium Royal and Royal 5 Star
    range, every household can have the cooling performance that meets its
    needs best.

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 PERIODS ENDED SEPTEMBER 30
(Millions of dollars, except per share data)
                                      Three Months Ended  Nine Months Ended
                                      2013      2012      2013       2012
Net sales                             $ 4,683   $ 4,494   $ 13,679   $ 13,352
Expenses
Cost of products sold                 3,837     3,791     11,290     11,271
Gross margin                          846       703       2,389      2,081
Selling, general and administrative   460       420       1,334      1,272
Intangible amortization               5         8         19         23
Restructuring costs                   68        62        141        175
Operating profit                      313       213       895        611
Other income (expense)
Interest and sundry income (expense)  (16)      (38)      (73)       (77)
Interest expense                      (43)      (48)      (133)      (150)
Earnings before income taxes          254       127       689        384
Income tax expense                    55        47        27         87
Net earnings                          199       80        662        297
Less: Net earnings available to       3         6         16         18
noncontrolling interests
Net earnings available to Whirlpool   $ 196     $ 74      $ 646      $ 279
Per share of common stock
Basic net earnings available to       $ 2.46    $ 0.95    $ 8.11     $ 3.58
Whirlpool
Diluted net earnings available to     $ 2.42    $ 0.94    $ 7.97     $ 3.53
Whirlpool
Dividends declared                    $ 0.625   $ 0.50    $ 1.75     $ 1.50
Weighted-average shares outstanding
(in millions)
Basic                                 79.7      78.3      79.6       77.9
Diluted                               81.0      79.3      81.0       79.0
Comprehensive income
Comprehensive income                  $ 271     $ 135     $ 612      $ 202





WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Millions of dollars, except share data)
                                                   (Unaudited)
                                                   September30,  December31,
                                                   2013           2012
Assets
Current assets
Cash and equivalents                               $   826        $  1,168
Accounts receivable, net of allowance of $68 and   2,226          2,038
$60, respectively
Inventories                                        2,667          2,354
Deferred income taxes                              497            558
Prepaid and other current assets                   787            709
Total current assets                               7,003          6,827
Property, net of accumulated depreciation of       2,936          3,034
$6,262 and $6,070, respectively
Goodwill                                           1,725          1,727
Other intangibles, net of accumulated amortization 1,706          1,722
of $231 and $211, respectively
Deferred income taxes                              1,974          1,832
Other noncurrent assets                            316            254
Total assets                                       $   15,660     $  15,396
Liabilities and stockholders' equity
Current liabilities
Accounts payable                                   $   3,782      $  3,698
Accrued expenses                                   706            692
Accrued advertising and promotions                 414            419
Employee compensation                              422            520
Notes payable                                      2              7
Current maturities of long-term debt               609            510
Other current liabilities                          744            664
Total current liabilities                          6,679          6,510
Noncurrent liabilities
Long-term debt                                     1,834          1,944
Pension benefits                                   1,500          1,636
Postretirement benefits                            389            422
Other noncurrent liabilities                       472            517
Total noncurrent liabilities                       4,195          4,519
Stockholders' equity
Common stock, $1 par value, 250million shares
authorized, 109 million and 108                    109            108
 million shares issued, respectively, and
79 million shares outstanding
Additional paid-in capital                         2,409          2,313
Retained earnings                                  5,653          5,147
Accumulated other comprehensive loss               (1,580)        (1,531)
Treasury stock, 30 million and 29 million shares,  (1,922)        (1,777)
respectively
Total Whirlpool stockholders' equity               4,669          4,260
Noncontrolling interests                           117            107
Total stockholders' equity                         4,786          4,367
Total liabilities and stockholders' equity         $   15,660     $  15,396



WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE PERIODS ENDED SEPTEMBER 30
(Millions of dollars)
                                                             Nine Months Ended
                                                             2013       2012
Operating activities
Net earnings                                                 $  662     $ 297
Adjustments to reconcile net earnings to cash provided by
(used in) operating activities:
Depreciation and amortization                                397        425
Settlement of Brazilian collection dispute                   —          (275)
Curtailment gain                                             —          (52)
Changes in assets and liabilities:
Accounts receivable                                          (268)      (188)
Inventories                                                  (335)      (260)
Accounts payable                                             160        134
Accrued advertising and promotions                           (1)        (15)
Taxes deferred and payable, net                              (101)      (63)
Accrued pension and postretirement benefits                  (147)      (213)
Employee compensation                                        (73)       160
Other                                                        (52)       (111)
Cash provided by (used in) operating activities              242        (161)
Investing activities
Capital expenditures                                         (317)      (276)
Proceeds from sale of assets                                 3          2
Other                                                        (39)       —
Cash used in investing activities                            (353)      (274)
Financing activities
Proceeds from borrowings of long-term debt                   499        300
Repayments of long-term debt                                 (507)      (359)
Dividends paid                                               (139)      (116)
Net (repayments) proceeds of short-term borrowings           (3)        19
Common stock issued                                          80         14
Purchase of treasury stock                                   (140)      —
Other                                                        (9)        (19)
Cash used in financing activities                            (219)      (161)
Effect of exchange rate changes on cash and equivalents      (12)       5
Decrease in cash and equivalents                             (342)      (591)
Cash and equivalents at beginning of period                  1,168      1,109
Cash and equivalents at end of period                        $  826     $ 518



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, some of 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 (hereafter referred to as "adjusted
diluted earnings per share"), adjusted operating profit by segment (hereafter
referred to as "adjusted segment operating profit"), adjusted segment
operating margin; and sales excluding foreign currency and BEFIEX 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 and provide a better baseline for analyzing trends in our
underlying businesses. Sales excluding foreign currency and BEFIEX is
calculated by translating the current period net sales excluding BEFIEX, in
functional currency, to U.S. dollars using the prior-year period's exchange
rate compared to the prior-year period net sales excluding BEFIEX. Management
believes that sales excluding foreign currency and BEFIEX provides
stockholders with a clearer basis to assess our results over time. Management
believes that free cash flow provides investors and stockholders with a
relevant measure of liquidity and a useful basis for assessing the company's
ability to fund its activities and obligations. We believe that these non-GAAP
measures provide meaningful information to assist investors and stockholders
in understanding our financial results and assessing our prospects for future
performance. 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, reported operating profit by segment, 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 September30, 2013. Adjusted segment operating margin is calculated by
dividing adjusted segment operating profit by adjusted net sales. Adjusted
net sales excludes Brazilian (BEFIEX) tax credits from reported net sales.



                                       Three Months Ended
                                       September30, 2013
                                       Operating  Earnings    Diluted Earnings
                                       Profit     Before Tax  Per Share
Reported GAAP Measure                  $  313     $   254     $    2.42
Restructuring Expense^(a)              68         68          0.64
Brazilian Tax Credits (BEFIEX)^(b)     (29)       (29)        (0.36)
U.S. Energy Tax Credits^(c)            —          —           (0.18)
Antitrust and Contract Resolutions^(d) —          (3)         (0.03)
Investment Expenses^(e)                1          5           0.04
Normalized Tax Rate Adjustment^(f)     —          —           0.19
Adjusted Non-GAAP measure              $  353     $   295     $    2.72



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 September30, 2012. Adjusted segment operating margin is calculated by
dividing adjusted segment operating profit by adjusted net sales. Adjusted
net sales excludes Brazilian (BEFIEX) tax credits from reported net sales.



                                    Three Months Ended
                                    September30, 2012
                                    Operating  Earnings   Diluted Earnings
                                    Profit     Before Tax  Per Share
Reported GAAP Measure               $  213     $   127     $    0.94
Restructuring Expense^(a)           62         62          0.57
Brazilian Tax Credits (BEFIEX)^(b)  (13)       (13)        (0.16)
Contract and Patent Resolutions^(g) —          22          0.17
Normalized Tax Rate Adjustment^(f)  —          —           0.28
Adjusted Non-GAAP measure           $  262     $   198     $    1.80



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 September30, 2013. Adjusted segment operating margin is calculated by
dividing adjusted segment operating profit by adjusted net sales. Adjusted
net sales excludes Brazilian (BEFIEX) tax credits from reported net sales.



                   Three Months Ended
                   September 30, 2013
                   Segment                   Brazilian                   Adjusted
                   Operating  Restructuring  Tax Credits   Investment    Segment
                   Profit     Expense^(a)    (BEFIEX)^(b)  Expenses^(e)  Operating
                                                                         Profit
North America      $  289     $    —         $   —         $    —        $  289
Latin America      133        —              (29)          —             104
EMEA               —          —              —             —             —
Asia               7          —              —             —             7
Other/Eliminations (116)      68             —             1             (47)
Total Whirlpool    $  313     $    68        $   (29)      $    1        $  353
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 September30, 2012. Adjusted segment operating margin is calculated by
dividing adjusted segment operating profit by adjusted net sales. Adjusted
net sales excludes Brazilian (BEFIEX) tax credits from reported net sales.



                            Three Months Ended
                            September 30, 2012
                            Segment                                  Adjusted
                            Operating  Restructuring  Brazilian Tax  Segment
                            Profit     Expense^(a)    Credits        Operating
                            (Loss)                    (BEFIEX)^(b)   Profit
                                                                     (Loss)
North America               $  227     $    —         $   —          $  227
Latin America               118        —              (13)           105
EMEA                        (36)       —              —              (36)
Asia                        7          —              —              7
Other/Eliminations          (103)      62             —              (41)
Total Whirlpool Corporation $  213     $    62        $   (13)       $  262



Footnotes:

   During the third quarters of 2013 and 2012, we recorded restructuring
a. charges of $68 million and $62 million, respectively. The diluted earnings
   per share impacts are calculated based on income tax impacts of $17 million
   and $18 million, respectively.
   During the third quarters of 2013 and 2012, we monetized Brazilian (BEFIEX)
b. tax credits of $29 million and $13 million, respectively. The diluted
   earnings per share impact is calculated based on an income tax impact of $0
   million.
   In the third quarter of 2013, we recognized $15 million of U.S. energy tax
c. credits. The diluted earnings per share impact is calculated based on an
   income tax benefit of $15 million.
   During the third quarter of 2013, we reduced the expected costs related to
d. antitrust and long-standing contract resolutions by $3 million. The diluted
   earnings per share impact is calculated based on an income tax impact of $1
   million.
   During the third quarter of 2013, we recognized investment expenses of $5
e. million related to the pending acquisition of Hefei Sanyo. The diluted
   earnings per share impact is calculated based on an income tax impact of $1
   million.
   During the third quarters of 2013 and 2012, we made adjustments to ongoing
f. business operations EPS to reconcile specific items reported to an
   estimated full-year effective tax rate of 24% for Q3 2013 and 25% for Q3
   2012.
   In the third quarter of 2012, we recorded net expenses of $22 million
g. primarily due to the conclusion of a long-standing U.S. contract and patent
   litigation. The diluted earnings per share impact is calculated based on an
   income tax impact of approximately $8 million.

Free Cash Flow (2013 Outlook)

As defined by the company, free cash flow is cash provided by (used in)
operating activities after capital expenditures and proceeds from the sale of
assets. The reconciliation provided below reconciles nine-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.



                                            Nine Months Ended
                                            September 30,
(millions of dollars)                       2013     2012      2013 Outlook
Cash provided by (used in) operating        $242     $(161)    $1,290 – $1,360
activities
Capital expenditures and proceeds from sale (314)    (274)     (600)  – (650)
of assets
Free cash flow                              $(72)    $(435)    $690   – $710





SOURCE Whirlpool Corporation

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