Whirlpool Corporation Reports Fourth-Quarter and Record Full-Year Earnings

  Whirlpool Corporation Reports Fourth-Quarter and Record Full-Year Earnings

Full-Year 2013 GAAP EPS Up 102 Percent; Full-Year Ongoing Business Operations
EPS Up 42 Percent

Company Expects Sales Growth and Margin Expansion to Continue In 2014

PR Newswire

BENTON HARBOR, Mich., Jan. 30, 2014

BENTON HARBOR, Mich., Jan. 30, 2014 /PRNewswire/ -- Whirlpool Corporation
(NYSE: WHR) announced today fourth-quarter GAAP net earnings of $181 million,
or $2.26 per diluted share, compared to net earnings of $122 million, or $1.52
per diluted share, reported for the same prior-year period. Adjusted diluted
earnings per share^(1) improved to $2.97, compared to $2.29 in the prior year,
mainly driven by higher sales, 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 $5.1 billion compared to $4.8 billion during the
same prior-year period. Excluding the impact of both foreign currency and
Brazilian (BEFIEX) tax credits, sales increased approximately 7 percent led by
strong growth in North America and Latin America.

"The strong execution of our plans resulted in a record year of earnings,"
said Jeff M. Fettig, chairman and chief executive officer of Whirlpool
Corporation. "We continue to grow revenue, expand margins and increase our
investment capacity, positioning us well as we enter 2014."

Fourth-quarter GAAP operating profit totaled $354 million, compared to $258
million in the same prior-year period. Adjusted operating profit^(2) totaled
$386 million, 7.7 percent of sales, compared with $309 million, 6.5 percent of
sales, in the same prior-year period. Higher sales, 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.

GAAP operating profit for the year totaled over $1.2 billion, compared to $869
million in 2012. Full-year adjusted operating profit^(2) totaled $1.4 billion,
7.3 percent of sales, compared to $1.0 billion, 5.7 percent of sales, in 2012.
Higher sales, improvement in product price and mix, ongoing cost productivity
and cost and capacity-reduction initiatives more than offset higher material
costs, foreign currency and increased investments in marketing, technology and
products. GAAP full-year sales for 2013 were $18.8 billion compared to $18.1
billion in 2012. Excluding the impact of both foreign currency and BEFIEX tax
credits, sales increased over 4 percent. GAAP net earnings for the year
increased to $10.24 per diluted share, compared to $5.06 per diluted share for
2012. Adjusted diluted earnings per share^(1) for the year increased to $10.02
per share, compared to $7.05 per share for 2012.

During the twelve months ended December 31, 2013, the company reported cash
provided by operating activities of $1.3 billion compared to $696 million in
the prior-year period. Whirlpool Corporation reported free cash flow^(3) of
$690 million for the year compared to free cash flow^(3) of $230 million in
the prior year.

OUTLOOK
For 2014, Whirlpool Corporation expects to report full-year diluted earnings
per share of $11.05 to $11.55. The company expects to report full-year
adjusted diluted earnings per share of $12.00 to $12.50.

                                2014 EPS Outlook
GAAP Diluted EPS                $11.05-$11.55
Restructuring Expense           0.95
Brazilian (BEFIEX) Tax Credits  (0.21)
Investment Expense              0.21
Ongoing Business Operations EPS $12.00–$12.50

"We will continue to invest in our long-term growth strategy," said Fettig.
"We expect continued revenue growth and margin expansion, and are on track to
deliver our shareholder value creation targets."

FOURTH-QUARTER REGIONAL REVIEW

Whirlpool North America
Whirlpool North America reported fourth-quarter sales of $2.7 billion compared
to $2.5 billion in the prior year, an increase of approximately 9 percent.

The region reported fourth-quarter operating profit of $301 million,
approximately 11 percent of sales, compared to $233 million, approximately 9
percent of sales, in the prior year. Higher sales, ongoing cost 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 expects full-year 2014 U.S. industry unit shipments to increase in
the range of 5 to 7 percent.

Whirlpool Europe, Middle East and Africa
Whirlpool Europe, Middle East and Africa reported fourth-quarter sales of $847
million compared to $794 million in the prior year. Excluding the impact of
currency, sales increased approximately 1 percent.

The region reported fourth-quarter operating profit of $10 million, over 1
percent of sales, compared to $8 million, approximately 1 percent of sales, in
the prior year. The improvement was driven by higher sales and the benefit of
cost and capacity-reduction initiatives.

The company expects full-year 2014 industry unit shipments in the range of
flat to up 2 percent.

Whirlpool Latin America
Whirlpool Latin America reported fourth-quarter sales of $1.4 billion,
compared to $1.3 billion in the prior year. Excluding currency and BEFIEX tax
credits, sales increased more than 8 percent.

The region reported fourth-quarter operating profit of $159 million, compared
to $134 million in the prior year. Fourth-quarter adjusted operating
profit^(4) totaled $130 million, approximately 10 percent of sales, compared
to $119 million, approximately 9 percent of sales, in the prior year. Higher
sales, improved product price and mix and ongoing cost productivity offset
higher material costs and foreign currency.

The company expects full-year 2014 industry unit shipments to be flat.

Whirlpool Asia
Whirlpool Asia reported fourth-quarter sales of $177 million compared to $203
million in the prior year. Excluding the impact of currency, sales decreased
approximately 7 percent primarily driven by industry weakness in India.

The region reported fourth-quarter operating profit of $10 million, over 5
percent of sales, compared to $7 million, approximately 3 percent of sales, in
the prior year. Improved product price and mix and ongoing cost productivity
offset higher material costs, foreign currency and lower unit volumes.

The company expects full-year 2014 industry unit shipments to be flat to up 3
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 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 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 fourth 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 continues to be recognized for leadership in
    sustainability, with its selection to the Dow Jones Sustainability Index
    for North America; UL Environment Multi-Attribute Product Certifications
    for select clothes washers, including front-load washers and the first
    certified top-load models; and 2013 ENERGY STAR® Sustained Excellence
    Award by Natural Resources Canada (NRCAN).
  oWhirlpool Corporationreceived a score of 100 from the Human Rights
    Campaign on the 2013 U.S. Corporate Equality Index. This marks the tenth
    consecutive year that Whirlpool has attained a perfect score on the index.
    The Corporate Equality Index rates American workplaces on Lesbian, Gay,
    Bisexual and Transgender (LGBT) Equality.

Whirlpool North America Region:

  oWhirlpool Water introduced the revolutionary and versatile EveryDrop water
    filter. Its fast-flow filtration technology and compact, sleek design make
    it perfect at-home and on-the-go water filter - revolutionizing where,
    when and how fast families enjoy freshly filtered, great-tasting water.
  oThe Whirlpool brand's new ENERGY STAR® qualified 28 cu. ft. 4-door
    refrigerator can easily accommodate bulk food purchases, small snacks,
    produce and whatever else consumers bring home, thanks to its FreshStor
    refrigerated drawer, EasyView triple crisper system, tri-freezer system
    and EasySlide bin.
  oThe Maytag Maxima front-load steam washer with water hardness adjustment
    was named Best Innovation in Laundry  on Reviewed.com's 2013 Best of the
    Year List. Whirlpool Corporation brands garnered the most awards of any
    manufacturer on the list, receiving awards in categories including Best
    Smart Home Platform, Best Design in Mid-Range Appliances and Best Value
    Refrigerator.
  oThe Jenn-Air brand 36-inch, six-burner gas cooktop offers the robust heat
    necessary for high-powered cooking techniques and exacting temperature
    control for handling delicate tasks. Its contemporary, low-profile design
    creates an integrated appearance and nearly flush transition to the
    counter.
  oThe Jenn-Air brand 24-inch built-in coffee system can meet the exact
    tastes and preferences of any coffee connoisseur. The coffee system's
    optimum design includes an ideal 11.7 BARs of consistent brewing pressure,
    dual dispensing spouts for one- or two-cup brewing, and an integrated
    13-level whole-bean coffee grinder.

Whirlpool Europe, Middle East and Africa Region:

  oBauknecht brand's GreenKitchen refrigerator and dishwasher take
    sustainable living to new heights. The brand has pioneered the ability to
    re-use waste heat from the refrigerator to preheat water in the
    dishwasher, further improving energy efficiency by up to 10 percent.
  oThe Bauknecht KOSMOS line of appliances - including built-in oven, design
    hood microwave oven, coffee machine and warming drawers - impress with
    their user friendliness and vast choice of unique functions that make
    cooking easier than ever before. The innovative iXelium coating adds
    important functional value and timeless beauty to the products, even after
    years of intensive use.
  oWhirlpool brand's latest dishwashers with 6^TH SENSE PowerClean system are
    more effective than ever before. Special sensors detect grime to regulate
    water volume, temperature and duration of the wash cycle for excellent
    cleaning results.
  oThe KitchenAid Artisan stand mixer and blender were recognized by ETM
    Testmagazin and Haus and Garten Test consumer magazines, respectively, for
    their quality and performance.
  oWhirlpool Corporation's human resources team from Wroclaw, Poland, has
    received the Highest Quality HR Certificate from the Polish HR Management
    Association for demonstrating significant efforts and results in the
    application of high-quality HR practices.

Whirlpool Latin America Region:

  oThe Whirlpool Connect refrigerator - available in Argentina, Colombia and
    Central America - offers the most sophisticated, multipurpose electronic
    control on the market. The appliance connects with smart phones, allowing
    consumers to create and share shopping lists, and families can display
    photographs using the user interface's USB port.
  oWith an intuitive and sturdy display panel, the new Brastemp Ative!
    washer-dryer brings consumers exclusive technology like the Ready to Wear
    cycle that completely launders clothes in just one hour.
  oThe Consul Facilite portable air conditioner with a handle and 360-degree
    wheels can be used in any corner of the home with a window. It's simple to
    install and includes the Follow Me function, which aims a refreshing cool
    breeze directly at the person in the room.
  oFor the third time, Whirlpool Latin America was named one the 20 most
    sustainable companies in Brazil by Exame business magazine.
  oWhirlpool Latin America was again named one of the 10 most innovative
    organizations according to Best Innovator, a ranking developed by AT
    Kearney together with Época Negócios business magazine.

Whirlpool Asia Region:

  oWhirlpool brand's Armstrong top-load washer is an innovative three-in-one
    product - pre-wash faucet, washing machine and storage space. Specifically
    designed for Chinese families' laundry habits and storage needs, the
    Whirlpool Armstrong simplifies the laundry process, reduces clutter in
    homes and provides a total laundry solution to consumers.
  oThe Whirlpool brand Professional frost-free refrigerators are packed with
    features that India's families want, like the unique 6th Sense Active
    Cool, innovative interiors and a beverage caddy and can holder. The large,
    intuitive user interface makes it easy and enjoyable for consumers to get
    the most out of the refrigerators' advanced technology capabilities.
  oWhirlpool India won second place at the 29^th International Value
    Engineering Conference for its technical paper on Whirlpool Corporation's
    unique and integrated product development process. Companies from India
    and around the world participated in the conference, organized by the
    Indian Value Engineering Society.

About Whirlpool Corporation
Whirlpool Corporation is the world's leading global manufacturer and marketer
of major home appliances, with annual revenues of approximately $19 billion in
2013, 69,000 employees, and 59 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 STATEMENTS OF INCOME

FOR THE PERIODS ENDED DECEMBER 31,

(Millions of dollars, except per share data)
                              Three Months Ended        Twelve Months Ended
                              2013         2012         2013
                                                                     2012
                              (Unaudited)  (Unaudited)  (Unaudited)
Net sales                     $  5,090     $  4,791     $  18,769    $ 18,143
Expenses
Cost of products sold         4,181        3,979        15,471       15,250
Gross margin                  909          812          3,298        2,893
Selling, general and          493          485          1,828        1,757
administrative
Intangible amortization       6            7            25           30
Restructuring costs           56           62           196          237
Operating profit              354          258          1,249        869
Other income (expense)
Interest and sundry income    (82)         (35)         (155)        (112)
(expense)
Interest expense              (44)         (49)         (177)        (199)
Earnings before income taxes  228          174          917          558
Income tax expense            41           46           68           133
Net earnings                  187          128          849          425
Less: Net earnings available  6            6            22           24
to noncontrolling interests
Net earnings available to     $  181       $  122       $  827       $ 401
Whirlpool
Per share of common stock
Basic net earnings available  $  2.31      $  1.55      $  10.42     $ 5.14
to Whirlpool
Diluted net earnings          $  2.26      $  1.52      $  10.24     $ 5.06
available to Whirlpool
Weighted-average shares
outstanding (in millions)
Basic                         78.5         78.8         79.3         78.1
Diluted                       79.9         80.2         80.8         79.3





WHIRLPOOL CORPORATION

CONSOLIDATED BALANCE SHEETS

AT DECEMBER 31,

(Millions of dollars, except share data)


                                                        2013
                                                        (Unaudited)  2012
Assets
Current assets
Cash and equivalents                                    $  1,380     $ 1,168
Accounts receivable, net of allowance of $73 and $60,   2,005        2,038
respectively
Inventories                                             2,408        2,354
Deferred income taxes                                   549          558
Prepaid and other current assets                        680          709
Total current assets                                    7,022        6,827
Property, net of accumulated depreciation of $6,278 and 3,041        3,034
$6,070, respectively
Goodwill                                                1,724        1,727
Other intangibles, net of accumulated amortization of   1,702        1,722
$237 and $211, respectively
Deferred income taxes                                   1,764        1,832
Other noncurrent assets                                 291          254
Total assets                                            $  15,544    $ 15,396
Liabilities and stockholders' equity
Current liabilities
Accounts payable                                        $  3,865     $ 3,698
Accrued expenses                                        748          692
Accrued advertising and promotions                      441          419
Employee compensation                                   456          520
Notes payable                                           10           7
Current maturities of long-term debt                    607          510
Other current liabilities                               697          664
Total current liabilities                               6,824        6,510
Noncurrent liabilities
Long-term debt                                          1,846        1,944
Pension benefits                                        930          1,636
Postretirement benefits                                 458          422
Other noncurrent liabilities                            452          517
Total noncurrent liabilities                            3,686        4,519
Stockholders' equity
Common stock, $1 par value, 250million shares
authorized, 109 million and

108million shares issued and 77 million and 79million 109          108
shares outstanding,

respectively
Additional paid-in capital                              2,453        2,313
Retained earnings                                       5,784        5,147
Accumulated other comprehensive loss                    (1,298)      (1,531)
Treasury stock, 32 million and 29million shares,       (2,124)      (1,777)
respectively
Total Whirlpool stockholders' equity                    4,924        4,260
Noncontrolling interests                                110          107
Total stockholders' equity                              5,034        4,367
Total liabilities and stockholders' equity              $  15,544    $ 15,396



WHIRLPOOL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE PERIODS ENDED DECEMBER 31,

(Millions of dollars)


                                                         2013
                                                         (Unaudited)  2012
Operating activities
Net earnings                                             $  849       $ 425
Adjustments to reconcile net earnings to cash provided
by operating activities:
Depreciation and amortization                            540          551
Curtailment gain                                         —            (52)
Decrease in LIFO inventory reserve                       (26)         (13)
Brazilian collection dispute                             —            (275)
Changes in assets and liabilities:
Accounts receivable                                      (65)         47
Inventories                                              (86)         (7)
Accounts payable                                         275          240
Accrued advertising and promotions                       28           (13)
Taxes deferred and payable, net                          (105)        (68)
Accrued pension and postretirement benefits              (184)        (227)
Employee compensation                                    (23)         249
Other                                                    59           (161)
Cash provided by operating activities                    1,262        696
Investing activities
Capital expenditures                                     (578)        (476)
Proceeds from sale of assets                             6            10
Investment in related businesses                         (6)          (28)
Other                                                    (4)          —
Cash used in investing activities                        (582)        (494)
Financing activities
Repayments of long-term debt                             (513)        (361)
Proceeds from borrowings of long-term debt               518          322
Net proceeds from short-term borrowings                  5            6
Dividends paid                                           (187)        (155)
Repurchase of common stock                               (350)        —
Common stock issued                                      95           43
Other                                                    (2)          (3)
Cash used in financing activities                        (434)        (148)
Effect of exchange rate changes on cash and equivalents  (34)         5
Increase in cash and equivalents                         212          59
Cash and equivalents at beginning of year                1,168        1,109
Cash and equivalents at end of year                      $  1,380     $ 1,168



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, 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, 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 available to Whirlpool, reported operating profit by
segment, net sales, 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 and 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 net
earnings per share available to Whirlpool, for the three months ended
December31, 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
                                    December31, 2013
                                    Operating  Earnings    Diluted Earnings

                                    Profit     Before Tax  Per Share
Reported GAAP Measure               $  354     $   228     $    2.26
Restructuring Expense^(a)           56         56          0.53
Brazilian Tax Credits (BEFIEX)^(b)  (40)       (40)        (0.50)
U.S. Energy Tax Credits^(c)         —          —           (0.14)
Antitrust Resolutions^(d)           —          44          0.42
Investment Expense^(e)              5          6           0.06
Brazilian Government Settlement^(f) 11         28          0.27
Normalized Tax Rate Adjustment^(g)  —          —           0.07
Adjusted Non-GAAP measure           $  386     $   322     $    2.97



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 net
earnings per share available to Whirlpool, for the three months ended
December31, 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
                                   December31, 2012
                                   Operating  Earnings   Diluted Earnings

                                   Profit     Before Tax  Per Share
Reported GAAP Measure              $  258     $   174     $    1.52
Restructuring Expense^(a)          62         62          0.56
Brazilian Tax Credits (BEFIEX)^(b) (15)       (15)        (0.19)
Antitrust Resolutions^(d)          —          17          0.21
Intangible Impairment^(h)          4          4           0.03
Normalized Tax Rate Adjustment^(g) —          —           0.16
Adjusted Non-GAAP measure          $  309     $   242     $    2.29



Ongoing Business Operations Measures - Adjusted Operating Profit, Adjusted
Earnings Before Tax and 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 net
earnings per share available to Whirlpool, for the twelve months ended
December31, 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.

                                    Twelve Months Ended
                                    December 31, 2013
                                    Operating  Earnings   Diluted Earnings

                                    Profit     Before Tax  Per Share
Reported GAAP Measure               $  1,249   $  917      $    10.24
Restructuring Expense^(a)           196        196         1.84
Brazilian Tax Credits (BEFIEX)^(b)  (109)      (109)       (1.35)
U.S. Energy Tax Credits^(c)         —          —           (1.56)
Antitrust Resolutions^(d)           —          42          0.40
Investment Expense^(e)              6          21          0.19
Brazilian Government Settlement^(f) 11         28          0.26
Adjusted Non-GAAP measure           $  1,353   $  1,095    $    10.02



Ongoing Business Operations Measures - Adjusted Operating Profit, Adjusted
Earnings Before Tax and 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 net
earnings per share available to Whirlpool, for the twelve months ended
December31, 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.

                                       Twelve Months Ended
                                       December 31, 2012
                                       Operating  Earnings   Diluted Earnings

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



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, 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
                   December 31, 2013
                                                                                        Adjusted
                   Segment                   Brazilian                  Brazilian
                              Restructuring                Investment                   Segment
                   Operating                 Tax Credits                Government
                              Expense^(a)                  Expense^(e)                  Operating
                   Profit                    (BEFIEX)^(b)               Settlement^(f)
                                                                                        Profit
North America      $  301     $    —         $   —         $    —       $    —          $  301
Latin America      159        —              (40)          —            11              130
EMEA               10         —              —             —            —               10
Asia               10         —              —             —            —               10
Other/Eliminations (126)      56             —             5            —               (65)
Total Whirlpool    $  354     $    56        $   (40)      $    5       $    11         $  386
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, 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
                   December 31, 2012
                                                                           Adjusted
                   Segment                   Brazilian
                              Restructuring                Intangible      Segment
                   Operating                 Tax Credits
                              Expense^(a)                  Impairment^(h)  Operating
                   Profit                    (BEFIEX)^(b)
                                                                           Profit
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



Footnotes:


        During the fourth quarters of 2013 and 2012, we recorded restructuring
        charges of $56 million and $62 million, respectively. The diluted
        earnings per share impacts are calculated based on income tax impacts
a.    of $13 million and $17 million, respectively. During the full years of
        2013 and 2012, we recorded restructuring charges of $196 million and
        $237 million, respectively. The diluted earnings per share impacts are
        calculated based on income tax impacts of $47 million and $66 million,
        respectively.
        During the fourth quarters of 2013 and 2012, we monetized Brazilian
        (BEFIEX) tax credits of $40 million and $15 million, respectively.
b.  During the full years of 2013 and 2012, we monetized Brazilian
        (BEFIEX) tax credits of $109 million and $37 million, respectively.
        The diluted earnings per share impact is calculated based on income
        tax impacts of $0 million.
        In the fourth quarter of 2013, we recognized $11 million of U.S.
        energy tax credits. The diluted earnings per share impact is
c.   calculated based on an income tax benefit of $11 million. During the
        full year of 2013, we recognized $126 million of U.S. energy tax
        credits. The diluted earnings per share impact is calculated based on
        an income tax benefit of $126 million.
        During the fourth quarters of 2013 and 2012, we recognized expenses of
        approximately $44 million and $17 million, respectively, related to
        antitrust resolutions. The diluted earnings per share impact is
        calculated based on an income tax impact of $11 million and $0
d. million, respectively. During the full year of 2013 and 2012, we
        recognized expenses of $42 million and $25 million, respectively
        related to antitrust resolutions. The diluted earnings per share
        impact is calculated based on income tax impacts of $10 million and $0
        million, respectively.
        During the fourth quarter and full-year of 2013, we recognized
        investment expenses of $6 million and $21 million, respectively,
e. related to the pending acquisition of Hefei Sanyo. The diluted
        earnings per share impact is calculated based on income tax impacts of
        $1 million and $5 million, respectively.
        During the fourth quarter of 2013, we participated in a Brazilian
        government program to settle long-standing disputes, reducing interest
f.    and penalties. We recorded expenses of $28 million related to the
        program. The diluted earnings per share impact is calculated based on
        an income tax impact of $7 million.
        During the fourth quarters of 2013 and 2012, and the full year of
g. 2012, we made adjustments to ongoing business operations EPS to
        reconcile specific items reported to a full-year effective tax rate of
        24%.
        During the fourth quarter of 2012, a $4 million intangible impairment
        charge occurred. The diluted earnings per share impact is based on an
h.   income 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 an income tax impact of $0 million.
        During the second quarter of 2012, we recognized curtailment gains
i.  related to a retiree health care plan of $49 million. The diluted
        earnings per share impacts are calculated based on an income tax
        impact of approximately $19 million.
        In the third quarter of 2012, we recorded net expenses of $22 million
j.   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

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 actual 2013 and 2012 full-year
free cash flow with cash provided by operating activities, the most directly
comparable GAAP financial measure.

                                                      Twelve Months Ended

                                                      December 31,
(millions of dollars)                                 2013       2012
Cash provided by operating activities                 $1,262     $696
Capital expenditures and proceeds from sale of assets (572)      (466)
Free cash flow                                        $690       $230





SOURCE Whirlpool Corporation

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