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Last $189.25 USD
Change Today +1.02 / 0.54%
Volume 454.5K
WHR On Other Exchanges
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As of 2:44 PM 06/3/15 All times are local (Market data is delayed by at least 15 minutes).

whirlpool corp (WHR) Key Developments

Whirlpool Corp. Reports Unaudited Consolidated Financial Results for the First Quarter Ended Mar. 31, 2015; Revises Earnings Guidance for Full Year of 2015

Whirlpool Corp. reported unaudited consolidated financial results for the first quarter ended Mar. 31, 2015. The company reported first-quarter GAAP net earnings available to the company of $191 million, or $2.38 per diluted share, compared to $160 million, or $2.02 per diluted share, reported for the same prior-year period. Ongoing business earnings per diluted share totaled $2.14, compared to $2.20 in the same prior-year period. The benefit of cost and capacity-reduction initiatives, ongoing cost productivity and benefits from the acquisition integration activities were offset by unfavorable currency and a weakened demand environment in Brazil. Net sales in the quarter were $4.8 billion compared to $4.4 billion during the same prior-year period, an increase of over 11%. Excluding the impact of both foreign currency and Brazilian (BEFIEX) tax credits, sales increased over 23%, primarily driven by the acquisitions. First-quarter GAAP operating profit totaled $303 million compared to $281 million in the same prior-year period. First-quarter ongoing business operating profit totaled $318 million, or 6.6% of sales, compared to $302 million, or 6.9% of sales, in the same prior-year period. Ongoing business operating margins benefited from acquisition integration activities and cost and capacity-reduction initiatives, which were offset by unfavorable currency. For the three months ended March 31, 2015, the company reported cash used in operating activities of $569 million compared to cash used in operating activities of $339 million in the same prior-year period. Whirlpool Corporation reported free cash outflow of $651 million in the first quarter of 2015 compared to $456 million in the same prior-year period. As expected, the decrease in free cash flow was primarily driven by seasonal working capital requirements associated with the acquisitions. Net sales were $4,846,000 against $4,363,000 for the same period of last year. Earnings before income taxes was $207,000 against $214,000 for the same period of last year. Capital expenditures were $126,000 against $123,000 for the same period of last year. The company has adjusted its full-year 2015 guidance to reflect the impact of unfavorable currency and a weakened demand environment in Brazil. The company now expects full-year GAAP net earnings per diluted share available to Whirlpool of $9.00 to $10.00 and full-year ongoing business earnings per diluted share of $12.00 to $13.00. On Ongoing Business basis, previously, the company expects full-year GAAP net earnings per diluted share available to the company of $10.75 to $11.75 and full-year ongoing business earnings per diluted share of $14.00 to $15.00. For the full-year 2015, the company now expects to generate free cash flow of approximately $700 million. Included in this guidance are restructuring cash outlays of up to $250 million, capital spending of approximately $750 million to $800 million and U.S. pension contributions of approximately $72 million. The company expects full year effective tax rate to between 22% to 25% for both GAAP and ongoing earnings.

Whirlpool Corp. Announces Board Changes

On April 21, 2015, the Board of Directors of Whirlpool Corporation elected James Peters, to the position of Corporate Controller, effective June 1, 2015. In this position, he will serve as the principal accounting officer of the Corporation. Mr. Peters joined the Corporation in 2004 as Director, Corporate Accounting and Finance, and has been Vice President and Chief Financial Officer for Whirlpool North America since 2010. In the interim period, he has held various positions of increasing responsibility, including two years as Vice President and Chief Financial Officer for the Europe, Middle East, and Africa region. Prior to joining the Corporation, Mr. Peters was an Internal Audit Manager for Limited Brands and a Consulting Manager for Ernst & Young. Material terms of the compensation arrangement for Mr. Peters are not expected to change as a result of this appointment. Mr. Peters succeeds Christopher J. Kuehn, who is assuming the position of Vice President and Chief Financial Officer for Whirlpool North America, effective June 1, 2015.

Whirlpool North America Announces Executive Changes

On April 21, 2015, the Board of Directors of Whirlpool Corporation elected James Peters, to the position of Corporate Controller, effective June 1, 2015. In this position, he will serve as the principal accounting officer of the Corporation. Mr. Peters joined the Corporation in 2004 as Director, Corporate Accounting and Finance, and has been Vice President and Chief Financial Officer for Whirlpool North America since 2010. In the interim period, he has held various positions of increasing responsibility, including two years as Vice President and Chief Financial Officer for the Europe, Middle East, and Africa region. Prior to joining the Corporation, Mr. Peters was an Internal Audit Manager for Limited Brands and a Consulting Manager for Ernst & Young. Material terms of the compensation arrangement for Mr. Peters are not expected to change as a result of this appointment. Mr. Peters succeeds Christopher J. Kuehn, who is assuming the position of Vice President and Chief Financial Officer for Whirlpool North America, effective June 1, 2015.

Whirlpool Corporation Declares Quarterly Dividend, Payable June 15, 2015

The board of directors of Whirlpool Corporation declared a 20% increase in the quarterly dividend on the company's common stock to 90 cents per share from 75 cents per share. The dividend is payable June 15, 2015, to stockholders of record at the close of business on May 15, 2015.

Whirlpool Corp. to Report Q1, 2015 Results on Apr 28, 2015

Whirlpool Corp. announced that they will report Q1, 2015 results at 6:00 AM, US Eastern Standard Time on Apr 28, 2015

 

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Price/Book 3.0x
Price/Cash Flow 20.2x
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