Whirlpool sees record operating profit
Despite currency issues, Whirlpool had a record second quarter in terms of operating profit.
Weighed down by the impact of currency, Benton Harbor, Michigan-based Whirlpool reported second quarter net sales of $5.2 billion, flat compared to the year ago period.
Excluding the currency impact, sales increased by 3%.
"We delivered another quarter of record earnings and margin expansion while overcoming challenges in several key countries through focused execution of our plans," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. "Our leading portfolio of brands, innovative new products and strong ongoing cost productivity programs have enabled us to continue creating significant value for our shareholders."
Record second-quarter ongoing business operating profit totaled $435 million, or 8.4% of sales, compared to $355 million, or 6.8% of sales, in the same prior-year period
In its North Aerican operations, Whirlpool reported second-quarter net sales of $2.8 billion, compared to $2.7 billion in the same prior-year period. Excluding the impact of currency, sales increased 4 percent.
The region reported a second-quarter operating profit of $340 million, compared to $287 million in the same prior-year period. Ongoing business segment operating profit totaled $340 million compared to $290 million in the same prior-year period.
On a GAAP and ongoing basis, revenue growth and ongoing cost productivity more than offset unfavorable impacts from foreign currency.
The company continues to expect full-year 2016 industry unit shipments in the U.S. to increase by 5 to 6 percent.
