BENTON HARBOR, Mich. — Whirlpool Corp.’s fourth-quarter net earnings rose 111% to $95 million, or $1.24 per diluted share, compared to $44 million, or $0.60 per diluted share, during the same period in 2008, according to the company’s quarterly report.
“In 2009, we significantly improved our global cost structure and operating performance, despite a substantial decline in global demand levels,” says Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corp. “In addition, we generated record free cashflow and strengthened our financial position. I am pleased with our execution in this challenging environment, and we look to build upon our progress in 2010.”
Sales of $4.9 billion increased 13% from the $4.3 billion reported in the fourth quarter of 2008. Excluding the impact of foreign exchange translation, the company’s fourth-quarter sales increased approximately 5%.
Fourth-quarter operating profit totaled $199 million, compared to $10 million in the prior year. Full-year 2009 net earnings were $4.34 per diluted share, compared to $5.50 per diluted share reported for 2008. The company reported annual net sales of $17.1 billion, a decrease of 10% from the prior year. Excluding the impact of foreign currency translation, sales declined approximately 6% from the prior year.
Whirlpool generated free cashflow of $1.1 billion during 2009, compared to $0.1 billion during 2008. For full-year 2009, the company reported cashflow from operations of more than $1.5 billion. Working capital, particularly due to reduced inventory balances, was a significant source of cashflow during the year, the company says.