During the second quarter of 2016, Whirlpool Corporation recorded a GAAP net earnings of 320 million dollar, and net sales of 5.2 billion. Excluding the impact of currency, sales increased by 3 percent. Operating profit totaled 366 million dollar, or 7 percent of sales, compared to 273 million, or 5.2 percent of sales, in the same prior-year period. Second-quarter ongoing business operating profit totaled 435 million dollar, or 8.4 percent of sales, compared to 355 million, or 6.8 percent of sales, in the same prior-year period. On a GAAP and ongoing basis, unit volume growth, acquisition synergies, ongoing cost productivity and benefits from cost and capacity-reduction initiatives more than offset unfavorable impacts from foreign currency.
Regarding the regional trends, Whirlpool announced that in North America the company reported second-quarter net sales of 2.8 billion dollar, compared to 2.7 billion in the same prior-year period. Excluding the impact of currency, sales increased 4 percent. In Europe, Middle East and Africa Whirlpool reported net sales of 1.3 billion, down slightly from same prior-year period. Excluding the impact of currency, sales were flat.
In Latin America the company’s net sales reached 826 million, compared to 854 million dollar in the same prior-year period. Excluding the impact of currency, sales increased by 4 percent.
Whirlpool Asia, finally, reported second-quarter net sales of 363 million compared to 381 million in the same prior-year period. Excluding the impact of currency, sales were flat.
«We delivered another quarter of record earnings and margin expansion – commented Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation – while overcoming challenges in several key countries through focused execution of our plans. 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.»
