Whirlpool: good results in North America but EMEA is below the expectations


Whirlpool Corporation announced the result of second-quarter GAAP net earnings (loss). The company recorded 657 million dollar, compared to 189 million dollar, for the same prior-year period. Second-quarter net sales were 5.1 billion, compared to 5.3 billion in the same prior-year period. Excluding the impact of currency, sales decreased 4.5 percent.
«We are pleased to deliver margin expansion in a very challenging cost environment, driven by strong North America margins and significant global price/mix improvement during the second quarter – said Marc Bitzer, chief executive officer of Whirlpool Corporation. – Despite these positives, our performance in EMEA was below expectations. As a result, we are taking strong actions to improve our operational execution, and remain confident that we will deliver value for our shareholders in the coming quarters.»
Whirlpool North America reported second-quarter net sales of 2.8 billion, compared to 2.8 billion in the same prior-year period. Excluding the impact of currency, sales decreased 2.2 percent.
Whirlpool Europe, Middle East and Africa net sales reached 1.1 billion dollar, compared to 1.2 billion in the same prior-year period. Excluding the impact of currency, sales decreased 12.3 percent.
Whirlpool Latin America reported second-quarter net sales of 852 million, compared to 986 million in the same prior-year period. Excluding the impact of currency, sales decreased 11.4 percent, while Whirlpool Asia result was 428 million, compared to 373 million in the same prior-year period. Excluding the impact of currency, sales increased 14.5 percent.
«We expect to drive margin expansion and improved cash conversion this year through positive price/mix and strong actions in EMEA – commented Jim Peters, chief financial officer of Whirlpool Corporation. – We remain committed to our long-term value creation strategy, and will continue to fully invest in our business as we execute our balanced approach to capital allocation.»

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