“We delivered another record year of earnings while building an exceptional platform for profitable growth and margin expansion for 2015 and beyond. Our integration activities remain on track to drive synergies and we will continue investing in our leading brands and the next generation of consumer relevant products. With these words Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation, commented the 2014 company results and anticipated the expectations for the future.
Net sales in the quarter were 6.0 billion dollar compared to 5.1 billion dollar during the same prior-year period, an increase of 18 percent. Excluding the impact of both foreign currency and Brazilian tax credits, sales increased approximately 22 percent. During the fourth-quarter, the acquisitions contributed approximately 1 billion dollar of net sales. For the full year, GAAP net sales for 2014 were 19.9 billion dollar compared to 18.8 billion dollar in 2013. Excluding the impact of both foreign currency and Befiex tax credits, sales increased over 8 percent. GAAP operating profit for the year totaled approximately 1.2 billion dollar, compared to 1.2 billion dollar in 2013. Full-year ongoing business operating profit totaled 1.5 billion dollar, or 7.4 percent of sales, compared to 1.4 billion, or 7.3 percent of sales, in 2013. The benefits of the acquisitions, higher sales, ongoing cost productivity and cost and capacity-reduction initiatives more than offset higher material costs and foreign currency. GAAP net earnings for the year declined to 8.17 dollar per diluted share compared to 10.24 dollar per diluted share for 2013, primarily due to costs related to the acquisitions. Ongoing business diluted earnings per share for the year increased to a full-year record 11.39 dollar per share compared to 10.02 dollar per share for 2013. “As we outlined at our Investor Day in December, we are committed to executing our growth strategy and have created multiple opportunities to achieve our long-term goals,” said Fettig. “Our larger global operating platform, competitive cost structure, preferred brands and broad product offerings will benefit consumers around the world and create significant value for our shareholders.”
