Whirlpool reports Q3 earnings boost

Whirlpool reported third-quarter net earnings of $196 million for the quarter, compared with net earnings of $74 million, reported during the same period last year. 

Sales in the quarter were $4.7 billion compared with $4.5 billion reported during the same period last year. Excluding the impact of foreign currency and Brazilian tax credits, sales increased more than 5%, led by strong growth in North America. 

"We continue to execute on the plans we set out at the beginning of the year," said Jeff M. Fettig, chairman and CEO. "Our innovative products and industry-leading brands are driving increased consumer demand and revenue growth. That growth, combined with our actions to increase margins, is translating into record earnings." 

Whirlpool North America reported third-quarter sales of $2.6 billion compared with $2.4 billion in the prior year, an increase of more than 8%. The region reported operating profit of $289 million, 11% of sales, compared with $227 million, approximately 9% of sales, in the prior year. Higher sales, ongoing productivity and the benefit of cost and capacity-reduction initiatives more than offset higher material costs and investments in marketing, technology, and products. 

The company now expects full-year 2013 U.S. industry unit shipments to increase by approximately 9%.

Whirlpool markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world.