The world’s largest appliance manufacturer, Whirlpool, have announced solid net earnings growth for the fourth quarter of 2011 and was upbeat about prospects for 2012 after a tough year in 2011.
The manufacturer of Maytag, KitchenAid, Jenn-Air, Whirlpool and other brands of washers, dryers, refrigerators and cookers reported net earnings of $205 million for the fourth quarter, up 19.8 percent from $171 million a year ago.
That was on sales of $4.9 billion, down from $5 billion in fourth quarter 2010.
The company attributed the sales performance to an improving price/mix offset by unfavorable currency exchange rates and lower industry demand.
For 2012, Whirlpool said it expects to report full-year diluted earnings per share of $5 to $5.50. On an adjusted basis (excluding restructuring charges and Brazilian tax credits), the company said it expects full-year adjusted diluted earnings per share of $6.50 to $7.
“We are assuming relatively flat to slightly improving industry demand during the year and have planned our business accordingly,” said Whirlpool Corp. Chairman and Chief Executive Officer Jeff M. Fettig said in a press release.
“The cadence of strong product innovation, price/mix momentum entering the year, recently announced cost-based price increases, benefits from our cost and capacity reduction initiatives and on-going productivity programs are expected to improve our results in the coming year and show significant progress towards our long-term financial goals.”
The company said it expectations for full-year 2012 U.S. industry unit shipments are as follows:
An increase in the range of 0 to 3% in the United States;
A decrease in the range of 2 to 5% in Europe, the Middle East and Africa;
An increase in the range of 2 to 5% in Latin America;
An increase approximately 2 to 4% in Asia.
Electrolux’s results also just released sees a massive drop in profits from the world’s second largest appliance manufacturer.