Whirlpool Second-Quarter Net Jumps 163 Percent

BENTON HARBOR, Mich.-Second-quarter net income for Whirlpool totaled $205 million, a whopping 163 percent increase over last year's second-quarter.

While net sales did grow 9 percent to $4.5 billion in the quarter, cost-reduction and productivity initiatives also played a key role. Gross margin rose 350 basis points to 16.8 percent, and selling, general and administrative expenses were held relatively in check--rising 2.8 percent on a dollar basis but falling 60 basis points as a percentage of total sales.

Whirlpool's overall results included a 67 percent increase in operating profit and a 6 percent increase in net sales for its North America unit. Again, this performance owed to cost-reduction and productivity initiatives, and higher sales volume.

Commenting on Whirlpool as a whole, Jeff Fettig, chairman and chief executive officer, said, "Global unit volume growth combined with our ongoing productivity improvements enabled us to expand our operating margins and accelerate profitable growth."

HFN Staff | News & Commentary

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