Whirlpool reports higher net income in the 1st quarter
2011 is off to a good start for Whirlpool. The Benton Harbor appliance maker reported its net earnings rose in the first quarter. Whirlpool reports its net earnings for the first three months of 2011 clocked in at $169 million, up from $164 million in the first quarter of 2010. Total sales increased 3% to $4.4 billion.
First-quarter operating profit totaled $228 million compared with $241 million in the prior year. On an adjusted basis, first quarter 2011 operating profit(2) totaled $221 million compared to $287 million in 2010. Results were favorably impacted by cost reduction and productivity initiatives, increased monetization of certain tax credits, and higher unit volume. These favorable factors were offset by lower product price/mix and higher material and oil-related costs.
Jeff Fettig is Whirlpool's CEO.
"Our first quarter results reflect our ongoing cost reduction efforts and continued innovation investments, which helped to mitigate significant material cost inflation....We recently announced a 16% dividend increase, reflective of the success of our brand value creation strategy and our strong financial position. We remain committed to attracting and retaining consumers to our brands, providing excellent service and value to our trade customers and consumers while driving lower costs and higher quality across our global operations."