NEW YORK Whirlpool Corp.s
second-quarter net income soared 75 percent despite a modest
5-percent increase in sales, leading the company to increase
its full-year earnings guidance.
income of $198 million in the three months ended June 30 were
up from $113 million in the same period last year, according to
the companys July 19 earnings report. Sales of $4.75
billion were up 5 percent from $4.51 billion in the same
comparison, and operating earnings jumped 69 percent to $328
million $194 million.
The company said
increases in net income and sales were mainly driven by
higher revenue, ongoing cost productivity and the benefit of
cost- and capacity-reduction initiatives.
its full-year earnings guidance to a range of $10.05 to $10.55
per diluted share from the previous estimate of $9.80 to $10.30
per share. The company said it now expects to generate
free cash flow between $650 million and $700 million, up from
between $600 million and $700 million.
America posted sales of $2.6 billion, up from $2.5 billion last
year, and operating earnings of $262 million, up from $235
million. Higher sales, ongoing productivity improvements
and the benefit of cost and capacity-reduction initiatives more
than offset higher material costs, the company said.
Whirlpool now expects a 6- to 8- percent increase in U.S.
industry unit shipments for 2013.
The company posted year-to-date sales of almost $9 billion
compared with $8.86 billion last year, and net earnings of $405
million, up from $205 million.