WHR » Topics » Earnings from Continuing Operations

This excerpt taken from the WHR DEF 14A filed Mar 2, 2009.

Earnings from Continuing Operations

Earnings from continuing operations were $418 million in 2008 versus $647 million and $486 million in 2007 and 2006, respectively, due to the factors described above.

 

Millions of dollars, except per share data

           2008                    2007                    2006        

Earnings from continuing operations

   $ 418    $ 647    $ 486

Diluted earnings from continuing operations per share

     5.50      8.10      6.35

Discontinued Operations

We classified the Hoover floor-care, Dixie-Narco vending systems, and Jade commercial and residential businesses as discontinued operations during 2006. The decision to divest these businesses allowed us to focus on our core appliance business. For additional information about discontinued operations, see Note 2 of the Notes to the Consolidated Financial Statements.

This excerpt taken from the WHR 10-K filed Feb 19, 2009.

Earnings from Continuing Operations

Earnings from continuing operations were $418 million in 2008 versus $647 million and $486 million in 2007 and 2006, respectively, due to the factors described above.

 

Millions of dollars, except per share data

           2008                    2007                    2006        

Earnings from continuing operations

   $ 418    $ 647    $ 486

Diluted earnings from continuing operations per share

     5.50      8.10      6.35

Discontinued Operations

We classified the Hoover floor-care, Dixie-Narco vending systems, and Jade commercial and residential businesses as discontinued operations during 2006. The decision to divest these businesses allowed us to focus on our core appliance business. For additional information about discontinued operations, see Note 2 of the Notes to the Consolidated Financial Statements.

This excerpt taken from the WHR 10-Q filed Oct 28, 2008.

Earnings from Continuing Operations

Earnings from continuing operations for the current quarter were $163 million or $2.15 per diluted share, versus $175 million, or $2.20 per diluted share in the comparable prior period, respectively, due to the factors described above. Earnings from continuing operations for the nine months ended September 30, 2008 were $374 million or $4.89 per diluted share, versus $460 million, or $5.72 per diluted share in the comparable prior period, respectively, due to the factors described above.

This excerpt taken from the WHR 10-Q filed Jul 23, 2008.

Earnings from Continuing Operations

Earnings from continuing operations for the current quarter were $117 million or $1.53 per diluted share, versus $161 million, or $2.00 per diluted share in the comparable prior period, respectively, due to the factors described above. Earnings from continuing operations for the six months ended June 30, 2008 were $211 million or $2.74 per diluted share, versus $285 million, or $3.55 per diluted share in the comparable prior period, respectively, due to the factors described above.

This excerpt taken from the WHR 10-Q filed Apr 24, 2008.

Earnings from Continuing Operations

Earnings from continuing operations for the current quarter were $94 million or $1.22 per diluted share, versus $124 million, or $1.55 per diluted share in the comparable prior period, respectively due to the factors described above.

This excerpt taken from the WHR DEF 14A filed Mar 3, 2008.

Earnings from Continuing Operations

Earnings from continuing operations were $647 million in 2007 versus $486 million and $422 million in 2006 and 2005, respectively, due to the factors described above.

 

Millions of dollars, except per share data

           2007                    2006                    2005        

Earnings from continuing operations

   $ 647    $ 486    $ 422

Diluted earnings from continuing operations per share

     8.10      6.35      6.19

 

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Table of Contents

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS—(CONTINUED)

 

Discontinued Operations

We classified the Hoover floor-care, Dixie-Narco vending systems, and Jade commercial and residential businesses as discontinued operations during 2006. The decision to divest these businesses allowed us to focus on our core appliance business. For additional information about discontinued operations, see Note 3 of the Notes to the Consolidated Financial Statements.

This excerpt taken from the WHR 10-K filed Feb 22, 2008.

Earnings from Continuing Operations

Earnings from continuing operations were $647 million in 2007 versus $486 million and $422 million in 2006 and 2005, respectively, due to the factors described above.

 

Millions of dollars, except per share data

           2007                    2006                    2005        

Earnings from continuing operations

   $ 647    $ 486    $ 422

Diluted earnings from continuing operations per share

     8.10      6.35      6.19

 

F-7


Table of Contents

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS—(CONTINUED)

 

Discontinued Operations

We classified the Hoover floor-care, Dixie-Narco vending systems, and Jade commercial and residential businesses as discontinued operations during 2006. The decision to divest these businesses allowed us to focus on our core appliance business. For additional information about discontinued operations, see Note 3 of the Notes to the Consolidated Financial Statements.

This excerpt taken from the WHR 10-Q filed Oct 30, 2007.

Earnings from Continuing Operations

Earnings from continuing operations for the current quarter were $175 million, or $2.20 per diluted share, versus $134 million, or $1.68 per diluted share in the year ago quarter. Earnings from continuing operations for the year to date period were $460 million, or $5.72 per diluted share, versus $353 million, or $4.68 per diluted share in the prior year to date period. Overall performance was driven by continued improvement from our international businesses, acquisition efficiencies, strong cost reduction actions, regional tax incentives, productivity and cost-based price adjustments within our international businesses and a significantly reduced effective tax rate. This performance was partially offset by higher material and oil-related prices, lower U.S. industry demand, and foreign currency losses.

 

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Table of Contents

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – (CONTINUED)

 

Discontinued Operations

We classified the Hoover floor-care, Dixie-Narco vending systems, Amana commercial microwave and Jade commercial and residential businesses as discontinued operations during the second quarter of 2006. The decision to divest these businesses allowed us to focus on our core appliance business.

Further discussion regarding the sale of these businesses can be found in Note D to the Consolidated Condensed Financial Statements.

This excerpt taken from the WHR 10-Q filed Jul 27, 2007.

Earnings from Continuing Operations

Earnings from continuing operations for the current quarter were $161 million, or $2.00 per diluted share, versus $100 million, or $1.26 per diluted share in the year ago quarter. Earnings from continuing operations for the year to date period were $285 million, or $3.55 per diluted share, versus $218 million, or $2.96 per diluted share in the prior year to date period. Overall performance was driven by continued improvement from our international businesses, acquisition efficiencies, strong cost reduction actions, regional tax incentives, productivity and cost-based price adjustments. This performance was partially offset by higher material and oil-related prices, lower U.S. industry demand, acquisition integration costs, increased interest expense and additional shares outstanding which were issued during last year’s Maytag acquisition.

Discontinued Operations

We classified the Hoover floor-care, Dixie-Narco vending systems, Amana commercial microwave and Jade commercial and residential businesses as discontinued operations during the second quarter of 2006. The decision to divest these businesses allowed us to focus on our core appliance business.

Further discussion regarding the sale of these businesses can be found in Note D to the Consolidated Condensed Financial Statements.

 

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Table of Contents

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – (CONTINUED)

 

This excerpt taken from the WHR 10-Q filed Apr 30, 2007.

Earnings from Continuing Operations

Earnings from continuing operations for the current quarter were $124 million, or $1.55 per diluted share, versus $118 million, or $1.70 per diluted share in the year ago quarter. Overall performance was driven by continued improvement from Whirlpool’s international businesses, acquisition efficiencies, strong cost reduction actions, regional tax incentives, productivity and cost-based price adjustments. This performance was partially offset by higher material prices, lower U.S. industry demand, acquisition integration costs, increased interest expense and higher shares outstanding.

Discontinued Operations

Whirlpool classified the Hoover floor-care, Dixie-Narco vending systems, Amana commercial microwave and Jade commercial and residential businesses as discontinued operations during the second quarter of 2006. The decision to divest these businesses has allowed us to focus on our core appliance business.

On September 6, 2006, Whirlpool sold the Amana commercial microwave business to Aga Foodservice Inc. for approximately $49 million. Due to Whirlpool’s continuing involvement with the Amana commercial microwave business as an OEM supplier, we reclassified the operating results related to the Amana commercial microwave business into continuing operations during the third quarter of 2006.

On October 23, 2006, Whirlpool completed the sale of Dixie-Narco vending systems to Crane Co. for approximately $46 million.

On December 6, 2006, Whirlpool entered into a definitive agreement to sell the Hoover floor-care business to Techtronic Industries, Co., Ltd. (“TTI”) for approximately $107 million. The sale closed on January 31, 2007.

 

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Table of Contents

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – (CONTINUED)

On February 17, 2007, Whirlpool entered in a definitive agreement to sell the Jade commercial and residential products businesses to Middleby Corporation. The sale closed on April 2, 2007.

As part of the sale of each of the above operations, we retained certain liabilities associated with pension benefits and, in the case of Hoover, postretirement medical benefits for currently retired Hoover employees. In addition, with respect to the sale of the Dixie-Narco vending systems business, Whirlpool retained certain environmental liabilities.

Further information related to these sales can be found in Note D – Discontinued Operations in the Notes to Consolidated Condensed Financial Statements.

This excerpt taken from the WHR DEF 14A filed Mar 12, 2007.

EARNINGS FROM CONTINUING OPERATIONS

 

Earnings from continuing operations in 2006 were $486 million, or $6.35 per diluted share, versus $422 million, or $6.19 per diluted share, and $406 million, or $5.90 per diluted share in 2005 and 2004, respectively. Earnings from continuing operations include the operating results of Maytag, including integration costs and efficiencies, and the effect of purchase accounting adjustments.

 

Millions of dollars, except per share data


           2006        

           2005        

           2004        

Earnings from continuing operations

   $ 486    $ 422    $ 406

Diluted earnings from continuing operations per share

   $ 6.35    $ 6.19    $ 5.90

 

DISCONTINUED OPERATIONS

 

Whirlpool classified the Hoover floor-care, Dixie-Narco vending systems, Amana commercial microwave and Jade commercial and residential products businesses as discontinued operations during the second quarter of 2006. The decision to divest these businesses will allow us to focus on our core appliance business.

 

On September 6, 2006, Whirlpool sold the Amana commercial microwave business to Aga Foodservice Inc. for approximately $49 million. Due to Whirlpool’s continuing involvement with the Amana commercial microwave business as an OEM supplier, we reclassified the operating results related to the Amana commercial microwave business into continuing operations during the third quarter of 2006.

 

On October 23, 2006, Whirlpool completed the sale of the Dixie-Narco vending systems business to Crane Co. for approximately $46 million.

 

On December 6, 2006, Whirlpool entered into a definitive agreement to sell the Hoover floor-care business to Techtronic Industries, Co., Ltd (“TTI”) for approximately $107 million. The sale closed on January 31, 2007.

 

On February 17, 2007, Whirlpool entered into a definitive agreement to sell the Jade commercial and residential products businesses to Middleby Corporation. The sale is expected to be completed in the second quarter of 2007.

 

As part of the sale of each of the above discontinued operations, we retained certain liabilities associated with pension benefits and, in the case of Hoover, postretirement medical benefits for currently retired Hoover employees. In addition, with respect to the sale of the Dixie-Narco vending systems business, Whirlpool retained certain environmental liabilities.

 

Further information related to these sales can be found in Note 4—Discontinued Operations in the Consolidated Financial Statements.

 

This excerpt taken from the WHR 10-K filed Feb 28, 2007.

EARNINGS FROM CONTINUING OPERATIONS

 

Earnings from continuing operations in 2006 were $486 million, or $6.35 per diluted share, versus $422 million, or $6.19 per diluted share, and $406 million, or $5.90 per diluted share in 2005 and 2004, respectively. Earnings from continuing operations include the operating results of Maytag, including integration costs and efficiencies, and the effect of purchase accounting adjustments.

 

Millions of dollars, except per share data


           2006        

           2005        

           2004        

Earnings from continuing operations

   $ 486    $ 422    $ 406

Diluted earnings from continuing operations per share

   $ 6.35    $ 6.19    $ 5.90

 

DISCONTINUED OPERATIONS

 

Whirlpool classified the Hoover floor-care, Dixie-Narco vending systems, Amana commercial microwave and Jade commercial and residential products businesses as discontinued operations during the second quarter of 2006. The decision to divest these businesses will allow us to focus on our core appliance business.

 

On September 6, 2006, Whirlpool sold the Amana commercial microwave business to Aga Foodservice Inc. for approximately $49 million. Due to Whirlpool’s continuing involvement with the Amana commercial microwave business as an OEM supplier, we reclassified the operating results related to the Amana commercial microwave business into continuing operations during the third quarter of 2006.

 

On October 23, 2006, Whirlpool completed the sale of the Dixie-Narco vending systems business to Crane Co. for approximately $46 million.

 

On December 6, 2006, Whirlpool entered into a definitive agreement to sell the Hoover floor-care business to Techtronic Industries, Co., Ltd (“TTI”) for approximately $107 million. The sale closed on January 31, 2007.

 

On February 17, 2007, Whirlpool entered into a definitive agreement to sell the Jade commercial and residential products businesses to Middleby Corporation. The sale is expected to be completed in the second quarter of 2007.

 

As part of the sale of each of the above discontinued operations, we retained certain liabilities associated with pension benefits and, in the case of Hoover, postretirement medical benefits for currently retired Hoover employees. In addition, with respect to the sale of the Dixie-Narco vending systems business, Whirlpool retained certain environmental liabilities.

 

Further information related to these sales can be found in Note 4—Discontinued Operations in the Consolidated Financial Statements.

 

This excerpt taken from the WHR DEF 14A filed Mar 17, 2005.

EARNINGS FROM CONTINUING OPERATIONS

 

Earnings from continuing operations were $406 million in 2004 versus $414 million and $262 million in 2003 and 2002, respectively. Full year 2004 earnings were significantly impacted by increases in material and logistics costs, particularly in the second half of 2004. These higher costs were partially offset by productivity improvements, lower foreign currency losses on balance sheet positions, an effective tax rate reduction, lower financing costs, and reduced minority interest earnings. The significant increase in 2003 relates primarily to approximately $147 million of higher restructuring and related charges in 2002, the full year impact of acquisitions, strong volume growth, productivity improvements and absence of an equity investment write-off, partially offset by an increase in expense due to the decline of the U.S. dollar.

 

Millions of dollars, except per share data    2004

   2003

   2002

 

Earnings from continuing operations

   $ 406    $ 414    $ 262  

Diluted earnings per share from continuing operations

   $ 5.90    $ 5.91    $ 3.78  

Net earnings (loss)

   $ 406    $ 414    $ (394 )

Diluted net earnings (loss) per share

   $ 5.90    $ 5.91    $ (5.68 )

 

DISCONTINUED OPERATIONS

 

As a result of the United Airlines bankruptcy filing in December 2002, the Company wrote off its related investment in leveraged aircraft leases during the fourth quarter of 2002. The write-off resulted in a non-cash charge to discontinued operations of approximately $68 million, or $43 million after-tax. These leveraged lease assets were part of the Company’s previously discontinued finance company, Whirlpool Financial Corporation.

 

Although most of its assets have been divested, Whirlpool Financial Corporation remains a legal entity with assets consisting primarily of a leveraged lease portfolio. As of December 31, 2004 and 2003, the portfolio totaled $15 million and $42 million, respectively, net of related reserves. (See Note 5 to the Consolidated Financial Statements.) The Company continues to monitor its arrangements with the lessees and the value of the underlying assets.

 

This excerpt taken from the WHR 10-K filed Mar 16, 2005.

EARNINGS FROM CONTINUING OPERATIONS

 

Earnings from continuing operations were $406 million in 2004 versus $414 million and $262 million in 2003 and 2002, respectively. Full year 2004 earnings were significantly impacted by increases in material and logistics costs, particularly in the second half of 2004. These higher costs were partially offset by productivity improvements, lower foreign currency losses on balance sheet positions, an effective tax rate reduction, lower financing costs, and reduced minority interest earnings. The significant increase in 2003 relates primarily to approximately $147 million of higher restructuring and related charges in 2002, the full year impact of acquisitions, strong volume growth, productivity improvements and absence of an equity investment write-off, partially offset by an increase in expense due to the decline of the U.S. dollar.

 

Millions of dollars, except per share data    2004

   2003

   2002

 

Earnings from continuing operations

   $ 406    $ 414    $ 262  

Diluted earnings per share from continuing operations

   $ 5.90    $ 5.91    $ 3.78  

Net earnings (loss)

   $ 406    $ 414    $ (394 )

Diluted net earnings (loss) per share

   $ 5.90    $ 5.91    $ (5.68 )

 

DISCONTINUED OPERATIONS

 

As a result of the United Airlines bankruptcy filing in December 2002, the Company wrote off its related investment in leveraged aircraft leases during the fourth quarter of 2002. The write-off resulted in a non-cash charge to discontinued operations of approximately $68 million, or $43 million after-tax. These leveraged lease assets were part of the Company’s previously discontinued finance company, Whirlpool Financial Corporation.

 

Although most of its assets have been divested, Whirlpool Financial Corporation remains a legal entity with assets consisting primarily of a leveraged lease portfolio. As of December 31, 2004 and 2003, the portfolio totaled $15 million and $42 million, respectively, net of related reserves. (See Note 5 to the Consolidated Financial Statements.) The Company continues to monitor its arrangements with the lessees and the value of the underlying assets.

 

This excerpt taken from the WHR 10-K filed Mar 4, 2005.

EARNINGS FROM CONTINUING OPERATIONS

 

Earnings from continuing operations were $406 million in 2004 versus $414 million and $262 million in 2003 and 2002, respectively. Full year 2004 earnings were significantly impacted by increases in material and logistics costs, particularly in the second half of 2004. These higher costs were partially offset by productivity improvements, lower foreign currency losses on balance sheet positions, an effective tax rate reduction, lower financing costs, and reduced minority interest earnings. The significant increase in 2003 relates primarily to approximately $147 million of higher restructuring and related charges in 2002, the full year impact of acquisitions, strong volume growth, productivity improvements and absence of an equity investment write-off, partially offset by an increase in expense due to the decline of the U.S. dollar.

 

Millions of dollars, except per share data    2004

   2003

   2002

 

Earnings from continuing operations

   $ 406    $ 414    $ 262  

Diluted earnings per share from continuing operations

   $ 5.90    $ 5.91    $ 3.78  

Net earnings (loss)

   $ 406    $ 414    $ (394 )

Diluted net earnings (loss) per share

   $ 5.90    $ 5.91    $ (5.68 )

 

DISCONTINUED OPERATIONS

 

As a result of the United Airlines bankruptcy filing in December 2002, the Company wrote off its related investment in leveraged aircraft leases during the fourth quarter of 2002. The write-off resulted in a non-cash charge to discontinued operations of approximately $68 million, or $43 million after-tax. These leveraged lease assets were part of the Company’s previously discontinued finance company, Whirlpool Financial Corporation.

 

Although most of its assets have been divested, Whirlpool Financial Corporation remains a legal entity with assets consisting primarily of a leveraged lease portfolio. As of December 31, 2004 and 2003, the portfolio totaled $15 million and $42 million, respectively, net of related reserves. (See Note 5 to the Consolidated Financial Statements.) The Company continues to monitor its arrangements with the lessees and the value of the underlying assets.

 

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