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."