13708 Tue, 02/05/2008 - 12:34pm
BENTON HARBOR, Mich.–Citing cost efficiencies related to its previous year’s acquisition of Maytag, Whirlpool Corp. this morning reported that its fourth-quarter earnings ended Dec. 31 leapt 41 percent to $187 million, up from $133 million during the same quarter the year before. Diluted earnings per share grew to $2.38 from $1.67 in the prior period.
In a statement announcing the performance, Jeff M. Fettig, Whirlpool’s chairman and chief executive officer, credited not only the Maytag acquisition, but “productivity improvements, improved product mix and a favorable net currency impact.”
The quarter’s strong results, based on an increase in sales of 7.5 percent to $5.3 billion, were “partially offset by ongoing macroeconomic challenges due to higher material and oil-related costs, and significantly lower industry demand within the United States.”
The company also repurchased $117 million of its common stock during the fourth quarter, bringing its total to $368 million, with $97 million remaining to be purchased.