Whirlpool Reports Huge Q2 Earnings

Whirlpool Corporation WHR announced today that second-quarter net earnings rose 163 percent to $205 million, or $2.64 per diluted share, compared to $78 million, or $1.04 per diluted share reported during the same period last year. Second-quarter adjusted diluted earnings per share totaled $2.82 compared to $0.94 in the prior year. Sales of $4.5 billion increased 9 percent from the $4.2 billion reported in the second quarter of 2009. Excluding the impact of foreign exchange translation, the company's second-quarter sales increased approximately 6 percent. Second-quarter operating profit totaled $331 million compared with $134 million in the prior year. Results were favorably impacted by cost reduction and productivity initiatives, global unit volume growth and increased monetization of certain tax credits.