Benton Harbor-based Whirlpool Corp. today announced net sales of $20.9 billion in 2015 compared to $19.9 billion in 2014, an increase of 18 percent.
“Our strong operational execution delivered another year of record revenue and earnings per share along with strong free cash flow,” says Jeff Fettig, chairman and CEO of Whirlpool. “These record results demonstrate that our strategy and larger global operating platform continue to create substantial levels of shareholder value even in a year of unprecedented volatility in global markets.”
Fettig says operating profits totaled $1.3 billion in 2015 compared to $1.2 billion the previous year, due in part to the benefits of acquisitions, ongoing cost productivity, and increased investments in marketing, technology, and products. Net earnings per diluted share increased to $9.83 in 2015, compared to $8.17 in 2014.
In 2016, Fettig says he expects Whirlpool to report earnings per diluted share of $11.25 to $12. The company expects to generate free cash flow of $700 to $800 million. The company expects industry unit shipments to increase by 5 percent in North America, decrease by 10 percent in Latin America (specifically Brazil), and expects shipments to be flat in Asia and in the Europe, Middle East, and Asia region.
“Our plans to create long-term value for our shareholders remain unchanged, and our strategic priorities remain focused on profitable revenue growth, leading consumer innovation, and best cost structure,” he says.
The company, founded in 1911 by the Upton family, designs and produces a range of kitchen and home appliances across multiple brands, including Whirlpool, Maytag, KitchenAid, Jenn-Air, and Amana.