On an adjusted basis, excluding these non-operating charges, diluted earnings per share(1) totaled $2.76 compared to $2.82 in the prior year. Sales in 2011 were $4.7 billion, compared to $4.5 billion reported in the second quarter of 2010, a 4 percent increase driven by favorable currency trends. Despite the difficult economic environment, global shipments were up year over year.
Second-quarter operating profit totaled $223 million compared with $331 million in the prior year. On an adjusted basis, second quarter 2011 operating profit(2) totaled $223 million compared to $298 million in 2010. Results were favorably impacted by cost reduction and productivity initiatives and increased monetization of tax credits. These favorable factors were offset by significantly higher material and oil-related costs and unfavorable product price/mix.
"While the challenging economic environment has kept us from achieving our targeted margins, we delivered a solid quarter," said Jeff M. Fettig, Whirlpool Corporation chairman and chief executive officer. "Our continued cost and productivity initiatives coupled with strong product innovation have helped mitigate a volatile demand environment and record levels of material cost inflation. Additionally, our recently announced price increases in key countries around the world help position us for stronger second half performance."
During the six months ended June 30, 2011, the company reported cash flow used in operating activities of $(234) million compared to cash flow provided by operating activities of $170 million in the prior-year period. Current year results include $212 million in pension contributions. On a year-to-date basis, Whirlpool Corporation reported free cash flow(3) of $(473) million compared to $(88) million in the prior-year period. Read More full articel... For the latest updates PRESS CTR + D or visit Stock Market news Today
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