Whirlpool Corporation Reports Record 2006 Third Quarter Revenue

Whirlpool Corporation today announced record 2006 third quarter net sales of $4.8 billion. Sales increased 35 percent from the previous year, reflecting both the acquisition of Maytag Corporation and continued strong demand for the company’s innovative products. Excluding the Maytag acquisition, net sales increased approximately 8 percent.

Third quarter 2006 net earnings from continuing operations, which include the operating results, integration costs and purchase accounting impact from the acquisition of Maytag, were $134 million, or $1.68 per diluted share, compared to $114 million, or $1.66 per diluted share reported during the previous year.

The company completed the sale of the Amana commercial microwave business during the third quarter and finalized the sale of Dixie Narco vending systems subsequent to quarter end. Combined proceeds were approximately $100 million. There is no gain or loss associated with either of these transactions.

As previously communicated, the company also intends to sell the Hoover floor-care division and its Jade commercial products appliance business. The third quarter financial results for Hoover, Dixie Narco and Jade are included in discontinued operations. Total net earnings for the third quarter, including discontinued operations, were $117 million, or $1.47 per diluted share.

Third quarter results, which included asset gains of approximately $40 million and a warranty settlement benefit of $15 million, were partially offset by non-income based tax settlements of $22 million and a pension curtailment charge related to a benefit change of $15 million.

Operating profit, which reflected strong international performance, was negatively impacted by higher material prices, acquisition integration related costs and purchase accounting expense in the company’s North American business.

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