Whirlpool Corporation (WHR) recently announced the retirement plans of Roy Templin, executive vice president and chief financial officer of the company.
According to the plan, he will handle his current responsibilities till April 2012 to complete the company’s year-end reporting and other transitional items.
He will be succeeded by Larry Venturelli, the current senior vice president, corporate controller, chief accounting officer and chief financial officer for Whirlpool International.
Benton Harbor, Michigan-based Whirlpool Corporation was incorporated in 1955 and is one of the largest manufacturers of home appliances in the world. The company’s portfolio of products can be broadly categorized into laundry appliances, refrigerators and freezers, cooking appliances, and other small household durables including dishwasher and mixers. Its brand names include Whirlpool, Maytag, KitchenAid, Roper, Jenn-Air, Amana, Brastemp, Consul and Bauknecht.
In the last reported quarter, adjusted earnings of the company was $2.76 per share, exactly in line with the Zacks Consensus Estimate. This compared with the adjusted profit of $2.82 per share in the second quarter of 2010. Adjusted operating profit was $223 million versus $298 million a year ago.
Whirlpool’s results in the quarter were favorably impacted by cost reduction and productivity initiatives and increased monetization of certain tax credits. However, these were offset by lower product price/mix and higher material and oil-related costs.
Revenues in the quarter increased marginally by 4% to $4.7 billion and were in line with the Zacks Consensus Estimate. The Latin America, Europe, Middle East and Africa regions saw improvements in terms of revenues, whereas declines were experienced in North America and Asia.
Whirlpool has projected earnings per share between $12.00 and $13.00 for fiscal 2011. In addition, the company expects to generate free cash flow between $400 million and $500 million for the same period. The company also expects to generate cash flow from operating activities in the range of $740 million–$860 million for 2011. Capital expenditure for the full year is estimated between $600 million and $625 million.
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