Whirlpool Corporation today announced fourth-quarter 2003 results, highlighted by record sales and net earnings.

Fourth-quarter net sales of $3.36 billion increased 14 percent from the prior-year period. Excluding currency translations, net sales increased approximately 7 percent. For the full year, net sales of $12.18 billion increased 10.5 percent from 2002. Excluding currency translations, full-year net sales increased 7 percent.

"Our consolidated global businesses delivered solid earnings," said David R. Whitwam, Whirlpool's chairman and chief executive officer. "Substantial improvements in sales and productivity within our North American and European operations were reflected in the fourth-quarter and full-year results."

For 2003, the company reported net earnings of $414 million, or $5.91 per diluted share, compared to a net loss of $394 million, or $5.68 per diluted share, in 2002. The 2002 loss included charges totaling $11.75 per diluted share.

FOURTH-QUARTER GLOBAL HIGHLIGHTS
* Whirlpool Corporation's board of directors declared a dividend increase of 26 percent, payable on March 15, 2004, to holders of record at the close of business on February 27. The increase reflects the board's confidence in the company's financial position, the ability of its operations to generate ongoing free cash flow, and the positive momentum of Whirlpool's brands and businesses worldwide.

* Whirlpool announced its commitment to reduce the company's global greenhouse gas emissions by 3 percent from its 1998 emissions level. Whirlpool expects to achieve this reduction target by 2008, while increasing global home appliance production by nearly 40 percent over the same 10-year period. Most of Whirlpool's efforts to achieve its emissions reduction will be focused on the production of energy-efficient home appliances.

* The Environmental Protection Agency (EPA) and Department of Energy (DOE) have named Whirlpool Corporation as an ENERGY STAR(R) Partner of the Year for its outstanding contribution to reducing greenhouse gas emissions by making and promoting energy-efficient products.

* Whirlpool was ranked fifth among the most respected international consumer goods companies in the latest "World's Most Respected Companies" survey, conducted annually by the "Financial Times" and PricewaterhouseCoopers. Researchers polled nearly 1,000 chief executives in 20 countries for the names of companies they respected most.

U.S. industry unit shipments of major appliances increased 8.1 percent from the prior-year period, driven by the continued strength of consumer spending. Based on current economic conditions, the company expects U.S. appliance industry unit shipments in 2004 to increase 2 percent.

WHIRLPOOL EUROPE's sales of $794 million increased 27.4 percent from the prior-year period. Excluding currency translations, sales increased approximately 9 percent. Reflecting improving GDP growth and consumer demand throughout most of the region, the company's unit volume increased 9 percent and sales improved across all brands, especially the Whirlpool brand. Operating profit increased significantly compared to the prior year period, driven in part by demand for innovative premium products, including the Whirlpool(R) Dreamspace(TM) clothes washer and the Whirlpool(R) Conquest(TM) side-by-side refrigerator. The operation delivered a significant improvement in productivity, which also contributed to the operating profit improvement.

Whirlpool brand increased its leading market share position for the quarter. The Whirlpool and Bauknecht brands introduced new lines of kitchen appliances for the built-in appliance market.

WHIRLPOOL LATIN AMERICA's sales of $403 million increased 27.8 percent from the prior-year period. Excluding currency translations, sales increased approximately 9 percent. Difficult macroeconomic conditions in Brazil continued to negatively affect consumer demand and market pricing. Operating profit declined 23 percent from the prior-year period, due primarily to increases in material costs and the effects of currency. Excluding currency translations, operating profit increased approximately 8 percent. The company expects that economic and market conditions in Brazil will continue to stabilize and moderately improve in 2004.

"Entering 2004, we see positive economic trends and the continuing momentum of our brands in Whirlpool's key markets worldwide," said Whitwam. "We expect full-year earnings for 2004 to be in the range of $6.20 to $6.35 per share. This improvement is based on our forecast of gradually improving global economic conditions, increased consumer demand for Whirlpool's innovative products and services, and benefits from our ongoing operational focus on business productivity."