For the full year, the company expects U.S. appliance shipments to be flat to up
moderately from last year's level
Whirlpool Corporation (NYSE:WHR)
today reaffirmed its previously announced earnings outlook for
the first quarter of 2003. The company also announced that
year-to-date consumer retail sales in North America are within
the range of prior forecasts.
David R. Whitwam
Chairman and chief executive officer
"While uncertain economic and geopolitical environments cause us
all to be extra diligent as they relate to changes in trends and
consumer demand, today we are seeing a moderate decline in
consumer demand in the U.S. appliance industry. In addition, we
are not seeing a sales-mix shift to lower priced products that
are sold under our U.S. brands."
Whitwam added: "Consistent with our previous forecast for the
quarter, U.S. appliance industry shipments appear to be down
approximately 4 percent, and retail sales down 3 percent from
last year's levels. Company and retail inventory levels appear
to be balanced and appropriate to support first-quarter sales
"The company continues to monitor and manage the economic
challenges brought on by the current geopolitical environment.
However, given current industry conditions, we expect to deliver
first-quarter earnings that will approximate our previous
forecast of flat to up moderately from last year's core earnings
of $1.32 per share."
For the full year, the company expects U.S. appliance
shipments to be flat to up moderately from last year's level.
The company reaffirms its full-year earnings guidance of $6.20
to $6.40 per share.
Whirlpool Corporation is the world's leading manufacturer and
marketer of major home appliances. Headquartered in Benton
Harbor, Michigan, the company manufactures in 13 countries and
markets products under 11 major brand names in more than 170
countries. Additional information about the company can be found
on the Internet at
This news release contains forward-looking statements, as
that term is defined in the Private Securities Litigation Reform
Act of 1995. In addition to the expected appliance industry
results for 2003 noted in this news release, there are certain
factors that could cause results to differ materially from those
anticipated by some of the statements made. These factors are
listed in the company's most recently filed Form 10-Q and/or
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