Whirlpool Corporation (NYSE:WHR) was up 2.59% in late morning trading on January 25. Whirlpool is a Michigan-based manufacturer and marketer of home appliances. Some of its top brands include Maytag, Amana, KitchenAid, and many others. Shares of Whirlpool have climbed 8.8% in 2018 already.
The company released its fourth quarter and full year results for 2017 after the markets closed on January 24. Whirlpool posted fourth quarter net sales of $5.7 billion – up 1% year over year. For the full year net sales reached $21.3 billion in comparison to $20.7 billion in the prior year. Whirlpool reported free cash flow of $707 million compared to $630 million at the end of 2016.
Sales were mostly flat in the North American region at $3.1 billion and were down 0.8% excluding the impact of currency. Sales in Europe, the Middle East, and Africa rose 1.5% year over year to $1.4 billion but excluding the impact of currency were down 5.6%. Latin America climbed 4.4% excluding currency and Asia sales declined 8.3%.
Whirlpool ultimately posted a quarterly loss due to the impact of new U.S. tax reform. The company was hit with a $420 million charge due to the one-time overseas cash tax. However, Whirlpool does have reason for celebration after the Trump administration imposed stiff duties on Asia-based solar panels and washing machines.
Whirlpool also announced a quarterly dividend of $1.10 per share representing a 2.4% dividend yield. The company stands to benefit in the short to medium-term from recent tax cuts apart from the one-time charge administered this quarter.
