Whirlpool Corporation reaffirmed its full-year guidance following first quarter results.
Net sales in the quarter were $4.4 billion compared to $4.2 billion during the same prior-year period. Excluding the impact of foreign currency in addition to Brazilian (BEFIEX) tax credits, sales increased approximately 6%.
"We are very pleased with the progress we made in the first-quarter driving revenue growth, expanding margins and investing in our business," said Jeff M. Fettig, chairman and CEO. "We remain committed to delivering our operating profit margin, earnings per share and free cash flow guidance for the year."
Whirlpool Corporation reaffirmed its expectation for full-year net earnings per diluted share of $11.05 to $11.55. The company continues to expect to report full-year ongoing business earnings per diluted share of $12 to $12.50.
"We remain confident in our ability to deliver a record year of performance in 2014 and in our long-term growth strategy," said Fettig. "We are increasing investments in our business and continuing to enhance returns to our shareholders as evidenced by our recently announced dividend increase and share repurchase program."
Whirlpool North America reported net sales of $2.3 billion compared to $2.2 billion in the same prior-year period, an increase of more than 4%.
Whirlpool Europe, Middle East and Africa reported first-quarter net sales of $720 million compared to $668 million in the same prior-year period. Excluding the impact of currency, sales increased approximately 4%.
Whirlpool Latin America reported first-quarter net sales of $1.2 billion, compared to $1.2 billion in the same prior-year period. Excluding the impact of currency and BEFIEX tax credits, sales increased approximately 11%.
Whirlpool Asia reported first-quarter net sales of $166 million compared to $187 million in the same prior-year period. Excluding the impact of currency, sales decreased approximately 4%.