Whirlpool's profit rises 75% in the quarter with sales advance

SAO PAULO-the American Whirlpool, Brastemp and Consul of housewives, recorded net income of $ 198 million in the second quarter. Compared with the same period in 2012, the amount evolved 75%. The result was driven by increased sales, productivity and cost reduction initiatives and capacity.
Disclosure
The appliance manufacturer's net revenue totaled $ 4.7 billion in the quarter, 5.3% higher than a year earlier. According to the company's balance sheet, without foreign exchange effects and tax benefits in Brazil, sales would have risen 6 percent.
"Sales have increased in all regions of the world, as we continue to expand our margins," said Jeff Fettig, Chairman and Chief Executive of the Board of the company.
Sales in North America, the most important market for the Whirlpool, rose 5% on annual basis, to 2.6 billion. In Latin America, 6% was high, as well as in the region encompassing Europe, the Middle East and Africa. In Asia, revenue grew 2%.
Sales costs rose 3.9% in the quarter, to $ 3.93 billion. But as the pace of growth was lower than the gross turnover increased 12.2%, reaching $ 817 million.
While General and administrative expenses slightly above the second quarter of 2012, the company decreased the cost of restructuring at 60.7%, from $ 79 million to $ 31 million, and operating profit took a 69% to $ 328 million.
Whirlpool increased the projected adjusted net income per share for the year, to a range between $ 9.25 and $ 9.75 to $ 9.50 to $ 10.
In the first six months of the year, the American company's net revenue rose 1.55%, compared to the same period in 2012, to $ 9 billion. The net profit more than doubled, from $ 205 million to $ 450 million in annual bases.