<PAGE>
CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 16, 1997
WHIRLPOOL CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-3932 38-1490038
- ---------------------------- ---------------- -------------------
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) number) Identification No.)
2000 M63 North, Benton Harbor, Michigan 49022-2692
----------------------------------------------------------------------
(Address of principal executive officers) (Zip Code)
(616)-923-5000
--------------------------------------------------
Registrant's telephone number, including area code
<PAGE>
Item 5. Other Events
------------
On April 16, 1997, the Company announced its first quarter 1997 earnings.
Quarterly net earnings were $46 million, or 62 cents per share, compared with
$38 million, or 50 cents per share, in the 1996 period. First-quarter revenues
were down about 1 percent, to $2.04 billion, but were up slightly absent the
effect of currency fluctuation.
Item 7 Financial Statements and Exhibits
---------------------------------
Exhibit 1
---------
Copy of a press release dated April 16, 1997 regarding the company's
earnings for the first quarter 1997.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WHIRLPOOL CORPORATION
Registrant
Date: April 18, 1997 By: /s/ Daniel F. Hopp
------------------------------
Name: Daniel F. Hopp
Title: Vice President, General
Counsel and Secretary
<PAGE>
Contact:
T.R. Reid
616/923-3417
[email protected]
WHIRLPOOL CORPORATION ACHIEVES SHARP INCREASE
IN FIRST-QUARTER 1997 EARNINGS
BENTON HARBOR, Mich. -- April 16, 1997 -- Whirlpool Corporation (NYSE: WHR)
said today that sustained strong performances in North America and Latin America
and year-over-year improvement in Europe led to a 24-percent rise in its first-
quarter earnings.
Quarterly net earnings were $46 million, or 62 cents per share, compared
with $38 million, or 50 cents per share, in the 1996 period. First-quarter
revenues were down about 1 percent, to $2.04 billion, but were up slightly
absent the effect of currency fluctuation.
David R. Whitwam, Whirlpool's chairman and chief executive officer, said
the three-month financial results were consistent with the company's plans for
solid growth in its 1997 operating results.
"Overall, we're pleased with the quarter and with the progress it
represents toward our full-year goals," said Whitwam. "Our North and Latin
American businesses again put up outstanding numbers, and European and Asian
results were in line with our interim expectations for what we believe will be
meaningful operating improvement through this year."
Company product shipments in North America were down slightly, but less
than an industry decline of 2 percent. However, a combination of product mix,
manufacturing efficiencies and more favorable material costs pushed up
Whirlpool's margins in the period. Like those for the quarter, full-year 1997
industry volumes are expected to be down slightly from record levels in '96
primarily because retail inventories of air conditioners remain high from last
season.
Whirlpool Europe showed year-over-year improvement in the first quarter,
and increased its margins because of better product mix and gains in
manufacturing efficiency. Company shipments and revenues, in local currency,
were higher, despite a
- more -
[WHIRLPOOL CORPORATION - LOGO]
Administrative Center, Benton Harbor, Michigan 49022
<PAGE>
decline in industry volumes. Industry shipments in Western Europe fell by about
2 percent in the quarter; full-year totals should be comparable to those for
1996.
At February's Domotechnica trade show in Cologne, Germany, Whirlpool
introduced its next-generation European microwave ovens, new Bauknecht and
Whirlpool brand freezers and refrigerators, and a new line of cooktops. Those
and other appliance models redesigned since 1995 will account for virtually all
of the company's revenues from the region this year, and are expected to provide
Whirlpool and its trade partners with better margins.
In Latin America, further robust equity earnings from Whirlpool's Brazilian
affiliates drove a 16-percent jump in total regional earnings for the quarter.
Outside of Brazil, the company's Latin American revenues were up slightly in the
period.
Whirlpool Asia sustained a first-quarter operating loss associated with the
continued execution of a long-term strategy in its important regional market,
but recorded higher year-over-year product shipments and sales. Asia is already
the largest appliance market in the world; by the middle of the next decade,
consumers there will purchase as many of the industry's products as their
counterparts in North America and Western Europe combined.
Whirlpool Corporation is the world's leading manufacturer and marketer of
major home appliances. Headquartered in Benton Harbor, the company manufactures
in 13 countries and markets products under 11 major brand names in about 140
countries.
###
<PAGE>
<TABLE>
<CAPTION>
File: IS10Q1Q
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (UNAUDITED) DLR 4/9/97
WHIRLPOOL CORPORATION AND SUBSIDIARIES Supplemental Consolidating Data
THREE MONTHS ENDED MARCH 31 ------------------------------------------------
(millions of dollars except share data) Whirlpool Corporation Whirlpool with WFC Whirlpool Financial
(Consolidated) on an Equity Basis Corporation (WFC)
--------------------- ------------------ -------------------
1997 1996 1997 1996 1997 1996
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net sales $1,990 $2,013 $1,990 $2,013 $-- $--
Financial services 48 46 -- -- 62 54
------ ------ ------ ------ --- ---
Total Revenues 2,038 2,059 1,990 2,013 62 54
Cost of products sold 1,536 1,563 1,536 1,563 -- --
Selling and administrative 392 393 373 369 33 32
Financial services interest 20 16 -- -- 22 19
Intangible amortization 8 9 8 9 -- --
------ ------ ------ ------ --- ---
Total Expenses 1,956 1,981 1,917 1,941 55 51
------ ------ ------ ------ --- ---
OPERATING PROFIT 82 78 73 72 7 3
OTHER INCOME (EXPENSE)
Interest and sundry (4) 3 (5) (2) 2 5
Interest expense (36) (40) (35) (37) -- --
------ ------ ------ ------ --- ---
EARNINGS BEFORE TAXES AND
OTHER ITEMS 42 41 33 33 9 8
Income taxes 20 18 16 15 4 3
------ ------ ------ ------ --- ---
EARNINGS BEFORE EQUITY EARNINGS
AND OTHER ITEMS 22 23 17 18 5 5
Equity in WFC -- -- 4 4 -- --
Equity in affiliated companies 22 14 22 14 -- --
Minority interests 2 1 3 2 (1) (1)
------ ------ ------ ------ --- ---
NET EARNINGS $ 46 $ 38 $ 46 $ 38 $ 4 $ 4
====== ====== ====== ====== === ===
Per share of Common Stock:
Primary earnings $ 0.62 $ 0.50
====== ======
Cash dividends $ 0.34 $ 0.34
====== ======
</TABLE>
See notes to consolidated condensed financial statements
<PAGE>
CONSOLIDATED CONDENSED BALANCE SHEETS
WHIRLPOOL CORPORATION AND SUBSIDIARIES
<TABLE>
<CAPTION>
(millions of dollars) Supplemental Consolidating Data
-------------------------------------------------------
Whirlpool Corporation Whirlpool with WFC Whirlpool Financial
(Consolidated) on an Equity Basis Corporation (WFC)
----------------------------- -------------------------- --------------------------
March 31 December 31 March 31 December 31 March 31 December 31
1997 1996 1997 1996 1997 1996
(Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited)
----------- ------------ ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and equivalents $ 152 $ 129 $ 106 $ 102 $ 46 $ 27
Trade receivables, less allowances
(1997: $44; 1996: $45) 1,011 966 1,011 966 - -
Financing receivables and leases,
less allowances
(1997: $13; 1996: $12) 1,387 1,400 - - 1,387 1,400
Inventories 1,044 1,034 1,044 1,034 - -
Other current assets 256 283 268 291 9 6
------ ------ ------ ------ ------ ------
TOTAL CURRENT ASSETS 3,850 3,812 2,429 2,393 1,442 1,433
Investments and other assets 806 830 1,092 1,113 - -
Financing receivables and leases,
less allowances
(1997: $37; 1996: $38) 694 705 - - 694 705
Intangibles, net 814 870 814 870 - -
------ ------ ------ ------ ------ ------
2,314 2,405 1,906 1,983 694 705
Property, plant and equipment 3,737 3,839 3,718 3,820 19 19
Accumulated depreciation (2,027) (2,041) (2,016) (2,030) (11) (11)
------ ------ ------ ------ ------ ------
1,710 1,798 1,702 1,790 8 8
------ ------ ------ ------ ------ ------
TOTAL ASSETS $7,874 $8,015 $6,037 $6,166 $2,144 $2,146
====== ====== ====== ====== ====== ======
</TABLE>
See notes to consolidated condensed financial statements
<PAGE>
CONSOLIDATED CONDENSED BALANCE SHEETS
WHIRLPOOL CORPORATION AND SUBSIDIARIES
<TABLE>
<CAPTION>
(millions of dollars) Supplemental Consolidating Data
----------------------------------------------------
Whirlpool Corporation Whirlpool with WFC Whirlpool Financial
(Consolidated) on an Equity Basis Corporation (WFC)
------------------------ ------------------------ ------------------------
March 31 December 31 March 31 December 31 March 31 December 31
1997 1996 1997 1996 1997 1996
(Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable $2,292 $2,157 $ 813 $ 704 $ 1,479 $1,453
Accounts payable 869 983 811 886 79 111
Other current liabilities 819 882 810 876 9 6
------ ------ ------ ------ ------- ------
TOTAL CURRENT LIABILITIES 3,980 4,022 2,434 2,466 1,567 1,570
Long-term debt 881 955 813 887 68 68
Postemployment benefits 562 563 556 557 6 6
Other liabilities 359 367 242 248 117 119
------ ------ ------ ------ ------- ------
1,802 1,885 1,611 1,692 191 193
Minority interests 180 182 80 82 110 110
STOCKHOLDERS' EQUITY
Common stock 81 81 81 81 8 8
Paid-in capital 248 246 248 246 26 26
Retained earnings 1,939 1,918 1,939 1,918 246 242
Unearned restricted stock (7) (7) (7) (7) - -
Currency translation adjustments (112) (76) (112) (76) (4) (3)
Treasury stock - at cost (237) (236) (237) (236) - -
------ ------ ------ ------ ------- ------
TOTAL STOCKHOLDERS' EQUITY 1,912 1,926 1,912 1,926 276 273
------ ------ ------ ------ ------- ------
TOTAL LIABILITIES AND EQUITY $7,874 $8,015 $6,037 $6,166 $2,144 $2,146
====== ====== ====== ====== ====== ======
</TABLE>
See notes to consolidated condensed financial statements
