Whirlpool Corporation Reports Record Results
Full-Year Revenues Increase 7 Percent to $19.4 Billion
Earnings per Share from Continuing Operations up 28 Percent to $8.10 per Share

Whirlpool Corporation announced today that full-year 2007 earnings from continuing operations were $8.10 per diluted share, up 28 percent from the $6.35 per diluted share reported in the same period last year. The company reported record annual net sales of $19.4 billion, an increase of 7 percent from the prior year.

Fourth-quarter earnings from continuing operations of $187 million increased 41 percent to a record $2.38 per diluted share compared to $133 million, or $1.67 per diluted share reported during the previous year's quarter. Revenue of $5.3 billion for the quarter increased more than 7 percent from the $5.0 billion reported in the fourth quarter of 2006.

"The year was filled with significant challenges and opportunities," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. "We delivered record financial results in the face of both the most challenging U.S. industry demand environment in more than two decades and unprecedented global material price inflation. Our performance in this environment highlights the strength of our global brands and the geographic diversity of our global operating platform. During 2007, we completed the integration of the largest acquisition in the company's history, introduced a continuous cadence of new global product innovation and delivered record international results."

Net earnings for the quarter reflected continued strong momentum within the company's international business and significantly higher operating profit performance within North America. Operating profit increased 74 percent to $332 million and operating profit margins expanded 2.4 percent from the previous year. Fourth-quarter operating results benefited from cost- efficiency realization associated with the previous year's acquisition of Maytag, productivity improvements, improved product mix and a favorable net currency impact. Results were partially offset by ongoing macroeconomic challenges due to higher material and oil-related costs and significantly lower industry demand within the United States.

During the fourth-quarter, Whirlpool repurchased $117 million of common stock, bringing its year-to-date total to $368 million. Approximately $97 million remains available under the company's $500 million repurchase program.

The company generated $521 million in free cash flow* during 2007 and reduced total debt outstanding from $2.3 billion to $2.1 billion.


Whirlpool North America fourth-quarter sales of $3.0 billion declined less than 1 percent from the prior year as industry unit shipments of major appliances (T7)*** declined approximately 6 percent. The company's strong brand portfolio of innovative products continued to drive consumer demand and improved average sales values per unit.

Operating profit of $175 million increased 41 percent from the previous year period and operating profit margins increased from 4.0 percent to 5.7 percent. Strong Maytag efficiency realization, favorable product mix and productivity improvements partially offset significantly higher material and oil-related costs as well as lower industry demand.

Based on current economic conditions, the company expects full-year 2008 U.S. industry unit shipments to decline approximately 3 percent to 5 percent.

Whirlpool Europe reported record fourth-quarter and full-year revenue and operating profit. Fourth-quarter revenue increased 12 percent to $1.1 billion. Excluding the effects of currency, revenues were unchanged. Overall industry demand during the quarter declined approximately 1 percent from the prior year. The region's favorable performance relative to the industry was driven by sales of the market-leading Whirlpool brand and continued strength of the region's innovative product offerings.

Operating profit increased 22 percent to $73 million, as higher sales, improved product mix and productivity gains offset higher material and oil- related costs.

Based on current economic conditions in Europe, the company expects full- year 2008 industry unit shipments to be flat versus 2007 levels.

Whirlpool Latin America reported record fourth-quarter and full-year revenue and operating profit during 2007. Sales improved approximately 30 percent to more than $1.0 billion during the quarter, driven by robust appliance industry growth, strong demand for the region's market leading innovative brands and cost-based price increases. Excluding currency translation, sales for appliances and compressors increased approximately 12 percent. Industry unit shipments of appliances increased approximately 11 percent during the quarter.

Operating profit reached a record $156 million, increasing 73 percent from the prior year. Operating profit margin of 14.9 percent increased significantly from the 11.2 percent reported in the prior year. Increased unit shipments, cost-based price increases, strong productivity and an asset sale gain of $15 million mitigated higher material costs during the quarter.

Based on current economic conditions, the company expects full-year 2008 appliance industry shipments to increase 5 percent to 8 percent throughout the Latin America region.

Whirlpool Asia reported quarterly sales of $155 million, increasing 26 percent from the prior year. Excluding the impact of currency, sales increased approximately 13 percent largely driven by the benefits of new innovative product introductions and an improved product mix in India. The region reported an operating loss of $4 million during the quarter.

The company expects full-year 2008 appliance industry shipments to increase 5 percent to 10 percent.


For the full-year 2008, Whirlpool expects earnings per diluted share from continuing operations to be in the $8.50 to $9.00 range and to generate $600 million to $650 million in free cash flow.*

"We expect the macroeconomic challenges related to material cost increases and lower U.S. and European demand to continue in 2008," said Fettig. "We will offset increasing material and oil-related costs through cost-based pricing adjustments and productivity improvements. In addition, we are adjusting our cost structure to the lower expected industry demand levels. These actions combined with our strong portfolio of brands, continuous flow of innovation and increased brand support should enable us to overcome the negative economic environment and deliver improved results for our shareholders."

* A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by continuing operations appears below under the heading "Cash Flow Reconciliation."

** During the first quarter of 2007, the company adopted changes to its segment reporting consistent with the methodology the chief executive officer now uses to evaluate each segment's operating and financial results. The company previously included the financial results for its Caribbean operations and exports of certain portable appliances to Europe within its North America business segment. The results for these businesses are now being reported within the Latin America and Europe segments, respectively. In addition, the company has reallocated certain costs previously included within corporate administrative expense to each of the respective regions. Regional results for 2006 have been reclassified to reflect these changes.

*** T7 refers to the following household appliance categories: washers, dryers, refrigerators, freezers, dishwashers, ranges and compactors.


   -- The Whirlpool brand launched:

       - The centralpark connection, uniting appliances and electronics by
         allowing consumers to display digital photographs on their

       - The Duet Steam washer and dryer.  The washer naturally steams away
         tough stains, from grass to grease, without pre-treating.  The
         dryer removes odors and reduces wrinkles from clothing.

   -- The Maytag brand launched:

       - Maytag EPIC z front-load washer and dryer offering a high-
         performance, space-saving design.  The dryer's efficient drying
         system, combined with the washer's powerful water extraction, takes
         clothes from wet to dry in less than 30 minutes.

       - Maytag Centennial 27-inch dryer that fits smaller spaces but
         delivers the largest drying capacity of any Maytag brand dryer.

   -- The Jenn-Air brand continued the launch of:

       - A SteamClean option for dishwashers.  The SteamClean option
         enhances an existing wash cycle, such as the China/Crystal cycle,
         with improved soil and spot cleaning to produce an even more
         lustrous shine.  In addition to steam, these models also have a new
         silent sound package, making an already quiet dishwasher even

   -- The Gladiator GarageWorks brand launched:

       - Gladiator Color Floor Tiles available in red, blue, white, and
         black to add a splash of color to the garage and complement
         customers' sense of style by offering limitless pattern options.

   -- The Amana brand launched:

       - The JOT dry-erase refrigerator featuring a dry-erase finish on the
         door enabling consumers to write, draw or doodle with easy clean
         up.  The refrigerator also offers single up-front temperature
         control and spill saver glass shelves.

       - A front-load laundry pair featuring a super capacity, 7.1 cubic
         foot dryer enabling consumers to dry more in a single load.  The
         washer features antimicrobial component protection and exceeds the
         2007 ENERGY STAR guidelines for energy and water efficiency.

   -- Whirlpool Europe launched:

       - Whirlpool Max microwaves, a space-saving combination of technology,
         innovation and design in five new colors:  glossy black, cream,
         chocolate, red merlot and silver.

       - The Bauknecht drawer refrigerator.  The new built-in, double-drawer
         refrigerator provides modern, extendable storage space that can be
         accessed easily.  The new cooling units feature dynamic
         intelligence-sensor technology, ensuring pre-set temperatures
         recover five times faster than normal cooling appliances and
         providing a high level of energy efficiency.

       - The Bauknecht oven with steam function.  The new steam oven brings
         together the advantage of steam cooking with classic oven

   -- Whirlpool Latin America launched:

       - The Brastemp Unique Protect range.  The range offers enhanced
         safety features for families with small children.

       - A new line of Consul ranges for the Brazilian market.  The new
         Scents product line features a modern design.  The ranges are
         durable, easy to clean and consumers can choose from models with
         four or six burners.

   -- Whirlpool Asia launched:

       - A new series of Whirlpool front load washing machines in China.
         While the washer depth is only 44 cm, its internal capacity is
         5.5 kg, well above the largest capacity currently found on the

       - The Whirlpool Professional range in India, equipped with 6th Sense
         technology.  This technology creates intelligent appliances that
         sense the environment, adapt to different operating conditions and
         control processes.  The Professional refrigerator features a
         stylish design and a door alarm to reduce energy waste.


   -- The Whirlpool Duet laundry pair was awarded a Silver Design Award from
      the Sparks International Design Competition.

   -- The Consumer Electronics Association named the Whirlpool brand
      refrigerator with the centralpark connection as an Innovations 2008
      Design and Engineering Award Honoree.

   -- The Maytag Ice2O refrigerator was listed as a "Best Buy" in Better
      Homes & Gardens Kitchen & Bath Ideas.

   -- Gladiator GarageWorks launched ManCrib.com, the first male-oriented
      gift registry.

   -- Whirlpool Mexico was honored with the "2007 Supplier of The Year
      Award" by Home Depot Mexico.  Whirlpool was selected from a group of
      more than 12,000 suppliers for the home improvement chain.

   -- KitchenAid brand Drawer Dishwashers have been chosen as one of
      Kitchen & Bath Design News' "Most-Asked-About Products" of 2007.

   -- Whirlpool Poland was awarded the prestigious Grand Prix Platinum Medal
      in the Consumer Laurel 2007 Competition.

   -- The Whirlpool brand PowerClean dishwasher has been awarded the Silver
      Award for the Large Appliance of the Year from the U.K. consumer
      magazine, House Beautiful.

   -- In Brazil, Whirlpool was named:

       - The best company in the home appliance and electronic goods
         segments by Isto E Dinheiro magazine;
       - The most admired home appliance company, for the 10th consecutive
         time, by Carta Capital magazine;
       - The best Innovative brand by Consumidor Moderno magazine;
       - The best financially managed company in the home appliance segment
         by Financial Officer magazine;
       - Brastemp ranked first as the most trusted brand by consumers in a
         survey conducted by Forbes and Young & Rubicam.

   -- Brastemp brand received three Folha Top of Mind Awards in Brazil.
      Brastemp was named the top laundry brand and "Top Class A" (most
      remembered brand among affluent consumers) and "Top Performance" by
      Folha de Sao Paulo, a leading Brazilian newspaper.

   -- The Consul brand was named the number one brand in the refrigerator
      category in the Folha Top of Mind Awards.  This marks the 17th
      consecutive time Consul has been awarded the honor.

  Cash Flow Reconciliation

The table below reconciles actual 2007 and projected 2008 cash provided by continuing operations determined in accordance with generally accepted accounting principles (GAAP) in the United States to free cash flow, a non- GAAP measure. Management believes that free cash flow provides shareholders with a relevant measure of liquidity and a useful basis for assessing the company's ability to fund its activities and obligations. There are limitations to using non-GAAP financial measures, including the difficulty associated with comparing companies that use similarly named non-GAAP measures whose calculations may differ from the company's calculations. As defined by the company, free cash flow is cash provided by continuing operations after capital expenditures and proceeds from the sale of assets/businesses. Free cash flow does not include proceeds from the sale of Maytag businesses. The projections shown here are based upon many estimates and are inherently subject to change based on future decisions made by management and the board of directors of the company, and significant economic, competitive and other uncertainties and contingencies.

   (Millions of dollars)                     2007             2008
                                            ------           ------

   Cash provided by continuing operations    $927        $1,150 - $1,175
   Capital expenditures                      (536)        (600) - (625)
   Proceeds from sale of assets/
    non-Maytag businesses                     130            50 - 100
                                            ------         ------------
   Free Cash Flow                            $521          $600 - $650
                                            ======         ============

  About Whirlpool Corporation

Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $19 billion, 73,000 employees, and 72 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world. Additional information about the company can be found at http://www.whirlpoolcorp.com/.

Whirlpool Additional Information:

This document contains forward-looking statements that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document include, but are not limited to, statements regarding expected earnings per share, cash flow, productivity and material and oil-related prices, as well as expectations as to the integration with Maytag Corporation. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool Corporation's forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry reflecting the impact of both new and established global competitors, including Asian and European manufacturers; (2) Whirlpool's ability to continue its strong relationship with Sears Holding Corporation in North America (accounting for approximately 12% of Whirlpool's 2007 consolidated net sales of $19.4 billion) and other significant trade customers, and the ability of these trade customers to maintain or increase market share; (3) changes in economic conditions, including the strength of the U.S. building industry and the level of interest rates; (4) the ability of Whirlpool to achieve its business plans, including execution of its Maytag strategy, productivity improvements, cost control, leveraging of its global operating platform, and acceleration of the rate of innovation; (5) fluctuations in the cost of key materials (including steel, oil, plastic, resins, copper and zinc) and components and the ability of Whirlpool to offset cost increases; (6) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (7) our ability to attract, develop and retain executives and other qualified employees; (8) health care cost trends and regulatory changes that could increase future funding obligations for pension and post retirement benefit plans; (9) the cost of compliance with environmental and health and safety regulations; (10) litigation including product liability and product defect claims; (11) the impact of labor relations; (12) Whirlpool's ability to obtain and protect intellectual property rights; (13) the ability of Whirlpool to manage foreign currency fluctuations; and (14) global, political and/or economic uncertainty and disruptions, especially in Whirlpool's significant geographic regions, including uncertainty and disruptions arising from natural disasters or terrorist attacks. Additional information concerning these and other factors can be found in Whirlpool Corporation's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.

                            WHIRLPOOL CORPORATION
                      FOR THE PERIODS ENDED DECEMBER 31
                 (Millions of dollars except per share data)

                                   Three Months Ended   Twelve Months Ended
                                  --------------------  --------------------
                                     2007      2006       2007       2006
                                  ---------- ---------  --------  ----------

  Net sales                           $5,325    $4,954  $19,408    $18,080

  Cost of products sold                4,487     4,259   16,517     15,420
  Selling, general and administrative    484       480    1,736      1,752
  Intangible amortization                  7        10       31         30
  Restructuring costs                     15        15       61         55
                                  ---------- ---------  --------  ----------
                                       4,993     4,764   18,345     17,257
                                  ---------- ---------  --------  ----------
  OPERATING PROFIT                       332       190    1,063        823

  Interest and sundry income
   (expense)                             (43)       (7)     (63)        (2)
  Interest expense                       (52)      (50)    (203)      (202)
  Gain on sale of investment               -         -        7          -
                                  ---------- ---------  --------  ----------

   BEFORE INCOME TAXES AND OTHER ITEMS   237       133      804        619
  Income taxes                            39        (2)     117        126
                                  ---------- ---------  --------  ----------
   INTERESTS                             198       135      687        493

  Equity in (losses) income of
   affiliated companies                   (8)        -      (18)         1
  Minority interests                      (3)       (2)     (22)        (8)
                                  ---------- ---------  --------  ----------
  EARNINGS FROM CONTINUING OPERATIONS    187       133      647        486

  Loss from discontinued operations,
   net of tax                              -       (24)      (7)       (53)
                                  ---------- ---------  --------  ----------
   STOCKHOLDERS                         $187      $109     $640       $433
                                  ========== =========  ========  ==========
  Per share of common stock:
  Basic earnings from continuing
   operations                          $2.42     $1.70    $8.24      $6.47
  Discontinued operations, net of tax      -     (0.31)   (0.09)     (0.71)
                                  ---------- ---------  --------  ----------
  Basic net earnings                   $2.42     $1.39    $8.15      $5.76
                                  ========== =========  ========  ==========
  Diluted earnings from continuing
   operations                          $2.38     $1.67    $8.10      $6.35
  Discontinued operations, net of tax      -     (0.30)   (0.09)     (0.68)
                                  ---------- ---------  --------  ----------
  Diluted net earnings                 $2.38     $1.37    $8.01      $5.67
                                  ========== =========  ========  ==========
  Dividends declared                    $.43      $.43    $1.72      $1.72

  Weighted-average shares outstanding
  Basic                                 77.3      78.4     78.5       75.1
  Diluted                               78.4      79.7     79.9       76.5

                            WHIRLPOOL CORPORATION
                         CONSOLIDATED BALANCE SHEETS
                            (Millions of dollars)

                                             DECEMBER 31,       DECEMBER 31,
                                                 2007               2006
                                             ------------       ------------

    Cash and equivalents                            $201               $262
    Accounts receivables, net of
     allowance for uncollectible
     accounts of $83 and $84 at
     December 31, 2007 and 2006,
     respectively                                  2,604              2,676
    Inventories                                    2,665              2,348
    Prepaid expenses                                  89                 95
    Deferred income taxes                            324                372
    Other current assets                             621                483
    Assets of discontinued operations                  -                240
                                             ------------       ------------
      Total current assets                         6,504              6,476
                                             ------------       ------------
    Goodwill, net                                  1,760              1,663
    Other intangibles, net of
     accumulated amortization of $64 and
     $33 at December 31, 2007 and 2006,
     respectively                                  1,854              1,871
    Other assets                                     621                551
                                             ------------       ------------
      Total other assets                           4,235              4,085
                                             ------------       ------------
    Land                                              84                 94
    Buildings                                      1,226              1,174
    Machinery and equipment                        7,861              7,186
    Accumulated depreciation                      (5,959)            (5,297)
                                             ------------       ------------
      Total property, plant and equipment          3,212              3,157
                                             ------------       ------------
  Total assets                                   $13,951            $13,718
                                             ============       ============

    Accounts payable                              $3,260             $2,945
    Accrued expenses                                 633                698
    Accrued advertising and promotions               497                550
    Employee compensation                            444                420
    Notes payable                                    298                521
    Current maturities of long-term debt             127                 17
    Other current liabilities                        583                730
    Liabilities of discontinued
     operations                                      -                  121
                                             ------------       ------------
      Total current liabilities                    5,842              6,002
                                             ------------       ------------
    Long-term debt                                 1,668              1,798
    Postretirement benefits                        1,061              1,207
    Pension benefits                                 725                838
    Other liabilities                                653                542
                                             ------------       ------------
      Total noncurrent liabilities                 4,107              4,385
                                             ------------       ------------

  MINORITY INTERESTS                                  69                 48
                                             ------------       ------------
    Common stock, $1 par value, 250
     million shares authorized, 103
     million and 102 million shares
     issued at December 31, 2007 and
     2006, respectively, 77 million
     and 78 million shares outstanding
     at December 31, 2007 and 2006,
     respectively                                    103                102
    Additional paid-in capital                     1,993              1,869
    Retained earnings                              3,703              3,205
    Accumulated other comprehensive loss            (248)              (643)
    Treasury stock, 26 million and 24
     million shares at December 31, 2007
     and 2006, respectively                       (1,618)            (1,250)
                                             ------------       ------------
       Total stockholders' equity                  3,933              3,283
                                             ------------       ------------
  Total liabilities and stockholders'
   equity                                        $13,951            $13,718
                                             ============       ============

                            WHIRLPOOL CORPORATION
                           Year Ended December 31
                            (Millions of dollars)

                                                  2007              2006
                                             ------------       ------------

  Operating Activities of Continuing
  Net earnings                                     $640               $433
  Loss from discontinued operations                   7                 53
                                             ------------       ------------
     Earnings from continuing operations            647                486
  Adjustments to reconcile earnings
   from continuing operations to net
   cash provided by continuing operating
  Equity in losses of affiliated
   companies, less dividends received                18                  5
  Gain on disposition of assets                     (65)                (4)
  Gain on sale of investment                         (7)                 -
  Gain on sale of businesses                          -                (32)
  Depreciation and amortization                     593                550
  Changes in assets and liabilities,
   net of business acquisitions:
      Trade receivables                             181                 50
      Inventories                                  (194)              (118)
      Accounts payable                              105                 44
      Restructuring charges, net of
       cash paid                                    (82)               (80)
      Taxes deferred and payable, net                10               (154)
      Accrued pension                               (70)                53
      Employee compensation                         (24)                25
      Other                                        (185)                55
                                             ------------       ------------
        Cash Provided By Continuing
         Operating Activities                       927                880
                                             ------------       ------------
  Investing Activities of Continuing
  Capital expenditures                             (536)              (576)
  Proceeds from sale of assets                      130                 86
  Proceeds from sale of businesses                    -                 36
  Proceeds from sale of Maytag adjacent
   businesses                                       100                110
  Purchase of minority interest shares                -                (53)
  Acquisition of businesses, net of
   cash acquired                                      -               (797)
  Other                                             (25)                 -
                                             ------------       ------------
        Cash Used In Investing
         Activities of Continuing
         Operations                                (331)            (1,194)
                                             ------------       ------------
  Financing Activities of Continuing
  Net (repayments) proceeds of short-
   term borrowings                                 (243)               381
  Proceeds from borrowings of long-term
   debt                                               3                757
  Repayments of long-term debt                      (17)            (1,046)
  Dividends paid                                   (134)              (130)
  Purchase of treasury stock                       (368)                 -
  Common stock issued                                68                 54
  Other                                              (5)                13
                                             ------------       ------------
        Cash (Used In) Provided By
         Financing Activities of
         Continuing Operations                     (696)                29
                                             ------------       ------------
  Cash Provided By (Used In)
   Discontinued Operations
     Operating Activities                             6                  8
     Investing Activities                             -                 (3)
                                             ------------       ------------
  Cash Provided By Discontinued
   Operations                                         6                  5
                                             ------------       ------------
  Effect of Exchange Rate Changes on
   Cash and Equivalents                              33                 18
                                             ------------       ------------
  Decrease in Cash and Equivalents                  (61)              (262)
  Cash and Equivalents at Beginning of
   Period                                           262                524
                                             ------------       ------------
  Cash and Equivalents at End of Period            $201               $262
                                             ============       ============

First Call Analyst:
FCMN Contact: angela_m_hersil@whirlpool.com

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SOURCE: Whirlpool Corporation

CONTACT: Media, Monica Teague, +1-269-923-7405,
Monica.Teague@Whirlpool.com, or Financial, Greg Fritz, +1-269-923-2641, both
of Whirlpool Corporation