Whirlpool Corporation Reports Fourth-Quarter and Full-Year 2008 Results

Whirlpool Corporation announced today that full-year 2008 earnings from continuing operations were $5.50 per diluted share compared to $8.10 per diluted share reported in the same period last year. The company reported annual net sales of $18.9 billion, a decrease of 3 percent from the prior year.

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Fourth-quarter net earnings decreased 76 percent to $44 million, or $0.60 per diluted share, compared to $187 million, or $2.38 per diluted share reported during the previous year. Sales of $4.3 billion for the quarter decreased 19 percent from the $5.3 billion reported in the fourth quarter of 2007. Excluding the impact of foreign exchange translation, the company's fourth-quarter sales declined approximately 13 percent.

Fourth-quarter earnings reflect sharply lower global unit sales and production volumes, higher material and oil-related costs and unfavorable foreign currency exchange movements compared to the fourth quarter of 2007. The company also recorded $77 million of restructuring costs compared to $15 million in the prior year. Results were also unfavorably impacted by a $32 million product recall expense related to a supplier quality issue. These items were partially offset by an income tax benefit, favorable price/mix, lower incentive compensation and cost reduction initiatives during the quarter. The company's results included $43 million in asset sale gains compared with $24 million of asset sale gains in the previous year.

"The severity and scope of the global economic downturn has significantly increased over the last several months and had a significant impact on consumer demand in all parts of the world," said Jeff M. Fettig, Whirlpool Corporation chairman and chief executive officer. "We have moved very quickly to adjust our business to much lower demand levels by significantly reducing costs and production levels while continuing to focus on providing our trade customers with an ongoing cadence of innovation which represents great value to consumers."

During the fourth quarter, Whirlpool Corporation accessed its existing $2.2 billion credit facility and is in full compliance with its bank covenants. Given the generally negative and highly volatile global economic climate and the challenges in global credit markets, the company is proactively taking steps to assure its future financial flexibility. The company has initiated discussions with banks to seek additional flexibility within its capital structure.


  Whirlpool North America

Fourth-quarter sales of $2.5 billion declined 18 percent from the prior year. Excluding the effects of currency, sales declined approximately 16 percent from the prior year. U.S. industry unit shipments of major appliances (T7)* declined approximately 10 percent.

The North America region reported an operating loss of $20 million compared to an operating profit of $175 million in the previous year. Significantly lower sales and unit production levels, unfavorable foreign exchange, product recall costs and higher material and oil-related costs were the primary unfavorable factors affecting the company's fourth-quarter operating profit. These factors were partially offset by favorable price/mix, ongoing cost reduction initiatives and a $23 million gain related to the sale of an asset.

Based on current economic conditions, the company expects full-year 2009 U.S. industry unit shipments to decline approximately 10 percent from 2008.

Whirlpool Europe

Whirlpool Europe reported fourth-quarter sales of $938 million, a 16 percent decrease from the prior year. Excluding the effects of currency, sales declined approximately 7 percent from the previous year. Overall industry unit demand during the quarter declined approximately 10 percent from the prior year.

Operating profit decreased to $2 million from $73 million reported in the previous year. European results were adversely impacted by unfavorable foreign currency fluctuations, higher material costs and sharply lower production rates during the fourth quarter.

Based on current economic conditions in the European region, the company expects full-year 2009 industry unit shipments to decline approximately 8 percent from 2008 levels.

Whirlpool Latin America

Fourth-quarter net sales declined 26 percent to $777 million. Excluding currency translation, sales for appliances and compressors decreased approximately 14 percent. Sales results reflected sharply lower industry unit demand throughout the Latin American region and in the global compressor operation.

Operating profit totaled $110 million in the fourth quarter compared with $156 million in the prior year. The overall results were unfavorably impacted by foreign currency exchange, lower revenues, higher material costs and the non-recurrence of a $15 million asset sale gain recorded in the previous year. These items were partially offset by favorable price/mix and cost reduction initiatives.

Full-year results represent record net sales and earnings. In addition, Latin America continued to build upon its industry leading position in both appliance and compressors.

Based on current economic conditions in Latin America, the company expects full-year 2009 shipments to be flat to down 5 percent.

Whirlpool Asia

Whirlpool Asia reported fourth-quarter sales of $140 million, decreasing 10 percent from the prior year. Excluding the impact of currency, sales increased approximately 7 percent predominantly due to higher unit volume and favorable price/mix. Operating profit during the quarter was $3 million compared to an operating loss of $4 million in the prior year. The year-over- year increase in operating profit resulted from higher volume and favorable trends in productivity and product price/mix. These favorable items were partially offset by higher material costs and unfavorable foreign currency exchange.

The company expects full-year 2009 industry unit shipments to be flat to down 5 percent from 2008 levels.


For the full-year 2009, Whirlpool Corporation expects earnings per diluted share from continuing operations to be between $3.00 and $4.00. For the full year, the company expects to generate free cash flow** between $300 million and $400 million. The company's earnings and free cash flow projections are based upon our current economic forecasts and business plans.

"We expect 2009 economic conditions to be among the most challenging that we have faced," said Jeff M. Fettig, Whirlpool Corporation chairman and chief executive officer. "Significant demand declines, volatile cost and currency levels are expected throughout the year. To succeed in this environment we are aggressively taking additional steps, beyond actions previously announced, to further reduce all areas of cost, production capacity, working capital and capital expenditures. We will continue to have focused investments in new product innovation to further strengthen our branded market position with our consumers."

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

** 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."


   -- The Whirlpool brand launched:

        - The Cabrio steam dryer that uses a combination of mist and heat to
          naturally steam away tough odors and relax wrinkles.

        - A new French door refrigerator with an external ice and water
          dispenser with new features, including a caddy for tall bottles
          and the ability to store a case of beverages.

        - The Whirlpool brand Resource Saver dishwasher system designed to
          increase tough soil cleaning performance.

   -- The Maytag brand in North America launched:

        - The new Maytag Bravos, the first top-load washer to qualify for a
          CEE Tier III energy rating, the highest efficiency level in the

        - The front-load "Performance Series" laundry pairs available in
          Crimson, Evergreen, Oxide and White.  The series feature faster
          and more efficient drying; a stainless steel wash basket that
          remains smooth to protect fabrics; and a water heater with a new
          NSF Certified Sanitary Cycle to remove at least 99.9 percent of
          household bacteria.

   -- The KitchenAid brand launched:

        - A 72" French door, counter-depth refrigerator, the first in the
          industry.  The refrigerator provides more space while maintaining
          a built-in look.

        - The industry's first 30-inch, five-burner gas cooktop.  Part of
          the new KitchenAid Architect Series II appliance collection, the
          new cooktops include both 30- and 36-inch widths, each with five

        - "EQ" dishwashers that provide optimal cleaning performance,
          enhanced drying performance and noise reduction while also saving
          water and energy.  These exceptionally quiet dishwashers are 56
          percent more efficient than federal minimum energy standards.

   -- The Jenn-Air brand launched:

        - A new French door refrigerator with an ice and water dispenser in
          the door.

        - An expanded SteamClean dishwasher line.  The SteamClean option
          provides enhanced soil and spot cleaning when using the normal

        - A new line of built-in refrigerators featuring an integrated
          through-the-door ice and water dispenser option, a PUR® water
          filter, storage bins with Advanced Climate Control technology and
          an enhanced temperature management system.

   -- The Amana brand in North America launched:

        - "Clever Combo" cooking centers. This new line of freestanding
          ranges and over-the-range microwaves combine updated styling with
          practical features to suit any cooking style and add extra flair
          to the kitchen.

        - A new traditional top-load laundry pair.  The top-load washing
          machine features antimicrobial component protection and an updated
          console for a stylish look.  The super capacity dryers feature
          wide-opening, side-swing, reversible doors.

   -- The Gladiator GarageWorks brand in North America launched:

        - The "Smart Solutions" series including a golf caddy, ball caddy,
          project caddy and clean-up caddy.  The series is designed to
          address specific organizational needs of Gladiator brand

        - A ready-to-assemble Extra Large GearBox to provide ample storage
          for large, bulky, hard-to-store items.  The GearBox is 48" x 72"
          and is designed to hang from Gladiator Wall Systems or sit on the
          floor on leveler legs.

        - The Gladiator Claw Advanced Bike Storage device, a first-of-its-
          kind, easy-to-use wall- or ceiling-mounted bike storage solution.

   -- Whirlpool Europe launched:

        - Whirlpool brand AquaSteam dishwashers, which create steam during
          the wash cycle to offer the best cleaning performance, even on
          delicate items. The steam feature softens dried-on soil and helps
          to eliminate bacteria.

        - Bauknecht brand Aqua refrigerator-freezer combinations with
          in-the-door water dispensing that connects to the main water
          supply. These refrigerators comply with the European A+ energy
          efficiency class and are ideal for small kitchens.

        - The KitchenAid bottom mount refrigerator with optional wine
          cellar.  The refrigerator features large, practical shelves and
          eliminates humidity before it can turn into frost. The wine cellar
          can hold up to 188 bottles and offers three different temperature

        - A Whirlpool brand Carisma washing machine featuring 6TH SENSE
          technology to reduce water and energy consumption by 50 percent.
          The technology allows consumers to simply select the fabric type,
          and the 6TH SENSE feature recognizes the exact size of the load
          and adapts resources accordingly.

        - KitchenAid brand major appliances in Belgium, the Netherlands,
          Luxembourg, Norway, Finland and Germany as part of the brand's
          continued European expansion.

   -- Whirlpool Latin America launched:

        - Brastemp brand You dishwashers and ranges that consumers can
          customize via the Internet.  The appliances can be configured
          according to the consumers' style and lifestyle preferences.  The
          range is available in nine colors and more than 1,700 option
          combinations, while the dishwasher is available in eight color
          choices with more than 800 combination options.

        - Brastemp brand Duet laundry pair.  The Duet dryer is the only gas-
          powered dryer in the Brazilian market, allowing consumers to
          reduce their power consumption spending.

        - Brastemp brand PLA BABY mini-refrigerators designed specifically
          for home nurseries.  The refrigerators offer convenient, quick-
          access to milk, juice and fruit.  The refrigerators are also very
          stylish, featuring five distinct and decorative removable face
          plates featuring animal figures.

        - A line of Consul brand stainless steel appliances designed to
          provide consumers with stylish appliances at affordable prices.
          The new stainless steel offering includes two frost-free
          refrigerators, two ranges and a microwave oven.

        - A Consul brand vacuum cleaner. The product features a retractable
          telescopic hose, retractable energy cable, an on/off pedal switch,
          ergonomic handle, and indicator light for bag changes.

        - KitchenAid brand continued its Latin America introduction.
          KitchenAid brand major and countertop appliances are now offered
          throughout Brazil.

        - The Whirlpool brand stainless steel no-frost, side-by-side
          refrigerator in Argentina.  The refrigerator is equipped with LCD
          controls, water dispenser, ice maker and anti-bacteria filter.

   -- Whirlpool Asia launched:

        - A Whirlpool brand compact washing machine to fit in small kitchens
          and bathrooms. The product features 6th SENSE technology which
          senses the wash load and automatically adjusts water levels and
          cycle times.

        - Whirlpool brand Genius refrigerators in India featuring an ice
          maker capable of making ice 30 percent faster and a vegetable
          drawer designed to keep vegetables fresh for a longer period.  The
          refrigerator also comes equipped with a jumbo bottle rack,
          antibacterial protection and an extra utility drawer for storing
          items that do not need to be refrigerated.

        - Whirlpool brand Fusion refrigerators in India featuring an
          emergency light to provide light equivalent to a 40 watt bulb for
          two hours during a power outage, and the ability to retain
          interior temperatures for up to 17 hours during the prevalent
          power outages in the region.

        - Whirlpool brand Onyx frost-free, top-mount refrigerator in
          Australia.  The large-capacity, energy-efficient refrigerator
          features a rapid chill freezer compartment, a humidity-controlled
          crisper drawer to keep foods fresher longer and a Satina finish.

        - Whirlpool brand refrigerators to the Chinese market for the first


  - Whirlpool Corporation was named one of the Top 50 Most Respected U.S.
    Companies by the Reputation Institute.

  - Whirlpool Corporation was named one of the World's Most Ethical
    Companies by Ethisphere magazine.

  - Whirlpool Corporation was named one of the Best Places to Launch a
    Career by BusinessWeek magazine.

  - For the fourth consecutive year Whirlpool Corporation was named to the
    2008/2009 Dow Jones Sustainability Index (DJSI), an international stock
    portfolio that evaluates corporate performance using economic,
    environmental, and social criteria.

  - Whirlpool Corporation received a score of 100 percent on the Human
    Rights Campaign's Corporate Equality Index for the sixth consecutive

  - Whirlpool brand was named one of the 10 top greenest brands by U.S.
    consumers, according to a recent BrandWeek magazine survey.

  - Whirlpool Corporation was recognized with its third consecutive ENERGY
    STAR® Sustained Excellence award from the Environmental Protection
    Agency and the Department of Energy in honor of its outstanding
    contribution to providing innovative products that help consumers reduce
    their utility bills and contribute to a reduction in greenhouse gas

  - Whirlpool Corporation teamed up with Habitat for Humanity® to help
    build nine homes in five days in Dallas as part of the third annual
    Building Blocks program.

  - Whirlpool Corporation is among the partners of the LEAF House (Life
    Energy And Future), the first Italian house to be entirely carbon
    neutral and energy self-sufficient.  The LEAF House received
    Legambiente's (Italy's most authoritative watchdog group on
    environmental issues) national Innovation Friendly to the Environment

  - Whirlpool Europe's Shared Services Center in Ireland was named, for the
    fifth time, as one of the Top Best 50 Companies to work for in Ireland.
    This Best Companies study, conducted by Great Place to Work Institute,
    sets out to identify and recognize the finest employers.

  - In Europe, Whirlpool was named 2008 Manufacturer of the Year, white
    goods category, by Sirius, one of the largest buying groups in the
    United Kingdom.

  - Whirlpool Latin America was named the most admired home appliance
    company, for the 11th consecutive time, by Carta Capital magazine.

  - The Consul brand was selected as the Top of Mind brand in home
    appliances and home electronics in a survey conducted by Amanha
    magazine.  Previously, the survey recognized the most named refrigerator
    brand category, in which Consul brand was the title holder for six
    consecutive years.

  - In Brazil, both Whirlpool and Embraco, Whirlpool Corporation's
    compressor and cooling solutions business, were named to the Best
    Company to work for in Brazil list for the 12th consecutive year by Guia
    Voce S.A/Exame 2008.

  - Embraco was named to the 2008 Stars of Energy Efficiency list by the
    Alliance to Save Energy (ASE). The award recognizes individuals,
    companies and government entities working to advance energy efficiency
    in noteworthy and creative ways.

  - Embraco was elected for the second consecutive year as the Most
    Innovative Company in the South of Brazil by the Ranking Champions of
    Innovation 2008.

  - In Brazil, Whirlpool was named the Most Innovative Company by the
    Ranking Champions of Innovation, promoted by Amanha Magazine and Edusys

  - In Argentina, the Whirlpool brand was named Top of Mind by Clarin, the
    newspaper with the largest Spanish circulation in the world.

  - Whirlpool Latin America was granted the ANPEI seal of Innovation by the
    National Association of Research, Development and Engineering of
    Innovative Companies. The certification is intended to recognize and
    identify the companies investing and standing out in the fields of
    Research, Development and Innovation in Brazil.

  - Whirlpool of India was named one of the Best Companies to Work for in
    India, according to Business Today magazine.

  Cash Flow Reconciliation

The table below reconciles actual 2008 and 2007 and projected 2009 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.

                                   Twelve Months Ended
                                       December 31
  (millions of dollars)              2008       2007        2009 Outlook

  Cash provided by continuing
   operations                        $327       $927        $700  - $800

  Capital expenditures               (547)      (536)       (450) - (500)
  Proceeds from sale of
   businesses                         119        130          50  -  100

  Free Cash Flow                    $(101)      $521        $300  - $400

  About Whirlpool Corporation

Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $19 billion, 70,000 employees, and 69 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 may include, but are not limited to, statements regarding expected earnings per share, cash flow, productivity and material and oil-related prices. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool Corporation's forward-looking statements. Among these factors are: (1) changes in economic conditions which affect demand for our products, including the strength of the building industry and the level of interest rates; (2) the effects of the global economic crisis on our customers, suppliers and the availability of credit; (3) Whirlpool's ability to continue its relationship with significant trade customers, including Sears Holding Corporation in North America (accounting for approximately 11% of Whirlpool's 2008 consolidated net sales of $18.9 billion) and the ability of these trade customers to maintain or increase market share; (4) intense competition in the home appliance industry reflecting the impact of both new and established global competitors, including Asian and European manufacturers; (5) the ability of Whirlpool to manage foreign currency fluctuations; (6) litigation including product liability and product defect claims; (7) the ability of Whirlpool to achieve its business plans, productivity improvements, cost control, leveraging of its global operating platform, and acceleration of the rate of innovation; (8) fluctuations in the cost of key materials (including steel, oil, plastic, resins, copper and aluminum) and components and the ability of Whirlpool to offset cost increases; (9) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (10) health care cost trends and regulatory changes that could increase future funding obligations for pension and post retirement benefit plans; (11) Whirlpool's ability to obtain and protect intellectual property rights; (12) 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; (13) the impact of labor relations; (14) our ability to attract, develop and retain executives and other qualified employees; (15) the cost of compliance with environmental and health and safety regulations. 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
                          Periods Ended December 31
                (Millions of dollars, except per share data)

                                         Three Months       Twelve Months
                                             Ended              Ended
                                     -------------------- ------------------
                                        2008      2007      2008      2007
                                     ---------  --------- --------- --------
  Net sales                            $4,315   $5,325    $18,907   $19,408
  Cost of products sold                 3,842    4,487     16,383    16,517
  Selling, general and administrative
   (exclusive of intangible
    amortization)                         379      484      1,798     1,736
  Intangible amortization                   7        7         28        31
  Restructuring costs                      77       15        149        61
                                     ---------  --------- --------- --------
  Operating profit                         10      332        549     1,063

  Other income (expense)
  Interest and sundry income (expense)    (66)     (43)      (100)      (63)
  Interest expense                        (53)     (52)      (203)     (203)
  Gain on sale of investment               -        -          -          7
                                     ---------  --------- --------- --------
            Earnings from continuing
             operations before income
             taxes and other items       (109)     237        246       804
  Income taxes                           (160)      39       (201)      117
                                     ---------  --------- --------- --------
            Earnings from continuing
             operations before equity
             earnings and minority
             interests                     51      198        447       687
  Equity in income (loss) of affiliated
   companies                               -        (8)        -        (18)
  Minority interests                       (7)      (3)       (29)      (22)
                                     ---------  --------- --------- --------
            Earnings from continuing
             operations                    44      187        418       647
  Loss from discontinued operations,
   net of tax                              -         -          -        (7)
                                     ---------  --------- --------- --------
  Net earnings available to common
   stockholders                           $44     $187       $418      $640
                                     =========  ========= ========= ========
  Per share of common stock
  Basic earnings from continuing
   operations                           $0.60    $2.42      $5.57     $8.24
  Discontinued operations, net of tax       -        -          -     (0.09)
                                     ---------  --------- --------- --------
  Basic net earnings                    $0.60    $2.42      $5.57     $8.15
                                     =========  ========= ========= ========
  Diluted earnings from continuing
   operations                           $0.60    $2.38      $5.50     $8.10
  Discontinued operations, net of tax       -        -          -     (0.09)
                                     ---------  --------- --------- --------
  Diluted net earnings                  $0.60    $2.38      $5.50     $8.01
                                     =========  ========= ========= ========
  Dividends                              $.43     $.43      $1.72     $1.72
                                     =========  ========= ========= ========
  Weighted-average shares outstanding
   (in millions)
  Basic                                  74.1     77.3       75.1      78.5
  Diluted                                74.7     78.4       76.0      79.9

                           WHIRLPOOL CORPORATION
                        CONSOLIDATED BALANCE SHEETS
                (Millions of dollars, except per share data)

                                              December 31,      December 31,
                                                  2008              2007
                                              ------------      ------------

  Current assets
    Cash and equivalents                            $146              $201
    Accounts receivable, net of allowance
     for uncollectible accounts of $66
     and $83 at December 31, 2008 and
     December 31, 2007, respectively               2,103             2,604
    Inventories                                    2,591             2,665
    Prepaid Expenses                                 110                89
    Deferred income taxes                            580               324
    Other current assets                             514               672
                                              ------------      ------------
      Total current assets                         6,044             6,555
                                              ------------      ------------
  Other assets
    Goodwill, net                                  1,728             1,760
    Other intangibles, net of accumulated
     amortization of $96 and $68 at
     December 31, 2008 and December 31,
     2007, respectively                            1,821             1,854
    Other assets                                     954               628
                                              ------------      ------------
      Total other assets                           4,503             4,242
                                              ------------      ------------
  Property, plant and equipment
    Land                                              74                84
    Buildings                                      1,186             1,226
    Machinery and equipment                        7,549             7,861
    Accumulated depreciation                      (5,824)           (5,959)
                                              ------------      ------------
      Total property, plant and equipment          2,985             3,212
                                              ------------      ------------
  Total assets                                   $13,532           $14,009
                                              ============      ============
  Liabilities and stockholders' equity

  Current liabilities
    Accounts payable                              $2,805            $3,260
    Accrued expenses                                 530               633
    Accrued advertising and promotions               440               497
    Employee compensation                            306               444
    Notes payable                                    393               298
    Current maturities of long-term debt             202               127
    Other current liabilities                        887               634
                                              ------------      ------------
      Total current liabilities                    5,563             5,893
                                              ------------      ------------
  Noncurrent liabilities
    Long-term debt                                 2,002             1,668
    Postretirement benefits                          822             1,061
    Pension benefits                               1,505               725
    Other liabilities                                567               682
                                              ------------      ------------
      Total noncurrent liabilities                 4,896             4,136
                                              ------------      ------------
  Commitments and contingencies

  Minority interests                                  67                69
                                              ------------      ------------
  Stockholders' equity
    Common stock, $1 par value, 250
     million shares authorized, 104
     million and 103 million shares
     issued at December 31, 2008 and
     December 31, 2007, respectively, 73
     million and 76 million shares
     outstanding at December 31, 2008
     and December 31, 2007, respectively             104               103
    Additional paid-in capital                     2,033             1,993
    Retained earnings                              3,993             3,703
    Accumulated other comprehensive
     income (loss)                                (1,259)             (270)
    Treasury stock, 31 million shares and
     27 million shares at December 31,
     2008 and December 31, 2007,
     respectively                                 (1,865)           (1,618)
                                              ------------      ------------
      Total stockholders' equity                   3,006             3,911
                                              ------------      ------------
  Total liabilities and stockholders'
   equity                                        $13,532           $14,009
                                              ============      ============

                           WHIRLPOOL CORPORATION
                           Year ended December 31
                           (Millions of dollars)
                                                  2008               2007
                                              ------------      ------------
  Operating activities of continuing
  Net earnings                                      $418              $640
  Loss from discontinued operations                    -                 7
                                              ------------      ------------

     Earnings from continuing operations             418               647
  Adjustments to reconcile earnings
   from continuing operations to cash
   provided by operating activities
   from continuing operations:
  Depreciation and amortization                      597               593
  Gain on disposition of assets                      (60)              (65)
  Gain on sale of investment                           -                (7)
  Increase in LIFO inventory reserve                  42                 9
  Equity in losses of affiliated
   companies, less dividends received                  -                18
  Changes in assets and liabilities,
   net of business acquisitions:
     Accounts receivable                             300               181
     Inventories                                    (174)             (194)
     Accounts payable                               (250)              105
     Restructuring charges, net of cash
      paid                                            33               (82)
     Taxes deferred and payable, net                (256)               10
     Accrued pension                                (123)              (70)
     Employee compensation                           (84)              (24)
     Other                                          (116)             (194)
                                              ------------      ------------
       Cash provided by continuing operating
        activities                                   327               927
                                              ------------      ------------
  Investing activities of continuing
  Capital expenditures                              (547)             (536)
  Proceeds from sale of assets                       119               130
  Proceeds from sale of Maytag adjacent
   businesses                                          -               100
  Other                                               (5)              (25)
                                              ------------      ------------
       Cash used in investing activities of
        continuing operations                       (433)             (331)
                                              ------------      ------------
  Financing activities of continuing
  Proceeds from borrowings of long-term
   debt                                              545                 3
  Purchase of treasury stock                        (247)             (368)
  Repayments of long-term debt                      (131)              (17)
  Dividends paid                                    (128)             (134)
  Net proceeds (repayments) from short-
   term borrowings                                   101              (243)
  Common stock issued                                 21                68
  Other                                              (20)               (5)
                                              ------------      ------------
       Cash provided by (used in) financing
        activities of continuing operations          141              (696)
                                              ------------      ------------
  Cash provided by discontinued operations
     Operating activities                              -                 6
                                              ------------      ------------
  Cash provided by discontinued operations             -                 6
                                              ------------      ------------
  Effect of exchange rate changes on
   cash and equivalents                              (90)               33
                                              ------------      ------------
  Decrease in cash and equivalents                   (55)              (61)
  Cash and equivalents at beginning of
   year                                              201               262
                                              ------------      ------------
  Cash and equivalents at end of year               $146              $201
                                              ============      ============

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

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SOURCE: Whirlpool Corporation

CONTACT: Media, Jill Saletta, +1-269-923-7405, media@Whirlpool.com, or
Financial: Greg Fritz, +1-269-923-2641, Investor_relations@whirlpool.com, both
of Whirlpool Corporation