Whirlpool Corporation Reports Second-Quarter 2009 Results
Benton Harbor, Mich.

Whirlpool Corporation announced today second-quarter 2009 earnings of $1.04 per diluted share compared to $1.53 per diluted share reported in the prior year. The company reported net sales of $4.2 billion, a decrease of 18 percent from the year-ago period. Excluding the impact of foreign exchange translation, the company's second-quarter sales declined approximately 10 percent.

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Second-quarter operating profit was favorably impacted by cost reduction initiatives and favorable product price/mix. These favorable items were offset by substantially lower global sales and production volumes, unfavorable foreign currency fluctuations and lower monetization of certain tax credits.

"Consumer demand for appliances was significantly lower in the second quarter, which negatively impacted our global unit volumes," said Jeff M. Fettig, Whirlpool Corporation chairman and chief executive officer. "Late last year, we took actions to restructure our business, aligning our capacity and resources to lower demand levels. Our results reflect these actions, and we will continue to execute our plans to address this volatile global economic environment."

  Second-Quarter RegionAL Review

  Whirlpool North America

Second-quarter sales of $2.4 billion declined 17 percent from the prior year. Excluding the effects of currency, sales declined approximately 14 percent from the prior year. U.S. industry unit shipments of major appliances (T7)* declined 14 percent during the second quarter.

The North America region reported operating profit of $120 million compared to $101 million in the previous year. The improvement was primarily the result of favorable product price/mix and cost reduction initiatives. These factors were partially offset by lower unit production volume and unfavorable foreign currency fluctuations.

Based on current economic conditions, the company expects full-year 2009 U.S. industry unit shipments to decline between 10 percent and 12 percent.

Whirlpool Europe

Whirlpool Europe reported second-quarter sales of $786 million, a 25 percent decrease from the prior year. Excluding the effects of currency, sales declined approximately 13 percent. Overall industry unit demand during the quarter declined approximately 12 percent from the prior year.

The region reported an operating loss of $12 million during the second quarter compared with a profit of $50 million reported in the previous year. European results were negatively impacted by substantially lower unit sales and production volumes and unfavorable foreign currency fluctuations. These challenges were partially offset by cost reduction initiatives and favorable product price/mix.

Based on current economic conditions in the European region, the company expects full-year 2009 industry unit shipments to decline approximately 13 percent from 2008 levels, compared with its previous expectation of a 10 percent decline.

Whirlpool Latin America

Second-quarter net sales declined 16 percent to $844 million. Excluding currency translation, sales increased approximately 1 percent. The sales increase was driven by a strong increase in Brazilian appliance volume as a result of a government incentive program, while appliance and compressor sales outside of Brazil continued to decline. During the quarter, the company's Brazilian appliance sales increased 28 percent excluding currency translation, and the company continued to strengthen its leadership position in the marketplace.

Operating profit totaled $75 million in the second quarter compared with $133 million in the prior year. The lower profitability is primarily related to unfavorable foreign currency fluctuations, significantly lower monetization levels of certain tax credits and unfavorable material and oil-related costs. These items were partially offset by cost reduction initiatives and a benefit related to an energy credit.

The company now expects full-year 2009 Brazilian appliance shipments to increase more than 10 percent compared to its previous expectation of flat-to-down 5 percent. The expected change is the result of the Brazilian government's decision to extend tax reductions on certain appliances, which has had a favorable impact on consumer demand.

Whirlpool Asia

Whirlpool Asia reported second-quarter sales of $184 million, increasing 3 percent from the prior year. Excluding the impact of currency, sales increased 19 percent. Operating profit during the quarter totaled $11 million compared to $5 million in the prior year. The year-over-year increase in operating profit resulted from higher unit volume and cost reductions. These favorable items were partially offset by unfavorable product price/mix.

The company anticipates full-year 2009 industry unit shipments in Asia to be flat-to-up 5 percent compared to the previous expectation of unit shipments of flat-to-down 5 percent from 2008 levels.


For the full-year 2009, Whirlpool Corporation expects earnings per diluted share between $3.50 and $4.00 compared with the prior expectation of $3.00 to $4.00 per diluted share. 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 current economic forecasts and business plans.

"When we provided our 2009 outlook earlier this year, we established three key operating priorities in anticipation of a difficult macroeconomic environment: cost reduction, price/mix and lower working capital," said Fettig. "While the demand environment remains a significant challenge, we are making strong progress in our key priorities to offset the volume declines."

* 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 operations appears below under the heading "Cash Flow Reconciliation."

  --  Whirlpool North America region launched:
      --  The Whirlpool brand Duet front-load washing machine and Resource
          Saver dryer. The Eco Normal cycle on the dryer offers heat and
          moisture detection sensors that improve dryer energy usage by 40
          percent.  The washing machine offers the industry-first
          TumbleFresh feature that periodically tumbles clean clothes for up
          to six hours, reducing the potential for odor and wrinkles.
      --  The Whirlpool Latitude refrigerator, offering 10 percent more
          space in the refrigeration compartment compared to similar size
          side-by-side models.  Features include the industry's most usable
          interior refrigeration space available based on fresh food volume
          in French door refrigerators, including deeper door bins, extra
          shelf space and an easy-to-access in-door ice maker with removable
      --  A collection of Jenn-Air brand high-performance built-in
          refrigerators. The collection includes a 36-inch bottom-freezer,
          side-by-side door models and an industry-first fully integrated,
          full-flush 42-inch French door bottom-freezer model offering the
          widest interior space available in any flush refrigerator
          currently on the market.  All models feature Advanced Climate
          Control Technology, which allows customized drawer storage at
          lower temperatures for highly perishable foods.

      --  The Gladiator brand GearChest, the brand's first tool chest. It is
          a stackable tool chest that fits on the Gladiator GearDrawer to
          provide tool storage for consumers.

  --  Whirlpool Europe region launched:
      --  The Bauknecht brand hybrid EcoStyle washing machine, featuring
          sensors that monitor the washing process and optimize water
          consumption, reducing water usage by up to 50 percent.  The hybrid
          machine is also designed to use naturally heated water from a
          solar heating system or other hot water connections in the home,
          resulting in energy savings of up to 70 percent.
      --  The Bauknecht brand EcoStyle side-by-side refrigerator, offering
          an energy efficiency rating of A+, large interior capacity and a
          new elegant design. The refrigerator features an ice and water
          dispenser that is among the quietest on the market.

      --  The KitchenAid brand professional grill, featuring high-quality,
          weather-resistant stainless steel construction for year-round
          entertaining.  The grill offers a push-and-turn ignition system,
          uniform temperature across the entire cooking surface, a baking
          lid with built-in thermometer and a flare-up management system.

  --  Whirlpool Latin America region launched:
      --  The Brastemp brand Active! dryers that allow users to select a
          desired cycle with a single button.  The dryer features Right
          Schedule technology to help consumers determine the right cycle
          time based on load size, allowing energy savings. The dryers also
          feature Easy Ironing technology that combines hot and cold air to
          reduce wrinkles, making clothes easier to iron.

      --  KitchenAid brand drawer and side-by-side refrigerators to the
          Brazilian market.  The KitchenAid brand, launched in Brazil in
          2008, continues to expand its presence in the retail market
          throughout 13 major cities in Brazil.


  --  Whirlpool Corporation was named one of the Top 10 Most Respected U.S.
      Companies by the Reputation Institute and Forbes.com.

  --  Whirlpool Corporation announced its commitment to make all
      electronically controlled appliances it produces -- everywhere in the
      world -- smart grid compatible by 2015.

  --  Whirlpool Canada was named an ENERGY STAR  2009 Market Transformation
      award winner in the category of "Manufacturer of the Year."  This
      marks Whirlpool Canada's sixth ENERGY STAR award in seven years.

  --  The Good Housekeeping Research Institute rated the Maytag Performance
      Series dryer as the "high-performing dryer" because of its ability to
      dry clothes quickly and refresh clothes left overnight.

  --  A leading consumer magazine selected the Maytag Centennial washing
      machine as the best top-loading washer based on effectiveness, cost
      and energy efficiency.

  --  The Maytag Bravos and KitchenAid Architect Series gas cooktop received
      Excellence in Design (EID) Awards from Appliance Design magazine.

  --  Whirlpool Europe received Italy's top innovation award from President
      Giorgio Napolitano.  The Imprese per l'Innovazione award is organized
      by Confindustria, the Confederation of Italian industries, and
      represents the interests of Italian companies to leading political and
      administrative institutions, including parliament, the government,
      trade unions and other social partners.

  --  Bauknecht Germany won awards in the "LifeCare -- Better Living"
      initiative for the third year in a row. In addition to three product
      awards, Bauknecht Germany also received the special "Responsible
      Company" award for its GreenKitchen design concept.

  --  Three KitchenAid products were recognized in Germany at the Plus X
      Awards. The KitchenAid in-sink dishwasher was recognized for ease of
      use; the KitchenAid multi-flow built-in oven received a Plus X Award
      for design; the KitchenAid Shock freezer won an award for innovation.

  --  Nine Bauknecht products were recognized in three categories at the
      Plus X Awards in Germany. The Bauknecht brand was also selected by the
      Plus X judges as this year's Most Innovative Brand.

  --  In Germany, the Whirlpool brand side-by-side refrigerator with
      espresso machine won the OK! Style Award 2009 in the High Technology

  --  Whirlpool India was named one of the Top 25 Best Employers in India
      2009 in a recent Hewitt survey.

  --  Whirlpool India was rated among the Top 20 Best Companies to Work For
      in India by Mercer.

  Cash Flow Reconciliation

The table below reconciles actual 2009 and 2008 and projected 2009 cash provided by 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 operations after capital expenditures and proceeds from the sale of assets/businesses.

                                Six Months Ended
                                    June 30
  (millions of dollars)         2009       2008         2009 Outlook
                                ----------------      ----------------
  Cash (used in) / provided by
   operations                    $(4)       $35       $700  -     $800

  Capital expenditures          (229)      (231)      (450) -     (500)

  Proceeds from sale of assets    36         14         50  -      100
  ----------------------------------      -----      -----        -----
  Free cash flow               $(197)     $(182)      $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 68 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 other postretirement 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 effects of governmental investigations or related actions by third parties; (14) the impact of labor relations; (15) our ability to attract, develop and retain executives and other qualified employees; (16) 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
                       FOR THE PERIOD ENDED JUNE 30
               (Millions of dollars, except per share data)

                                           Three Months     Six Months
                                               Ended           Ended
                                           ------------     ----------
                                            2009    2008    2009    2008
                                            ----    ----    ----    ----
  Net sales                               $4,169  $5,076  $7,738  $9,690
  Cost of products sold                    3,615   4,324   6,660   8,324
  Selling, general and
   administrative (exclusive
   of intangible amortization)               390     502     717     942
  Intangible amortization                      7       7      14      14
  Restructuring costs                         23      40      47      48
                                              --      --      --      --

  Operating profit                           134     203     300     362

  Other income (expense)
  Interest and sundry income (expense)       (12)    (24)    (59)    (31)
  Interest expense                           (58)    (49)   (120)    (98)
                                             ---     ---    ----     ---

        Earnings before income taxes
         and other items                      64     130     121     233
  Income tax (benefit) expense               (22)      2     (38)      5
                                             ---     ---     ---     ---

  Net earnings                                86     128     159     228
        Less: Net earnings available to
         noncontrolling interests             (8)    (11)    (13)    (17)
                                              --     ---     ---     ---

  Net earnings available to
   Whirlpool common stockholders             $78    $117    $146    $211
                                             ===    ====    ====    ====

  Per share of common stock
  Basic net earnings available to
   Whirlpool common stockholders           $1.05   $1.55   $1.96   $2.78
                                           =====   =====   =====   =====

  Diluted net earnings available to
   Whirlpool common stockholders           $1.04   $1.53   $1.95   $2.74
                                           =====   =====   =====   =====

  Dividends                                $0.43   $0.43   $0.86   $0.86
                                           =====   =====   =====   =====

  Weighted-average shares
   outstanding (in millions)
  Basic                                     74.5    75.3    74.3    75.8
  Diluted                                   75.0    76.3    74.9    76.9

                           WHIRLPOOL CORPORATION
                  (Millions of dollars, except share data)

                                                    June 30,  December 31,
                                                      2009        2008
                                                      ----        ----

  Current assets
        Cash and equivalents                          $247       $146
        Accounts receivable, net of
         allowance for uncollectible
         accounts of $70 and $66 at June
         30, 2009 and December 31,
         2008, respectively                          2,326      2,103
        Inventories                                  2,472      2,591
        Deferred income taxes                          432        580
        Other current assets                           562        624
                                                       ---        ---
              Total current assets                   6,039      6,044
                                                     -----      -----

  Other assets
        Goodwill, net                                1,730      1,728
        Other intangibles, net of accumulated
         amortization of $115 and $96 at June
         30, 2009 and December 31,
         2008, respectively                          1,807      1,821
        Other assets                                 1,142        954
                                                     -----        ---
              Total other assets                     4,679      4,503
                                                     -----      -----

  Property, plant and equipment
        Land                                            72         74
        Buildings                                    1,209      1,186
        Machinery and equipment                      7,857      7,549
        Accumulated depreciation                    (6,117)    (5,824)
                                                    ------     ------
              Total property, plant and
               equipment                             3,021      2,985
                                                     -----      -----
  Total assets                                     $13,739    $13,532
                                                   =======    =======

  Liabilities and stockholders' equity

  Current liabilities
        Accounts payable                            $2,649     $2,805
        Accrued expenses                               563        530
        Accrued advertising and promotions             350        440
        Employee compensation                          361        306
        Notes payable                                   91        393
        Current maturities of long-term debt           372        202
        Other current liabilities                      646        887
                                                       ---        ---
              Total current liabilities              5,032      5,563
                                                     -----      -----

  Noncurrent liabilities
        Long-term debt                               2,487      2,002
        Pension benefits                             1,479      1,505
        Postretirement benefits                        707        822
        Other liabilities                              569        567
                                                       ---        ---
              Total noncurrent liabilities           5,242      4,896
                                                     -----      -----

  Commitments and contingencies

  Stockholders' equity
        Common stock, $1 par value,
         250 million shares authorized,
         104 million shares issued at
         June 30, 2009 and December 31, 2008,
         respectively, 74 million and 73
         million shares outstanding at
         June 30, 2009 and December 31, 2008,
         respectively                                  104        104
        Additional paid-in capital                   2,036      2,033
        Retained earnings                            4,076      3,993
        Accumulated other
         comprehensive income
         (loss)                                       (995)    (1,259)
        Treasury stock, 30 million shares
         and 31 million shares at June 30,
         2009 and December 31, 2008,
         respectively                               (1,846)    (1,865)
                                                    ------     ------
              Total Whirlpool stockholders'
               equity                                3,375      3,006
                                                     -----      -----
        Noncontrolling interests                        90         67
                                                        --         --
              Total equity                           3,465      3,073
                                                     -----      -----
  Total liabilities and stockholders'
   equity                                          $13,739    $13,532
                                                   =======    =======

                         WHIRLPOOL CORPORATION
                        SIX MONTHS ENDED JUNE 30
                         (Millions of dollars)

                                                            2009  2008
                                                            ----  ----
  Operating activities
  Net earnings                                             $159  $228
  Adjustments to reconcile earnings to cash (used in)
  provided by operating activities:
  Depreciation and amortization                             258   310
  Curtailment gain                                          (92)    -
  Decrease in LIFO inventory reserve                        (10)    -
  Gain on disposition of assets                              (8)   (6)
  Changes in assets and liabilities:
    Accounts receivable                                    (167)   70
    Inventories                                             203  (230)
    Accounts payable                                       (234)  (29)
    Restructuring charges, net of cash paid                 (39)   (2)
    Taxes deferred and payable, net                         (46)  (27)
    Accrued pension                                         (17)  (33)
    Employee compensation                                    66   (69)
    Other                                                   (77) (177)
                                                            ---  ----
          Cash (used in) provided by operating activities    (4)   35
                                                             --    --

  Investing activities
  Capital expenditures                                     (229) (231)
  Proceeds from sale of assets                               36    14
  Other                                                     (12)    -
                                                            ---     -
          Cash used in investing activities                (205) (217)
                                                           ----  ----

  Financing activities
  Proceeds from borrowings of long-term debt                850   501
  Net (repayments)/proceeds from short-term borrowings     (294)  255
  Repayments of long-term debt                             (202) (128)
  Dividends paid                                            (63)  (65)
  Purchase of treasury stock                                  -  (151)
  Common stock issued                                         -     7
  Other                                                       -     2
                                                              -     -
          Cash provided by financing activities             291   421
                                                            ---   ---

  Effect of exchange rate changes on cash and equivalents    19    21
                                                             --    --
  Increase in cash and equivalents                          101   260
  Cash and equivalents at beginning of period               146   201
                                                            ---   ---
  Cash and equivalents at end of period                    $247  $461
                                                           ====  ====

First Call Analyst:
FCMN Contact:

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SOURCE: Whirlpool Corporation

CONTACT: Whirlpool Corporation, Media: Whirlpool Corporation Press
Office, +1-269-923-7405, Media@Whirlpool.com, Financial: Greg Fritz,
+1-269-923-2641, Investor_relations@whirlpool.com