Whirlpool Corporation Reports Fourth-Quarter and Full-Year 2009 Results
Fourth-quarter revenue increases 13 percent Strong improvement in operating profit Company generates record free cash flow of $1.1 billion in 2009

Whirlpool Corporation announced today that fourth-quarter net earnings rose 111 percent to $95 million, or $1.24 per diluted share, compared to $44 million, or $0.60 per diluted share reported during the same period last year. Fourth-quarter results included an expense of $46 million, or $0.40 per share after tax, due to an accrual related to a previously disclosed legal action pertaining to a collection dispute. Sales of $4.9 billion increased 13 percent from the $4.3 billion reported in the fourth quarter of 2008. Excluding the impact of foreign exchange translation, the company's fourth-quarter sales increased approximately 5 percent.

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Fourth-quarter operating profit totaled $199 million compared with $10 million in the prior year. Results were favorably impacted by cost reduction and productivity initiatives and increased sales volume. These favorable factors were partially offset by lower price/mix.

Full-year 2009 net earnings were $4.34 per diluted share compared to $5.50 per diluted share reported for 2008. The company reported annual net sales of $17.1 billion, a decrease of 10 percent from the prior year. Excluding the impact of foreign currency translation, sales declined approximately 6 percent from the prior year.

"In 2009, we significantly improved our global cost structure and operating performance despite a substantial decline in global demand levels," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. "In addition, we generated record free cash flow and strengthened our financial position. I am pleased with our execution in this challenging environment, and we look to build upon our progress in 2010."

Whirlpool generated free cash flow** of $1.1 billion during 2009 compared with $(0.1) billion during 2008. For the full-year 2009, the company reported cash flow from operations of more than $1.5 billion. Working capital, particularly due to reduced inventory balances, was a significant source of cash flow during the year.


  Whirlpool North America

Fourth-quarter sales of $2.6 billion increased 4 percent from the prior year, while North American unit shipments increased 8 percent. U.S. industry unit shipments of major appliances (T7)* increased 6 percent during the fourth quarter.

The North America region reported operating profit of $136 million compared to a loss of $(20) million in the previous year. The improvement was primarily the result of cost reduction, productivity initiatives and increased sales volume. These factors were partially offset by lower product price/mix.

Based on the current economic outlook, the company expects full-year 2010 U.S. industry unit shipments to increase between 2 percent and 4 percent.

Whirlpool Europe

Whirlpool Europe reported fourth-quarter sales of $956 million, a 2 percent increase from the prior year. Excluding the effects of currency, sales declined approximately 9 percent. Overall industry unit demand during the quarter declined approximately 8 percent from the prior year.

The region reported an operating profit of $19 million during the fourth quarter compared with $2 million reported in the previous-year period. Results were favorably impacted by lower costs and higher price/mix. These factors were partially offset by lower volume.

The company expects full-year 2010 industry unit shipments to be approximately equal to 2009 levels.

Whirlpool Latin America

Fourth-quarter net sales totaled $1.2 billion, an increase of 52 percent from the prior year. Excluding currency translation, sales increased approximately 28 percent.

Operating profit totaled $138 million in the fourth quarter compared with $110 million in the prior year. The improvement in profitability is primarily related to higher sales volumes, higher productivity and favorable foreign currency fluctuations. These items were partially offset by lower monetization levels of certain tax credits and lower price/mix.

The company currently anticipates full-year 2010 Brazilian appliance shipments will increase 5 percent to 10 percent compared to the previous year.

Whirlpool Asia

Whirlpool Asia reported fourth-quarter sales of $188 million, increasing 34 percent from the prior year. Excluding the impact of currency, sales increased 27 percent. Operating profit during the quarter totaled $6 million, an increase of $3 million from the prior year. The year-over-year increase in operating profit was mainly attributable to higher unit volume and was partially offset by lower price/mix.

The company anticipates full-year 2010 industry unit shipments in Asia to be up 3 percent to 5 percent compared to 2009 levels.


For the full-year 2010, Whirlpool Corporation expects earnings per diluted share between $6.50 and $7.00. For the full year, the company expects to generate free cash flow** of approximately $400 to $500 million. The company's earnings and free cash flow projections are based upon current economic forecasts and business plans.

"We have positioned the company to deliver strong earnings growth despite a continued challenging economic backdrop in the developed economies," said Fettig. "Cost reduction, cash flow generation and balanced market execution remain key operating priorities. These efforts combined with our global brand portfolio, innovative product offerings and the value of innovation we bring to consumers will provide us with growth opportunities throughout the year."

* 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 steam washer with FanFresh option offers
          a quiet fan that draws out moisture through a vent to help keep
          clothes smelling fresh and prevent wrinkles.
      --  affresh dishwasher and disposal cleaner, the only national
          two-in-one cleaner for dishwashers and garbage disposals.
      --  A new Jenn-Air brand premium appliance collection with models that
          include high-performance wall ovens and Pro-Style ranges that
          feature advanced touch pad controls and the most powerful
          convection elements on the market.
      --  The Jenn-Air brand wall oven, as part of its new premium appliance
          collection, featuring the industry's only 7-inch, touch-anywhere
          LCD screen.  An interactive, menu-driven Culinary Center helps
          consumers achieve desired cooking results, while color images
          illustrate desired doneness options.

  --  Whirlpool Europe Region launched:
      --  A line of Bauknecht brand built-in ovens that combines
          best-in-class performance, high efficiency, ease of use and unique
          design.  The new Kult, Kosmos and Komfort ovens offer a new style
          that supports the trend toward flush design.
      --  The Bauknecht brand EcoStyle built-in dishwasher, featuring a
          third rack with removable cutlery trays, a patented PowerClean
          system and innovative steam technology to remove even the most
          stubborn, dried-on food.  The dishwasher also features sensors
          that detect the soil level of the dishes to reduce water
          consumption by up to 50 percent and cycle times by up to 60
      --  The Bauknecht brand induction cooktops with intelligent sensor
          control capable of adjusting power levels to avoid overboiling.
      --  KitchenAid brand major appliances in Spain as part of the brand's
          continued European expansion.

  --  Whirlpool Latin America Region launched:
      --  The Brastemp brand Inverse Black refrigerator featuring a
          bottom-mount freezer allowing easy access to refrigerated items. 
          The Inverse Black refrigerator also offers the Bar Expert
          function, a compartment that is programmed to freeze drinks and
          notifies consumers when the beverage is at its optimum
      --  The Consul brand CRM33 refrigerator, in white and stainless steel,
          featuring frost-free technology and a large freezer capacity.  The
          refrigerator offers the highest classification for energy use to
          help to protect the earth's climate and ozone.

  --  Whirlpool Asia Region launched:
      --  The Whirlpool brand Apollo washing machine.  This is the first
          washing machine in the China market to feature an antimicrobial
          protection component, anti-secondary pollution component and
          sanitary wash cycle.


  --  Whirlpool Corporation was named to the 2009 list of Top Companies for
      Leaders, ranking ninth for North America and 15th globally. Conducted
      by Hewitt Associates in partnership with The RBL Group and Fortune,
      the Global Top Companies for Leaders is the most comprehensive study
      of organizational leadership in the world.
  --  Whirlpool Corporation was named one of the top 50 U.S. companies for
      social responsibility by the Boston College Center for Corporate
      Citizenship and Reputation Institute. Whirlpool Corporation ranked
      23rd on the 2009 Boston College Corporate Social Responsibility Index
  --  Whirlpool Corporation has achieved a record year for design awards
      under its Jenn-Air, KitchenAid, Whirlpool, Maytag and Bauknecht
      brands, with more than 30 honors throughout 2009. The awards recognize
      the company's commitment to sustainability, design and style, and
      social responsibility.
  --  In Latin America, the Brastemp brand was named the top laundry brand
      and Top Class A (most remembered brand among affluent consumers) by
      Folha de Sao Paulo, a leading Brazilian newspaper.  The Consul brand
      was named the No. 1 brand in the refrigerator category in the Folha
      Top of Mind awards.  This marks the 18th consecutive time Consul has
      been awarded the honor.
  --  Embraco, Whirlpool Corporation's compressor and cooling solutions
      business, was elected for the third consecutive year as the Most
      Innovative Company in the South of Brazil by the Ranking Champions of
      Innovation 2009.
  --  Whirlpool France was named best Customer Care Service of the Year in
      the major domestic appliances sector of the ELU Service Client de
      l'Annee awards.
  --  Whirlpool India received the Indo-American Corporate Excellence Award
      for The Best U.S. Company in India.  Whirlpool India was chosen based
      on a review of the company's financial performance and talent
  --  The Whirlpool brand Resource Saver refrigerator was recognized by
      Building Products magazine with a 2009 Green Products Award.
  --  The Jenn-Air brand wall oven with seven-inch full-color touch-anywhere
      LCD screen was selected as an Innovations 2010 Design and Engineering
      Award honoree in the home appliances product category.
  --  The Jenn-Air brand ductless downdraft cooktop was named one of the 100
      Best New Products for 2009 by Professional Builder. The product was
      also named to the list of The 50 Best Products for Kitchens and Bath
      by Metropolitan Home Renovate magazine.
  --  Amana brand top-mount color refrigerator concepts were awarded The
      2009 Best Color Application by the China Fashion & Color Association.
      Based on this, Whirlpool Corporation was honored as the Most
      Fashionable Household Appliances 2009/10.
  --  Three Amana brand refrigerators received Best Buy recognition by a
      leading consumer magazine.
  --  The Gladiator GarageWorks Gladiator Claw Advanced Bike Storage device
      was awarded the 2009 Innovation Award from HANDY magazine.
  --  In Europe, the Whirlpool brand Glamour oven won the prestigious French
      Janus design award. The oven offers a unique and radical alternative
      to what already existed on the market, with an oven that offers beauty
      without compromising functionality.

  Cash Flow Reconciliation**

The table below reconciles actual 2009 and 2008 and projected 2010 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.

                               Twelve Months Ended   
                                   December 31
  (millions of dollars)          2009          2008   2010 Outlook
                               --------------------   ------------
  Cash (used in) /provided by
   operations                    $1,550        $327    $925 -1,025
  Capital expenditures            (541)       (547)    (525 - 575)
  Proceeds from sale of assets       77         119         0 - 50
                                 ------      ------    -----------
  Free cash flow                 $1,086      $(101)     $400 - 500
                                 ======      ======    ===========

  About Whirlpool Corporation

Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $17 billion in 2009, 67,000 employees, and 67 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 about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") 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'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, 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) product liability and product recall costs; (7) litigation and legal compliance risks; (8) 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; (9) inventory and other asset risk; (10) 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; (11) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (12) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and other postretirement benefit plans; (13) Whirlpool's ability to obtain and protect intellectual property rights; (14) information technology system failures and data security breaches (15) 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; (16) the effects of governmental investigations or related actions by third parties; (17) the impact of labor relations; (18) our ability to attract, develop and retain executives and other qualified employees; (19) changes in the legal and regulatory environment, including 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 Ended        Twelve Months Ended
                          -----------------------   ---------------------
                          (Unaudited)  (Unaudited)  (Unaudited)
                             2009         2008         2009         2008
                          ----------   ----------   -----------   -------
  Net sales                 $4,864       $4,315      $17,099      $18,907
  Cost of products sold      4,176        3,842       14,713       16,383
  Selling, general
   and administrative
   (exclusive of
   intangible amortization)    427          379        1,544        1,798
  Intangible amortization        7            7           28           28
  Restructuring costs           55           77          126          149
                             -----        -----        -----        -----
  Operating profit             199           10          688          549

  Other income (expense)
  Interest and sundry income
   (expense)                  (65)         (66)        (175)        (100)
  Interest expense            (41)         (53)        (219)        (203)
                             -----        -----        -----        -----
    Earnings before income
     taxes and other items      93         (109)         294          246
  Income tax benefit          (10)        (160)         (61)        (201)
                             -----        -----        -----        -----
    Earnings before
     equity earnings           103           51          355          447
  Equity in loss of
   affiliated companies        (1)            -          (1)            -
                             -----        -----        -----        -----
  Net earnings                 102           51          354          447
    Less: Net earnings
     available to
     interests                 (7)          (7)         (26)         (29)
                             -----        -----        -----        -----
  Net earnings available to
   Whirlpool common
   stockholders                $95          $44         $328         $418
                             =====        =====        =====        =====
  Per share of common stock
  Basic net earnings
   available to Whirlpool
   common stockholders       $1.26        $0.60        $4.39        $5.57
                             =====        =====        =====        =====
  Diluted net earnings
   available to Whirlpool
   common stockholders       $1.24        $0.60        $4.34        $5.50
                             =====        =====        =====        =====
  Dividends                  $0.43        $0.43        $1.72        $1.72
                             =====        =====        =====        =====
  Weighted average shares
   outstanding (in millions)
  Basic                       75.1         74.1         74.6         75.1
  Diluted                     76.4         74.7         75.6         76.0

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

                                                 December 31,  December 31,
                                                     2009          2008
                                                 ------------  ------------
  Current assets
       Cash and equivalents                            $1,380          $146
       Accounts receivable, net of allowance for 
        uncollectible accounts of $76 and $66 at
        December 31, 2009 and December 31, 2008,
        respectively                                    2,500         2,103
       Inventories                                      2,197         2,591
       Prepaid expenses                                    99           110
       Deferred income taxes                              295           580
       Other current assets                               554           514
                                                        -----         -----
            Total current assets                        7,025         6,044
                                                        -----         -----

  Other assets
       Goodwill, net                                    1,729         1,728
       Other intangibles, net of accumulated
        amortization of $132 and $96 at
        December 31, 2009 and December 31, 2008,
        respectively                                    1,796         1,821
       Other assets                                     1,427           954
                                                        -----         -----
            Total other assets                          4,952         4,503
                                                        -----         -----

  Property, plant and equipment
       Land                                                77            74
       Buildings                                        1,207         1,186
       Machinery and equipment                          8,193         7,549
       Accumulated depreciation                       (6,360)       (5,824)
                                                      -------       -------
            Total property, plant and equipment         3,117         2,985
                                                      -------       -------
  Total assets                                        $15,094       $13,532
                                                      =======       =======

  Liabilities and stockholders' equity

  Current liabilities
       Accounts payable                                $3,308        $2,805
       Accrued expenses                                   632           530
       Accrued advertising and promotions                 475           440
       Employee compensation                              501           306
       Notes payable                                       23           393
       Current maturities of long-term debt               378           202
       Other current liabilities                          624           887
                                                        -----        ------
            Total current liabilities                   5,941         5,563
                                                        -----        ------

  Noncurrent liabilities
       Long-term debt                                   2,502         2,002
       Pension benefits                                 1,557         1,505
       Postretirement benefits                            693           822
       Other liabilities                                  641           567
                                                        -----         -----
            Total noncurrent liabilities                5,393         4,896
                                                        -----         -----

  Commitments and contingencies

  Stockholders' equity
       Common stock, $1 par value, 250 million shares
        authorized, 105 million and 104 million shares
        issued at December 31, 2009 and
        December 31, 2008, respectively, 75 million
        and 73 million shares outstanding at
        December 31, 2009 and December 31, 2008,
        respectively                                      105           104
       Additional paid-in capital                       2,067         2,033
       Retained earnings                                4,193         3,993
       Accumulated other comprehensive income (loss)    (868)       (1,259)
       Treasury stock, 30 million shares and 31 million
        shares at December 31, 2009 and
        December 31, 2008, respectively               (1,833)       (1,865)
                                                       ------        ------
            Total Whirlpool stockholders' equity        3,664         3,006
                                                       ------        ------
        Noncontrolling interests                           96            67
                                                       ------        ------
              Total equity                              3,760         3,073
                                                      -------       -------
  Total liabilities and stockholders' equity          $15,094       $13,532
                                                      =======       =======

                                WHIRLPOOL CORPORATION
                               Year ended December 31
                                (Millions of dollars)

                                                           2009       2008
                                                        -----------  ------
  Operating activities
  Net earnings                                             $354       $447
  Adjustments to reconcile net earnings to cash provided
   by operating activities:
  Depreciation and amortization                             525        597
  Curtailment gain                                         (92)          -
  Gain on disposition of assets                             (4)       (60)
  (Decrease) increase in LIFO inventory reserve            (41)         42
  Equity in losses of affiliated companies,                   
   less dividends received                                    1          -
  Changes in assets and liabilities:
      Accounts receivable                                 (286)        300
      Inventories                                           578      (174)
      Accounts payable                                      326      (250)
      Restructuring charges, net of cash paid              (14)         33
      Taxes deferred and payable, net                     (112)      (256)
      Accrued pension                                      (84)      (123)
      Employee compensation                                 213       (84)
      Other                                                 186      (145)
                                                          -----     ------
         Cash provided by operating activities            1,550        327
                                                          -----     ------
  Investing activities
  Capital expenditures                                    (541)      (547)
  Proceeds from sale of assets                               77        119
  Investment in related businesses                         (35)        (5)
                                                          -----     ------
         Cash used in investing activities                (499)      (433)
                                                          -----     ------
  Financing activities
  Proceeds from borrowings of long-term debt                872        545
  Net (repayments) proceeds from short-term borrowings    (362)        101
  Repayments of long-term debt                            (210)      (131)
  Dividends paid                                          (128)      (128)
  Common stock issued                                        21         21
  Purchase of treasury stock                                  -      (247)
  Other                                                    (49)       (20)
                                                          -----     ------
         Cash provided by financing activities              144        141
                                                          -----     ------
  Effect of exchange rate changes on cash and equivalents    39       (90)
                                                          -----     ------

  Increase (decrease) in cash and equivalents             1,234       (55)
  Cash and equivalents at beginning of year                 146        201
                                                         ------     ------
  Cash and equivalents at end of year                    $1,380       $146
                                                         ======     ======

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

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SOURCE: Whirlpool Corporation

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