Whirlpool 2003 Annual Report Download - page 29

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27
Consolidated Condensed Statements of Operations
Year Ended December 31 (Millions of dollars except per share data) 2003 2002 2001
Net sales $12,176 $11,016 $10,343
Expenses
Cost of products sold 9,407 8,464 7,925
Selling, general and administrative 1,916 1,736 1,639
Intangible amortization 4 14 28
Product recall costs 16 9 295
Restructuring costs 3 101 150
Operating Profit 830 692 306
Other Income (Expense)
Interest and sundry income (expense) (41) (54) (51)
Interest expense (137) (143) (162)
Earnings from continuing operations before income taxes and other items 652 495 93
Income taxes 228 193 43
Earnings from continuing operations before equity earnings and minority interests 424 302 50
Equity in loss of affiliated companies – (27) (4)
Minority interests (10) (13) (12)
Earnings from continuing operations 414 262 34
Discontinued operations, net of tax – (43) (21)
Cumulative effect of change in accounting principle, net of tax – (613) 8
Net earnings (loss) $ 414 $ (394) $ 21
Per share of common stock:
Basic earnings from continuing operations $ 6.03 $ 3.86 $ 0.51
Discontinued operations, net of tax – (0.62) (0.32)
Cumulative effect of change in accounting principle, net of tax – (9.03) 0.12
Basic net earnings (loss) $ 6.03 $ (5.79) $ 0.31
Diluted earnings from continuing operations $ 5.91 $ 3.78 $ 0.50
Discontinued operations, net of tax – (0.62) (0.31)
Cumulative effect of change in accounting principle, net of tax – (8.84) 0.12
Diluted net earnings (loss) $ 5.91 $ (5.68) $ 0.31
Dividends $ 1.36 $ 1.36 $ 1.36
Weighted-average shares outstanding: (millions)
Basic 68.7 67.9 66.7
Diluted 70.1 69.3 68.0