Whirlpool 2004 Annual Report Download - page 29

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25
Consolidated Condensed Statements of Operations
Year Ended December 31 (millions of dollars except per share data) 2004 2003 2002
Net sales $13,220 $12,176 $11,016
Expenses
Cost of products sold 10,358 9,423 8,473
Selling, general and administrative 2,087 1,916 1,736
Intangible amortization 2 4 14
Restructuring costs 15 3 101
Operating Profit 758 830 692
Other Income (Expense)
Interest and sundry income (expense) (14) (41) (54)
Interest expense (128) (137) (143)
Earnings from continuing operations before income taxes and other items 616 652 495
Income taxes 209 228 193
Earnings from continuing operations before equity earnings and minority interests 407 424 302
Equity in loss of affiliated companies (1) - (27)
Minority interests - (10) (13)
Earnings from continuing operations 406 414 262
Discontinued operations, net of tax - - (43)
Cumulative effect of change in accounting principle, net of tax - - (613)
Net earnings (loss) $ 406 $ 414 $ (394)
Per share of common stock:
Basic earnings from continuing operations $ 6.02 $ 6.03 $ 3.86
Discontinued operations, net of tax - - (0.62)
Cumulative effect of change in accounting principle, net of tax - - (9.03)
Basic net earnings (loss) $ 6.02 $ 6.03 $ (5.79)
Diluted earnings from continuing operations $ 5.90 $ 5.91 $ 3.78
Discontinued operations, net of tax - - (0.62)
Cumulative effect of change in accounting principle, net of tax - - (8.84)
Diluted net earnings (loss) $ 5.90 $ 5.91 $ (5.68)
Dividends $ 1.72 $ 1.36 $ 1.36
Weighted-average shares outstanding: (millions)
Basic 67.4 68.7 67.9
Diluted 68.9 70.1 69.3