Whirlpool 2009 Annual Report Download - page 8

Download and view the complete annual report

Please find page 8 of the 2009 Whirlpool annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 112

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

20 09 FI N A NC IA L P E R F O R M A N C E
During the year, we significantly improved our global cost structure and
operating performance. We generated record free cash flow and continued
to invest in critical business initiatives and new product innovations.
Net sales fell 10 percent to $17.1 billion in 2009, and earnings per share
were $4.34 compared to $5.50 in the prior year. Operating profit improved
by 25 percent despite the substantial revenue and production decline.
SO L ID R E SU LTS D E S PI T E A D IFF I CU LT E CON OM IC E N V I R O NM EN T
Facing the macroeconomic challenges, we set three operating priorities
in 2009: 1) reduce our global cost structure; 2) focus on disciplined cash
management; and 3) focus on marketplace execution.
We were able to significantly lower our break-even point through structural
cost reductions across the organization. We also continued redesigning
our products for innovation with global standards for parts and
components. These actions lowered costs and improved the speed of
innovation to market. We are applying that same methodology to other
product categories to globally eliminate unnecessary complexity. This
approach will help us continue to bring even more globally competitive
and innovative products to the marketplace.
In 2009, we generated record free cash flow. Our aggressive focus on
working capital reduction, particularly in the area of finished goods
inventory, resulted in a substantial source of cash flow during the year.
20 0 9 E X TE R N A L R E CO G NIT I O N
• Ranked sixth in the electronics industry on Fortune magazine’s World’s Most Admired
Companies list.
• Named to the 2009 list of Top Companies for Leaders, ranking ninth for North America
and 15th globally.
• Named one of the 100 Best Corporate Citizens (#51) by Corporate Responsibility Officer
magazine, marking the eighth time Whirlpool Corporation has been named to the list.
• Named one of the Top 10 Most Respected U.S. Companies by the Reputation Institute
and Forbes.com.
4