Whirlpool 2010 Annual Report Download - page 49

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W H I R LP O O L C O R P O R AT I O N
Five-Year Selected Financial Data
(Millions of dollars, except share and employee data)
2010 2009 2008 2007 2006
Consolidated Operations
Net sales $ 18,366 $ 17,099 $ 18,907 $ 19,408 $ 18,080
Restructuring costs 74 126 149 61 55
Depreciation and amortization(1) 555 525 597 593 550
Operating profit 1,008 688 549 1,063 823
Earnings from continuing operations before income tax and other items 586 294 246 804 619
Earnings from continuing operations before noncontrolling interest 650 354 447 669 494
Loss from discontinued operations(2) —— — (7) (53)
Net earnings available to Whirlpool 619 328 418 640 433
Capital expenditures 593 541 547 536 576
Dividends 132 128 128 134 130
Consolidated Financial Position
Current assets $ 7,315 $ 7,025 $ 6,044 $ 6,555 $ 6,517
Current liabilities 6,149 5,941 5,563 5,893 6,043
Accounts receivable, inventories and accounts payable, net 1,410 1,389 1,889 2,009 2,079
Property, net 3,134 3,117 2,985 3,212 3,157
Total assets 15,584 15,094 13,532 14,009 13,759
Long-term debt 2,195 2,502 2,002 1,668 1,798
Whirlpool stockholders’ equity 4,226 3,664 3,006 3,911 3,283
Per Share Data
Basic net earnings from continuing operations $ 8.12 $ 4.39 $ 5.57 $ 8.24 $ 6.47
Diluted net earnings from continuing operations 7.97 4.34 5.50 8.10 6.35
Diluted net earnings 7.97 4.34 5.50 8.01 5.67
Dividends 1.72 1.72 1.72 1.72 1.72
Book value(3) 54.48 48.48 39.54 48.96 42.93
Closing Stock Price—NYSE 88.83 80.66 41.35 81.63 83.02
Key Ratios
Operating profit margin 5.5% 4.0% 2.9% 5.5% 4.6%
Pre-tax margin(4) 3.2% 1.7% 1.3% 4.1% 3.4%
Net margin(5) 3.4% 1.9% 2.2% 3.3% 2.7%
Return on average Whirlpool stockholders’ equity(6) 15.7% 9.8% 10.7% 18.1% 15.7%
Return on average total assets(7) 4.0% 2.3% 3.0% 4.6% 3.9%
Current assets to current liabilities 1.2 1.2 1.1 1.1 1.1
Total debt as a percent of invested capital(8) 36.7% 43.6% 46.0% 34.5% 41.2%
Price earnings ratio 11.2 18.6 7.5 10.2 14.6
Other Data
Common shares outstanding (in thousands):
Average number—on a diluted basis 77,628 75,584 76,019 79,880 76,471
Year-end common shares outstanding 76,030 74,704 73,536 75,835 78,484
Year-end number of stockholders 14,080 14,930 14,515 15,011 15,311
Year-end number of employees 70,758 66,884 69,612 73,682 73,416
Five-year annualized total return to stockholders(9) 3.8% 5.8% (8.5)% 11.8% 4.9%
(1) Depreciation method changed prospectively from a straight-line method to a modified units of production method in 2009.
(2) Our earnings from continuing operations exclude certain dispositions adjacent to the Maytag acquisition.
(3) Total Whirlpool stockholders’ equity divided by total outstanding shares.
(4) Earnings from continuing operations before income taxes and other items, as a percent of net sales.
(5) Net earnings available to Whirlpool, as a percent of net sales.
(6) Net earnings (loss), divided by average Whirlpool stockholders’ equity.
(7) Net earnings (loss), divided by average total assets.
(8) Debt divided by debt, Whirlpool stockholders’ equity and noncontrolling interests.
(9) Stock appreciation plus reinvested dividends, divided by share price at the beginning of the period.