Whirlpool Corp. announced that full-year 2008 earnings from continuing operations were $5.50 per diluted share compared to $8.10 per diluted share reported in the same period last year. The company reported annual net sales of $18.9 billion, a decrease of 3 percent from the prior year.
Fourth-quarter net earnings decreased 76 percent to $44 million, or $0.60 per diluted share, compared to $187 million, or $2.38 per diluted share reported during the previous year. Sales of $4.3 billion for the quarter decreased 19 percent from the $5.3 billion reported in the fourth quarter of 2007. Excluding the impact of foreign exchange translation, the company’s fourth-quarter sales declined approximately 13 percent.
Fourth-quarter earnings reflect sharply lower global unit sales and production volumes, higher material and oil-related costs and unfavorable foreign currency exchange movements compared to the fourth quarter of 2007. The company also recorded $77 million of restructuring costs compared to $15 million in the prior year.