Whirlpool Corporation experienced an 85% increase in sales for Europe, the Middle East and Africa (EMEA) in the third quarter of this year, rising from $800m in the same quarter last year to $1.5bn.
Operating profit is also up for the region, reaching $32m in the quarter compared to $9m in the same period last year. According to Whirlpool, the “benefits from acquisition integration activities” as well as ongoing cost productivity and “the benefits of cost and capacity-reduction initiatives more than offset unfavourable currency and increased investment in marketing, technology and products”.
Overall, the group recorded $5.3bn in sales for the quarter, up from $4.8bn in the third quarter of 2014, equating to a 9% increase. Operating profit reached $329m in Q3, a slight decrease from the $335m recorded in the same period last year.
“We are pleased with the strong financial results we delivered in the third quarter,” said Whirlpool Corporation chairman and CEO Jeff Fettig. “Our operating plans and focused execution delivered another quarter of record revenues, operating profit and earnings in spite of a challenging operating environment in several key emerging markets.”
The Whirlpool Corporation is an American multinational manufacturer and marketer of home appliances, headquartered in Benton Charter Township, Michigan, United States, near Benton Harbor, Michigan. The Fortune 500 company has annual revenue of approximately $20 billion, 100,000 employees, and more than 70 manufacturing and technology research centers around the world