SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 15, 1997
WHIRLPOOL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-3932 38-1490038
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(State or other jurisdiction (Commision File (I.R.S. Employer
of incorporation) number) Identification No.)
2000 M63 North, Benton Harbor, Michigan 49022-2692
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(Address of principal executive officers) (Zip Code)
(616)-923-5000
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Registrant's telephone number, including area code
Item 5. Other Events
On October 15, 1997, the registrant reported third quarter earnings for
1997. The Company reported a third-quarter 1997 net loss of $218 million, or
$2.90 per share, versus earnings of $21 million, or 28 cents per share, for the
same period in 1996; however, on an ongoing basis, the company posted a 55
percent increase in net earnings for the quarter.
Results for the period include a previously announced pre-tax charge of
$361 million to better align the company's cost structure within the global
home-appliance marketplace, which is expected to result in annual savings of
about $180 million when fully implemented by year 2000. In addition, the
results include a pre-tax charge of $36 million to provide a reserve for certain
Whirlpool Financial Corporation aerospace assets.
Excluding the charges, third-quarter 1997 net earnings were $62 million, or
82 cents per share. In the third quarter of 1996 net earnings were $40 million,
or 53 cents per share, excluding a pre-tax charge in that quarter. Net sales
for the most-recent quarter, were $2 billion, down 5 percent from the third
quarter of 1996. Removing the third quarter 1997 charges, nine-month earnings
were $173 million, or $2.30 per share, up 33 percent from $130 million, or $1.73
per share, through September 1996, excluding the third quarter 1996 pre-tax
charge. Year-to-date net sales reached $6.1 billion, down about 5 percent from
the first three quarters of 1996.
On October 16, 1997 the registrant announced the completion of the sale of
Whirlpool Financial Corporation's inventory finance business, and certain other
assets, to Transamerica Distribution Finance Corporation.
Item 7. Financial Statements and Exhibits
Exhibit 1
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Copy of a press release dated October 15, 1997 reporting Company earnings
for the third quarter 1997.
Exhibit 2
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Copy of a press release dated October 16, 1997 reporting the completion of
the sale of Whirlpool Financial Corporation's inventory finance business, and
certain other assets, to Transamerica Distribution Finance Corporation.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WHIRLPOOL CORPORATION
Registrant
Date: October 20, 1997 By: /s/ Daniel F. Hopp
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Name: Daniel F. Hopp
Title: Vice President, General
Counsel and Secretary