Whirlpool Corp. (NYSE:WHR) Q4 2014 Earnings Conference Call - Final Transcript

Feb 04, 2015 • 10:00 am ET


Whirlpool Corp. (NYSE:WHR) Q4 2014 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Whirlpool Corporation's Fourth Quarter 2014 Earnings Release Call. Today's call is being recorded.

For opening remarks and introductions, I would like to turn the call over to Senior Director of Investor Relations, Chris Conley. You may begin sir.

Chris Conley

Thank you, and good morning. Welcome to the Whirlpool Corporation fourth quarter 2014 conference call. Joining me today are Jeff Fettig, our Chairman and CEO; Vice Chairman, Mike Todman and Marc Bitzer; as well as Larry Venturelli, our Chief Financial Officer. Our remarks today track with a presentation available on the Investors section of our Website at whirlpoolcorp.com.

Before we begin, let me remind you that as we conduct this call, we will be making forward-looking statements to assist you in understanding Whirlpool Corporation's future expectations. Our actual results could differ materially from these statements due to many factors discussed in our latest 10-K and other periodic reports as well as on Slide 2 and in the appendix of this presentation.

Due the complexities of our acquisitions and recent currency fluctuations we're also providing additional clarification on operating profit margin expectations by region for 2015. These expectations are being provided on a one-time basis, to provide clarity around our recent acquisitions and will not be updated on a go forward basis.

Turning to Slide 3, we want to remind you that today's presentation includes non-GAAP measures. We believe these measures are important indicators of our operations as they exclude items that may not be indicative of or are unrelated to results from our ongoing business operations. We also think the adjusted measures will provide you with a better baseline for analyzing trends in our ongoing business operations. Listeners are directed to the appendix section of our presentation beginning on Slide 36 for a reconciliation of non-GAAP items to the most directly comparable GAAP measures.

With that, let me turn the call over to Jeff.

Jeff Fettig

Good morning, everyone. Thanks for joining us today. As we discussed at our investors day in December, 2014 was a milestone year for us. We delivered a record year of revenue and ongoing earnings and are creating an exceptional platform for growth and margin expansion for the future. During the year, we completed two very important acquisitions in China and Europe and we have accelerated the immigration activities of both.

Overall, for the year, we grew our revenue, we expanded our margins, drove ongoing productivity and delivered restructuring benefits. While at the same time we continue to invest our preferred brands and innovative products. So as a result we generated a strong year of result including cash flow, we ended the year with a strong balance sheet and we have created multiple opportunities to create value going forward.

I'll now turn to Slide six, where you see our financials and as you can see again we delivered good results for the year slightly above our most recent guidance with record revenue and ongoing earnings. Excluding the impact of currency, our revenues were up