Whirlpool Corporation reported record financial results in 2005 despite unprecedented increases in material and oil costs. Net sales increased 8.3% to $14.3 billion and net earnings grew 3.9% to $422 million. Whirlpool successfully managed over $500 million in higher costs through accelerating new product innovation, increasing productivity, and maintaining cost controls. The company delivered a record number of new product innovations in 2005 to drive growth. Whirlpool's strategy focuses on building brand and customer loyalty through innovation, strong customer focus, and leadership in customer service and trade management.
This document summarizes Southwest Airlines' performance in 2001, a difficult year marked by the events of September 11th. It notes that Southwest was well-positioned financially to withstand the crisis due to its conservative approach of managing well in good times. It describes how Southwest maintained 100% employment while other major carriers furloughed staff, and still reported an annual profit despite revenue declines. The summary highlights that Southwest expanded service in 2001 and increased its market share, showing resilience in the face of adversity through the dedication of its employees.
Southwest Airlines was the only major airline to report a profit in 2002, amidst significant losses across the airline industry. Southwest reported a net income of $241 million for 2002, its 30th consecutive annual profit. Despite difficult industry conditions following 9/11, Southwest increased its fleet by 20 aircraft, available seat capacity by 5.5%, market share to 10%, and ended the year with strong liquidity and no employee layoffs. Southwest attributes its success to having the lowest operating costs of major airlines, a strategy of consistently low fares, frequent flights across its route network, and a productive workforce.
Constellation Energy Group saw a difficult year in 2001 due to factors like the decline in power prices and collapse of Enron. The company cancelled plans to separate, terminated its relationship with Goldman Sachs, brought on a new CEO, cut costs, streamlined operations, and intensified risk management. While 2001 was tough, the company emerged stronger and is well positioned for growth going forward due to its generation assets, marketing expertise, and strong balance sheet. Financial highlights show earnings per share declined significantly year-over-year due to special costs recognized in the fourth quarter as the company monetized non-core assets and improved its balance sheet.
The 2008 Annual Report summarizes Sherwin-Williams' financial performance in 2008. Net sales were $7.98 billion, a slight decrease from 2007. Net income declined 22.5% to $476.9 million due to asset impairment charges and rising input costs. Cash from operations increased to $876.2 million. The company continued investing in new stores, acquisitions, capital expenditures, dividends, and share repurchases. Challenging market conditions reduced sales and profits for the Paint Stores and Consumer groups. The Global Finishes Group grew sales but saw lower profits due to input costs. The company launched new products, expanded internationally, and initiated an EcoVision program.
The annual report summarizes Stryker's financial performance in 2007, highlighting key metrics such as a 16.6% increase in net sales to $6 billion and 27.9% growth in net earnings. It also discusses strategic decisions that positioned the company for success, such as focusing on its spine, trauma and joint reconstruction businesses in the US. Stryker exceeded its goals of double-digit sales growth and 20% earnings growth per share. Operational excellence allowed strong results despite challenges in some markets.
Whirlpool Corporation's 2006 Annual Report summarizes the company's financial performance for the year. Key highlights include:
- Net sales increased 26.3% to $18.08 billion from $14.31 billion in 2005.
- Earnings from continuing operations increased 15.2% to $486 million from $422 million in 2005.
- Total assets increased 67.2% to $13.87 billion from $8.30 billion in 2005, due to the acquisition of Maytag.
Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $18 billion and operations in markets around the world.
Whirlpool Corporation reported record financial results in 2006. Revenue reached $18.1 billion, up 26% from 2005. Earnings from continuing operations were $486 million, up 15% from the previous year. Cash flow from operating activities was $880 million. The acquisition of Maytag Corporation was completed in 2006 and is expected to generate over $400 million in annual efficiencies by 2008. Whirlpool aims to continue growing globally and offset rising material costs through innovation and operating efficiencies.
Southwest Airlines reported its 31st consecutive year of profitability in 2003, while the airline industry as a whole reported over $5 billion in losses. Southwest expanded its fleet by 13 aircraft and available seat miles by 4.2%, while many competitors reduced capacity. Southwest has one of the lowest operating cost structures in the industry due to its focus on point-to-point, single aircraft type operations and high employee productivity. While external challenges remain, Southwest is well positioned for continued growth and cost leadership.
This document summarizes Southwest Airlines' performance in 2001, a difficult year marked by the events of September 11th. It notes that Southwest was well-positioned financially to withstand the crisis due to its conservative approach of managing well in good times. It describes how Southwest maintained 100% employment while other major carriers furloughed staff, and still reported an annual profit despite revenue declines. The summary highlights that Southwest expanded service in 2001 and increased its market share, showing resilience in the face of adversity through the dedication of its employees.
Southwest Airlines was the only major airline to report a profit in 2002, amidst significant losses across the airline industry. Southwest reported a net income of $241 million for 2002, its 30th consecutive annual profit. Despite difficult industry conditions following 9/11, Southwest increased its fleet by 20 aircraft, available seat capacity by 5.5%, market share to 10%, and ended the year with strong liquidity and no employee layoffs. Southwest attributes its success to having the lowest operating costs of major airlines, a strategy of consistently low fares, frequent flights across its route network, and a productive workforce.
Constellation Energy Group saw a difficult year in 2001 due to factors like the decline in power prices and collapse of Enron. The company cancelled plans to separate, terminated its relationship with Goldman Sachs, brought on a new CEO, cut costs, streamlined operations, and intensified risk management. While 2001 was tough, the company emerged stronger and is well positioned for growth going forward due to its generation assets, marketing expertise, and strong balance sheet. Financial highlights show earnings per share declined significantly year-over-year due to special costs recognized in the fourth quarter as the company monetized non-core assets and improved its balance sheet.
The 2008 Annual Report summarizes Sherwin-Williams' financial performance in 2008. Net sales were $7.98 billion, a slight decrease from 2007. Net income declined 22.5% to $476.9 million due to asset impairment charges and rising input costs. Cash from operations increased to $876.2 million. The company continued investing in new stores, acquisitions, capital expenditures, dividends, and share repurchases. Challenging market conditions reduced sales and profits for the Paint Stores and Consumer groups. The Global Finishes Group grew sales but saw lower profits due to input costs. The company launched new products, expanded internationally, and initiated an EcoVision program.
The annual report summarizes Stryker's financial performance in 2007, highlighting key metrics such as a 16.6% increase in net sales to $6 billion and 27.9% growth in net earnings. It also discusses strategic decisions that positioned the company for success, such as focusing on its spine, trauma and joint reconstruction businesses in the US. Stryker exceeded its goals of double-digit sales growth and 20% earnings growth per share. Operational excellence allowed strong results despite challenges in some markets.
Whirlpool Corporation's 2006 Annual Report summarizes the company's financial performance for the year. Key highlights include:
- Net sales increased 26.3% to $18.08 billion from $14.31 billion in 2005.
- Earnings from continuing operations increased 15.2% to $486 million from $422 million in 2005.
- Total assets increased 67.2% to $13.87 billion from $8.30 billion in 2005, due to the acquisition of Maytag.
Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $18 billion and operations in markets around the world.
Whirlpool Corporation reported record financial results in 2006. Revenue reached $18.1 billion, up 26% from 2005. Earnings from continuing operations were $486 million, up 15% from the previous year. Cash flow from operating activities was $880 million. The acquisition of Maytag Corporation was completed in 2006 and is expected to generate over $400 million in annual efficiencies by 2008. Whirlpool aims to continue growing globally and offset rising material costs through innovation and operating efficiencies.
Southwest Airlines reported its 31st consecutive year of profitability in 2003, while the airline industry as a whole reported over $5 billion in losses. Southwest expanded its fleet by 13 aircraft and available seat miles by 4.2%, while many competitors reduced capacity. Southwest has one of the lowest operating cost structures in the industry due to its focus on point-to-point, single aircraft type operations and high employee productivity. While external challenges remain, Southwest is well positioned for continued growth and cost leadership.
The 2000 Annual Report summarizes Henry Schein's financial performance and operations. It states that Henry Schein is the largest distributor of healthcare products and services in North America and Europe, serving over 650,000 practitioners. The report highlights that net sales increased to $2.38 billion in 2000, operating income grew to $127.6 million, and earnings per share rose to $1.67. It also details Henry Schein's distribution network and capabilities.
Ecolab is the leading global provider of cleaning, sanitizing, pest elimination, and maintenance products and services. It serves customers in over 160 countries across various industries including hospitality, foodservice, healthcare, retail, and industrial markets. Ecolab employs over 21,000 people worldwide and had net sales of $4.2 billion in 2004, an 11% increase from 2003. Ecolab common stock is traded on the New York Stock Exchange under the symbol ECL.
Nordstrom reported strong financial results for fiscal year 2003, with net sales increasing 8.6% to $6.49 billion and net earnings increasing 169.2% to $242.8 million. The company saw improvements in key metrics like gross profit margin and inventory turnover. Nordstrom aims to further enhance the customer experience through new technologies like touchscreen registers and personal book software. The report discusses Nordstrom's focus on disciplined growth, delivering the right merchandise assortments to each store, and leveraging technology improvements to better serve customers and drive profitable growth.
This document provides Stryker's financial highlights for 2008 compared to 2007. Key points include:
- Sales increased 12% to $6.718 billion in 2008 from $6.000 billion in 2007.
- Earnings from continuing operations before taxes increased 15.3% to $1.580 billion in 2008.
- Net earnings from continuing operations increased 16.3% to $1.147 billion in 2008.
- Diluted earnings per share from continuing operations increased 17.3% to $2.78 in 2008.
Ecolab is a leading global provider of cleaning, sanitizing, maintenance and repair products and services. It serves customers in over 160 countries across various industries such as hospitality, foodservice, healthcare, retail and industrial markets. In 2004, Ecolab reported net sales of $4.2 billion, an 11% increase over 2003. It continues to invest in innovative products and services to help customers improve their operations and protect their reputations.
ONEOK is an energy company founded in 1906 that markets and trades natural gas and electricity. In 2001:
- Earnings declined due to falling natural gas prices, an economic recession, and ONEOK subsidiary Oklahoma Natural Gas being denied recovery of $34.6 million in gas costs.
- The collapse of Enron, a major energy trader, negatively impacted ONEOK and other companies by failing to pay for commodity transactions. ONEOK estimated its total exposure to Enron's bankruptcy was less than $40 million.
- ONEOK's accounting practices and culture differ significantly from Enron, which aggressively used mark-to-market accounting and off-balance sheet financing vehicles to inflate assets.
This document is Xcel Energy's 2003 annual report. It provides the following key information:
1) Xcel Energy is a major electric and natural gas utility serving 3.3 million electricity customers and 1.8 million natural gas customers across 11 Western and Midwestern states.
2) In 2003, Xcel Energy met its earnings target of $1.23 per share from continuing operations, despite challenges including higher costs and less favorable weather. Total earnings were $1.50 per share.
3) Key priorities and accomplishments in 2003 included refinancing debt at lower rates, divesting from NRG Energy, and operational successes like generating and safety records at several plants.
The document provides an overview of Loews Corporation's 2008 investor meeting. It summarizes CNA Financial Corporation's solid financial performance including improved operating earnings, a strong balance sheet, and steady core securities income. It also discusses CNA's property and casualty operations which drive the company's results, and how its controlled, orderly run-off operations mitigate earnings risks. Additionally, it outlines CNA's highly diversified insurance portfolio, market leadership in specialty businesses, and disciplined underwriting approach.
Goodrich Corporation's 2004 annual report summarizes the company's financial performance and strategic initiatives. Sales increased 8% to $4.7 billion with net income per share up 68% to $1.43. The company achieved growth through a focus on balanced growth, leveraging the enterprise, and operational excellence. Goodrich secured major contracts for new aircraft like the Boeing 787 and Airbus A350 and is well positioned for continued growth in the aerospace and defense industry in 2005.
In 1998, CVS experienced tremendous growth and accomplishments across key measures. CVS operated over 4,000 stores, the largest drugstore chain in America. CVS opened a record 382 new stores and remodeled 1,900 Revco stores. CVS acquired the Arbor drugstore chain, making it the market leader in Detroit. CVS filled more prescriptions than any other retailer in America and achieved sales growth of 11.1% to $15.3 billion.
telephone data systems USM2007AnnualReportfinance48
The document is the Notice of Meeting and Proxy Statement for US Cellular's 2008 Annual Meeting of Shareholders and includes their 2007 Annual Report. It provides financial highlights for 2007 including $3.7 billion in service revenues and $368 million in data revenues. It also provides information on markets and customers such as a total market population of 45 million and investing $565.5 million to build 434 new cell sites. A five-year comparison of cumulative total returns for US Cellular, the S&P 500 index, and Dow Jones US Telecommunications index is also included.
ArvinMeritor had a challenging fiscal year 2001 due to economic downturn and declining automotive sales. However, the company has taken steps to strengthen its position such as aggressively cutting costs, improving quality, and focusing on core competencies. While sales and profits decreased from the prior year, the company generated strong operating cash flow through emphasis on working capital reductions and debt paydown. Looking forward, ArvinMeritor is well positioned in key markets and believes systems integration will be an area of growth opportunity.
Anheuser-Busch reported financial results for 2005. Worldwide sales of Anheuser-Busch brands increased 4.4% to 121.9 million barrels. However, net income decreased 17.9% to $1.839 billion and earnings per share decreased 15.2% to $2.35 due to an 8.3% decrease in gross profit margin and a 22% decrease in operating income. Return on shareholders' equity also decreased substantially to 61.2% from 83.3% in 2004.
Southwest Airlines reported its 32nd consecutive annual profit in 2004 despite challenging conditions in the airline industry. Record high fuel prices and a glut of domestic airline seats led to massive losses for the industry as a whole. However, Southwest was able to maintain its position as one of the lowest cost producers through cost reduction efforts by its employees. Looking forward, Southwest is well positioned for growth once industry capacity rationalizes or business travel rebounds, given its strong brand, loyal customers, and solid financial position compared to other airlines.
- Starbucks opened 16,680 stores globally in fiscal 2008, including 15,011 internationally, generating $10.4 billion in total revenues, a 10% increase over the previous year [Paragraph 1]
- Components of Starbucks' 2008 revenue included retail (84%), licensing (12%), and foodservice/other (4%). The US accounted for 76% of revenues while international was 20% [Paragraph 3]
- In fiscal 2008, Starbucks focused on coffee, customers, and community by launching new coffee offerings and rewards programs, and emphasizing ethical sourcing and social responsibility through initiatives like Shared Planet [Paragraphs 5-7]
Starbucks had a very successful fiscal year 2007, with revenue reaching $9.4 billion and net earnings of $673 million. However, the company saw slowing customer traffic in U.S. stores. In response, Starbucks' CEO Howard Schultz will lead a transformation of the company to refocus on coffee quality and the customer experience. Plans include improving U.S. stores, expanding internationally, and renewing Starbucks' heritage and innovation. Schultz is confident these steps will ensure long-term success and deliver value for customers, partners, and shareholders.
Starbucks had a very successful fiscal year 2007, with revenue reaching $9.4 billion and net earnings of $673 million. However, the company saw slowing customer traffic in U.S. stores. In response, Starbucks' CEO Howard Schultz will lead a transformation of the company to refocus on coffee quality and the customer experience. Plans include improving U.S. stores, expanding internationally, and renewing Starbucks' heritage and innovation. Schultz is confident these steps will ensure long-term success and deliver value to customers, partners, and shareholders.
Nordstrom reported strong financial results for fiscal year 2006. Total sales increased 10.8% to a record $8.6 billion and net earnings increased 23% to $678 million. Other highlights included gross profit and earnings before taxes reaching record high percentages of net sales. Nordstrom also announced a $2.8 billion capital plan to fund new stores, remodels, and other customer-facing initiatives to drive further growth. The company is well positioned for future growth given its focus on serving customers through both stores and online channels.
Nordstrom reported strong financial results for fiscal year 2006. Total sales increased 10.8% to a record $8.6 billion, with earnings before taxes exceeding $1 billion for the first time. The gross profit rate was 37.5% and expenses as a percentage of sales improved for the sixth consecutive year. Nordstrom also announced a $2.8 billion capital investment plan focused on new stores, remodels, and technology improvements to enhance the customer experience across channels. The Chairman expressed optimism for Nordstrom's future given its focus on serving customers and executing narrow initiatives through the lens of its values.
- Starbucks had a difficult fiscal 2008 with slowing growth and store closures for the first time, but invested in its employees and asked them to commit to new ways of operating stores.
- Despite challenges, Starbucks' business fundamentals remain strong with over 17,000 stores serving 50 million customers per week globally.
- In fiscal 2008, Starbucks focused on coffee quality by launching new brewing methods and everyday coffee while also providing healthier food and beverage options requested by customers.
The 2008 Annual Report summarizes Sherwin-Williams' financial performance in 2008. Net sales were $7.98 billion, a slight decrease from 2007. Net income declined 22.5% to $476.9 million due to asset impairment charges and rising input costs. Cash from operations increased to $876.2 million. The company continued investing in new stores, acquisitions, capital expenditures, dividends, and share repurchases. Challenging market conditions reduced sales and profits for the Paint Stores and Consumer groups. The Global Finishes Group grew sales but saw lower profits due to input costs. The company launched new products, expanded internationally, and initiated an EcoVision program.
The 2008 Annual Report summarizes Sherwin-Williams' financial performance in 2008. Net sales were $7.98 billion, a slight decrease from 2007. Net income declined 22.5% to $476.9 million due to asset impairment charges and rising input costs. Cash from operations increased to $876.2 million. The company continued investing in new stores, acquisitions, capital expenditures, dividends, and share repurchases. Challenging market conditions reduced sales and profits for the Paint Stores and Consumer groups. The Global Finishes Group grew sales but saw lower profits due to input costs. The company launched new products, expanded internationally, and initiated an EcoVision program.
The 2000 Annual Report summarizes Henry Schein's financial performance and operations. It states that Henry Schein is the largest distributor of healthcare products and services in North America and Europe, serving over 650,000 practitioners. The report highlights that net sales increased to $2.38 billion in 2000, operating income grew to $127.6 million, and earnings per share rose to $1.67. It also details Henry Schein's distribution network and capabilities.
Ecolab is the leading global provider of cleaning, sanitizing, pest elimination, and maintenance products and services. It serves customers in over 160 countries across various industries including hospitality, foodservice, healthcare, retail, and industrial markets. Ecolab employs over 21,000 people worldwide and had net sales of $4.2 billion in 2004, an 11% increase from 2003. Ecolab common stock is traded on the New York Stock Exchange under the symbol ECL.
Nordstrom reported strong financial results for fiscal year 2003, with net sales increasing 8.6% to $6.49 billion and net earnings increasing 169.2% to $242.8 million. The company saw improvements in key metrics like gross profit margin and inventory turnover. Nordstrom aims to further enhance the customer experience through new technologies like touchscreen registers and personal book software. The report discusses Nordstrom's focus on disciplined growth, delivering the right merchandise assortments to each store, and leveraging technology improvements to better serve customers and drive profitable growth.
This document provides Stryker's financial highlights for 2008 compared to 2007. Key points include:
- Sales increased 12% to $6.718 billion in 2008 from $6.000 billion in 2007.
- Earnings from continuing operations before taxes increased 15.3% to $1.580 billion in 2008.
- Net earnings from continuing operations increased 16.3% to $1.147 billion in 2008.
- Diluted earnings per share from continuing operations increased 17.3% to $2.78 in 2008.
Ecolab is a leading global provider of cleaning, sanitizing, maintenance and repair products and services. It serves customers in over 160 countries across various industries such as hospitality, foodservice, healthcare, retail and industrial markets. In 2004, Ecolab reported net sales of $4.2 billion, an 11% increase over 2003. It continues to invest in innovative products and services to help customers improve their operations and protect their reputations.
ONEOK is an energy company founded in 1906 that markets and trades natural gas and electricity. In 2001:
- Earnings declined due to falling natural gas prices, an economic recession, and ONEOK subsidiary Oklahoma Natural Gas being denied recovery of $34.6 million in gas costs.
- The collapse of Enron, a major energy trader, negatively impacted ONEOK and other companies by failing to pay for commodity transactions. ONEOK estimated its total exposure to Enron's bankruptcy was less than $40 million.
- ONEOK's accounting practices and culture differ significantly from Enron, which aggressively used mark-to-market accounting and off-balance sheet financing vehicles to inflate assets.
This document is Xcel Energy's 2003 annual report. It provides the following key information:
1) Xcel Energy is a major electric and natural gas utility serving 3.3 million electricity customers and 1.8 million natural gas customers across 11 Western and Midwestern states.
2) In 2003, Xcel Energy met its earnings target of $1.23 per share from continuing operations, despite challenges including higher costs and less favorable weather. Total earnings were $1.50 per share.
3) Key priorities and accomplishments in 2003 included refinancing debt at lower rates, divesting from NRG Energy, and operational successes like generating and safety records at several plants.
The document provides an overview of Loews Corporation's 2008 investor meeting. It summarizes CNA Financial Corporation's solid financial performance including improved operating earnings, a strong balance sheet, and steady core securities income. It also discusses CNA's property and casualty operations which drive the company's results, and how its controlled, orderly run-off operations mitigate earnings risks. Additionally, it outlines CNA's highly diversified insurance portfolio, market leadership in specialty businesses, and disciplined underwriting approach.
Goodrich Corporation's 2004 annual report summarizes the company's financial performance and strategic initiatives. Sales increased 8% to $4.7 billion with net income per share up 68% to $1.43. The company achieved growth through a focus on balanced growth, leveraging the enterprise, and operational excellence. Goodrich secured major contracts for new aircraft like the Boeing 787 and Airbus A350 and is well positioned for continued growth in the aerospace and defense industry in 2005.
In 1998, CVS experienced tremendous growth and accomplishments across key measures. CVS operated over 4,000 stores, the largest drugstore chain in America. CVS opened a record 382 new stores and remodeled 1,900 Revco stores. CVS acquired the Arbor drugstore chain, making it the market leader in Detroit. CVS filled more prescriptions than any other retailer in America and achieved sales growth of 11.1% to $15.3 billion.
telephone data systems USM2007AnnualReportfinance48
The document is the Notice of Meeting and Proxy Statement for US Cellular's 2008 Annual Meeting of Shareholders and includes their 2007 Annual Report. It provides financial highlights for 2007 including $3.7 billion in service revenues and $368 million in data revenues. It also provides information on markets and customers such as a total market population of 45 million and investing $565.5 million to build 434 new cell sites. A five-year comparison of cumulative total returns for US Cellular, the S&P 500 index, and Dow Jones US Telecommunications index is also included.
ArvinMeritor had a challenging fiscal year 2001 due to economic downturn and declining automotive sales. However, the company has taken steps to strengthen its position such as aggressively cutting costs, improving quality, and focusing on core competencies. While sales and profits decreased from the prior year, the company generated strong operating cash flow through emphasis on working capital reductions and debt paydown. Looking forward, ArvinMeritor is well positioned in key markets and believes systems integration will be an area of growth opportunity.
Anheuser-Busch reported financial results for 2005. Worldwide sales of Anheuser-Busch brands increased 4.4% to 121.9 million barrels. However, net income decreased 17.9% to $1.839 billion and earnings per share decreased 15.2% to $2.35 due to an 8.3% decrease in gross profit margin and a 22% decrease in operating income. Return on shareholders' equity also decreased substantially to 61.2% from 83.3% in 2004.
Southwest Airlines reported its 32nd consecutive annual profit in 2004 despite challenging conditions in the airline industry. Record high fuel prices and a glut of domestic airline seats led to massive losses for the industry as a whole. However, Southwest was able to maintain its position as one of the lowest cost producers through cost reduction efforts by its employees. Looking forward, Southwest is well positioned for growth once industry capacity rationalizes or business travel rebounds, given its strong brand, loyal customers, and solid financial position compared to other airlines.
- Starbucks opened 16,680 stores globally in fiscal 2008, including 15,011 internationally, generating $10.4 billion in total revenues, a 10% increase over the previous year [Paragraph 1]
- Components of Starbucks' 2008 revenue included retail (84%), licensing (12%), and foodservice/other (4%). The US accounted for 76% of revenues while international was 20% [Paragraph 3]
- In fiscal 2008, Starbucks focused on coffee, customers, and community by launching new coffee offerings and rewards programs, and emphasizing ethical sourcing and social responsibility through initiatives like Shared Planet [Paragraphs 5-7]
Starbucks had a very successful fiscal year 2007, with revenue reaching $9.4 billion and net earnings of $673 million. However, the company saw slowing customer traffic in U.S. stores. In response, Starbucks' CEO Howard Schultz will lead a transformation of the company to refocus on coffee quality and the customer experience. Plans include improving U.S. stores, expanding internationally, and renewing Starbucks' heritage and innovation. Schultz is confident these steps will ensure long-term success and deliver value for customers, partners, and shareholders.
Starbucks had a very successful fiscal year 2007, with revenue reaching $9.4 billion and net earnings of $673 million. However, the company saw slowing customer traffic in U.S. stores. In response, Starbucks' CEO Howard Schultz will lead a transformation of the company to refocus on coffee quality and the customer experience. Plans include improving U.S. stores, expanding internationally, and renewing Starbucks' heritage and innovation. Schultz is confident these steps will ensure long-term success and deliver value to customers, partners, and shareholders.
Nordstrom reported strong financial results for fiscal year 2006. Total sales increased 10.8% to a record $8.6 billion and net earnings increased 23% to $678 million. Other highlights included gross profit and earnings before taxes reaching record high percentages of net sales. Nordstrom also announced a $2.8 billion capital plan to fund new stores, remodels, and other customer-facing initiatives to drive further growth. The company is well positioned for future growth given its focus on serving customers through both stores and online channels.
Nordstrom reported strong financial results for fiscal year 2006. Total sales increased 10.8% to a record $8.6 billion, with earnings before taxes exceeding $1 billion for the first time. The gross profit rate was 37.5% and expenses as a percentage of sales improved for the sixth consecutive year. Nordstrom also announced a $2.8 billion capital investment plan focused on new stores, remodels, and technology improvements to enhance the customer experience across channels. The Chairman expressed optimism for Nordstrom's future given its focus on serving customers and executing narrow initiatives through the lens of its values.
- Starbucks had a difficult fiscal 2008 with slowing growth and store closures for the first time, but invested in its employees and asked them to commit to new ways of operating stores.
- Despite challenges, Starbucks' business fundamentals remain strong with over 17,000 stores serving 50 million customers per week globally.
- In fiscal 2008, Starbucks focused on coffee quality by launching new brewing methods and everyday coffee while also providing healthier food and beverage options requested by customers.
The 2008 Annual Report summarizes Sherwin-Williams' financial performance in 2008. Net sales were $7.98 billion, a slight decrease from 2007. Net income declined 22.5% to $476.9 million due to asset impairment charges and rising input costs. Cash from operations increased to $876.2 million. The company continued investing in new stores, acquisitions, capital expenditures, dividends, and share repurchases. Challenging market conditions reduced sales and profits for the Paint Stores and Consumer groups. The Global Finishes Group grew sales but saw lower profits due to input costs. The company launched new products, expanded internationally, and initiated an EcoVision program.
The 2008 Annual Report summarizes Sherwin-Williams' financial performance in 2008. Net sales were $7.98 billion, a slight decrease from 2007. Net income declined 22.5% to $476.9 million due to asset impairment charges and rising input costs. Cash from operations increased to $876.2 million. The company continued investing in new stores, acquisitions, capital expenditures, dividends, and share repurchases. Challenging market conditions reduced sales and profits for the Paint Stores and Consumer groups. The Global Finishes Group grew sales but saw lower profits due to input costs. The company launched new products, expanded internationally, and initiated an EcoVision program.
The Sherwin-Williams Company 2008 Annual Report provides financial highlights and key metrics for 2008. Net sales declined slightly to $7.979 billion from $8.005 billion in 2007. Net income also declined to $476.876 million from $615.578 million. The company utilized its cash to complete three acquisitions, make capital expenditures, reduce debt, repurchase shares, and pay dividends despite challenging market conditions in 2008. The actions helped mitigate the effects of a drop in demand and rising costs, allowing the company to gain market share in most segments.
Starbucks Corporation's 2009 Annual Report summarizes the company's financial performance and transformation efforts during fiscal year 2009. Key highlights include generating $10.4 billion in net revenues, opening over 1,000 new stores internationally and in the United States, and implementing a transformation agenda focused on improving operations, renewing the customer experience, and realigning the organization for long-term growth. As part of the transformation, Starbucks reduced costs by $580 million, improved employee training and store operations, increased customer satisfaction scores by 10 percentage points, and launched new products and value offerings to attract customers during the economic downturn.
Starbucks Corporation reported financial results for fiscal year 2009. Total net revenues increased to $10.4 billion, up from $9.8 billion the previous year. The number of company-operated and licensed stores grew to 16,680 by fiscal year-end. Comparable store sales growth was negative 3% in fiscal year 2009. Operating income was $1.054 billion, or 11.5% of revenues. Earnings per share were $0.80 on a non-GAAP basis, excluding restructuring charges. The company continued its transformation efforts through initiatives like improving the customer experience, innovating new products, and expanding internationally. Going forward, Starbucks aims to continue its transformation and pursue growth opportunities globally.
- WESCO achieved record financial results in 2005, with net sales reaching $4.42 billion, a 18.2% increase over 2004. Income from operations was $209 million and net income was $103.5 million, both record highs.
- WESCO's strong performance is driven by its over 6,000 employees and their commitment to operational excellence and continuous improvement. The company's size, scale, and focus on customer service has helped achieve positive momentum.
- WESCO completed two acquisitions in 2005, Fastec Industrial Corp. and Carlton-Bates Company, which strengthened the company's product and service offerings. WESCO expects continuous improvement initiatives and a strong organization to
- WESCO achieved record financial results in 2005, with net sales reaching $4.42 billion, a 18.2% increase over 2004. Income from operations was $209 million and net income was $103.5 million, both record highs.
- WESCO's success is driven by its over 6,000 employees and their commitment to operational excellence and continuous improvement. The company's "extra effort" culture has helped generate above-average growth.
- WESCO completed two acquisitions in 2005, Fastec Industrial Corp. and Carlton-Bates Company, which strengthened the company's product and service offerings.
- The company aims to continue its positive momentum in 2006 by sustaining
This document summarizes commercial real estate market trends in the Puget Sound area for the fourth quarter of 2012. Key points include:
- Total vacancy rates were 15.41% across the region, with the highest submarket vacancies in the Southend (20.5%) and Northend (22.7%).
- Average asking lease rates ranged from $21.42/sq ft in the Southend to $32.29/sq ft in Downtown Seattle.
- Positive net absorption totaled 928,177 sq ft across the region over the last four quarters, with the largest gains in Downtown Seattle.
- Total under construction was 474,955 sq ft, with
emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting finance12
Emerson has delivered outstanding financial results in 2008 through its focus on customer needs, innovation, and integrating resources across businesses. Emerson's technology expertise, understanding of industry trends, and passion for progress allow it to provide innovative solutions for customers worldwide. This drives strong financial performance with 7% sales growth and 15% EPS growth in 2008. Emerson remains committed to its promise of solving customers' needs through powerful innovation.
United Health Group Financial Performance at a Glancefinance3
This document provides an overview of the financial performance of UnitedHealth Group for 2004, 2003, and 2002. Revenues increased to $37.2 billion in 2004 from $28.8 billion in 2003. Earnings from operations grew to $4.1 billion from $2.9 billion. Net earnings increased to $2.6 billion from $1.8 billion. All four of the company's business segments saw increases in revenues and earnings from operations over the periods shown. Cash flows from operating activities rose to $4.1 billion in 2004 from $3 billion in 2003.
Emerson delivered strong financial results in 2008 despite economic challenges. Net sales reached a record $24.8 billion, up 12% over 2007. Earnings per share grew 15% to $3.06. Emerson remains well positioned for long-term success through innovation, focusing on customer needs, and anticipating trends. The company continues to invest in strategic technologies and new products to drive growth.
Starbucks Corporation experienced strong financial growth from 1994 to 2004 as evidenced by increasing revenues, earnings, number of stores, and shareholders' equity over that period. In fiscal year 2004, Starbucks achieved record revenues and earnings, opened over 1,300 new stores globally, and saw its tenth consecutive year of double-digit comparable store sales growth. The company continued its strategy of rapid expansion, product innovation, and strengthening its ethical sourcing and social responsibility practices.
Starbucks Corporation experienced strong financial growth from 1994 to 2004 as evidenced by increasing revenues, earnings, number of stores, and shareholders' equity over that period. In fiscal year 2004, Starbucks achieved record revenues and earnings, opened over 1,300 new stores globally, and saw its tenth consecutive year of double-digit comparable store sales growth. The company continued its strategy of rapid expansion, product innovation, and strengthening its ethical sourcing and social responsibility practices.
This document provides financial data and analysis for Leggett & Platt from 1996-2006. It summarizes that Leggett & Platt saw record sales and earnings in 2006, with sales increasing primarily through acquisitions. Earnings also benefited from several unusual items. The company focuses on using cash flows to fund capital expenditures, acquisitions, and dividend payments, maintaining debt at targeted levels. Key factors that impact the company's business are market demand, raw material costs, energy costs, and competition across its five business segments which produce a wide range of components and finished products.
This document provides financial data and analysis for Leggett & Platt from 1996-2006. It summarizes that Leggett & Platt saw record sales and earnings in 2006, with sales increasing primarily due to acquisitions. Earnings benefited from restructuring efforts completed in 2006. Cash from operations was used to fund capital expenditures, acquisitions, dividends, and share repurchases in line with stated priorities. Key factors that impact Leggett & Platt's business are market demand, raw material costs, energy costs, and competition.
capital oneCapital One Financial Corp. Shareholders Meeting Presentationfinance13
The annual stockholder meeting document discusses Capital One's performance in 2007 and the challenges facing the banking industry. It notes that 2007 was the first year Capital One saw a decline in earnings per share. It also discusses the housing market correction and its prolonged negative impact. Additionally, it provides context on Capital One's deposit size, making it the 13th largest deposit-taking bank in the US.
capital oneLehman Brothers Eleventh Annual Lehman Financial Services Conferen...finance13
- Capital One is a top 10 bank and 14th largest depository institution in the US with $87.6B in deposits as of Q4 2007. It is also the 5th largest credit card issuer.
- Capital One is a diversified bank that is now primarily funded by deposits, with deposits comprising 47% of its managed liabilities as of Q4 2007, compared to other major banks that are more reliant on unsecured debt and securitizations.
- The presentation discusses Capital One's business overview, competitive positioning, and funding sources. Forward-looking statements are provided but subject to various risk factors that could cause actual results to differ materially.
capital oneSanford C. Bernstein & Co. Strategic Decisions Conference Presenta...finance13
This document discusses Capital One's approach to risk management and positioning for economic cycles. It notes that Capital One has transformed into a diversified bank with significant deposit funding. Capital One assumes recessions and degradation in underwriting and saves repricing for safety and soundness rather than assuming good times will continue. The document also discusses how different lending segments such as credit cards have performed relative to others such as auto loans during past economic downturns.
capital one Keefe, Bruyette & Woods, Inc. Diversified Financial Services Conf...finance13
Capital One is a top 10 bank and 5th largest credit card issuer. It has seen weakening credit metrics that reflect the deteriorating US economy. The company increased its loan loss allowance by $310M in Q108 to prepare for expected losses. While credit costs rose, increased revenue margins largely offset the impact. Capital One continues efficiency initiatives and managing its balance sheet to sustain profitability despite credit headwinds.
capital one Q2 2008 Capital One Financial Earnings Conference Call Presentationfinance13
Capital One reported second quarter 2008 results. Diluted EPS from continuing operations was $1.24, down from the prior quarter and year due to higher provision expense and lower revenue. Credit performance was largely in line with expectations, with managed charge-offs at 4.15% and delinquencies at 3.56%. Tighter underwriting led to portfolio contraction. The balance sheet remains strong with increased deposits and liquidity.
capital one Lehman Conference Presentationfinance13
Capital One provides a presentation on its financial performance and positioning. It discusses (1) executing on its vision of national lending and local banking, (2) delivering an operating profit of $463M despite significant credit headwinds, and (3) decisions that position it to navigate cyclical challenges and deliver value over the cycle through resilient businesses, conservative risk management, and lower lending lines.
capital one Q3 2008 Capital One Financial Earnings Conference Call Presentationfinance13
Capital One reported third quarter 2008 results with the following highlights:
1) Diluted EPS from continuing operations was $1.03, down from $1.21 in the third quarter of 2007 driven by higher provision expense.
2) Credit performance was largely in line with expectations, with managed charge-off and delinquency rates up from the previous quarter.
3) The balance sheet and diversified funding remained strong, with available liquidity of $32 billion and deposit growth of $6 billion from the previous quarter.
capital one Capital One Acquisition of Chevy Chase Bankfinance13
Capital One announced the acquisition of Chevy Chase Bank for $520 million. Chevy Chase has $11.6 billion in deposits and is the #1 bank in the Washington D.C. market. The acquisition enhances Capital One's local banking business and deposit funding. It is expected to be financially attractive with an estimated 13% internal rate of return and accretion to earnings per share in 2009 and 2010. Capital One took a $1.75 billion net credit mark on Chevy Chase's loans to mitigate credit risks.
capital one Printer Friendly Version of the Press Releasefinance13
Capital One reported a net loss for 2008 due to a large goodwill impairment in its Auto Finance business. It added $1 billion to loan loss reserves due to expectations of increasing losses. Credit performance deteriorated in the fourth quarter as the recession deepened. Deposits grew over 30% from the previous year and 10% in the last quarter.
capital one Printer Friendly Version of the Financial Supplementfinance13
This document provides quarterly and annual financial and statistical data for Capital One Financial Corporation for 2008 and Q4 2007. Some key highlights include:
- For Q4 2008, Capital One reported a net loss of $1.42 billion compared to net income of $226.6 million in Q4 2007. Revenue declined 38% annually and the company reported an ROA of -3.45%.
- On a managed basis, which includes securitized assets, Q4 2008 net loss was $1.42 billion, revenue declined 25% annually, and ROA was -2.70%.
- Asset quality deteriorated with the net charge-off rate rising to 4.98% in Q4 2008
capital onePrinter Friendly Version of the Conference Call Presentationfinance13
- Fourth quarter 2008 results showed a loss due to higher provision expense and a goodwill write-down. The losses were driven by deterioration in credit performance as economic conditions worsened.
- Credit losses and delinquency rates increased across all lending segments as unemployment rose. The allowance for loan losses was increased substantially.
- Deposits grew significantly while margins declined due to credit costs and mix shift to lower-yielding assets. Expenses declined due to cost management efforts.
- An impairment charge was taken for goodwill in the Auto Finance segment. The balance sheet and liquidity remain strong despite the difficult environment.
This document is Capital One's 1996 Annual Report. It summarizes that in 1996, Capital One achieved record financial results including net income increasing 23% to $155.3 million and managed loans increasing 23% to $12.8 billion. Capital One's success is driven by its proprietary information-based strategy which allows it to customize products, manage risk conservatively, and continuously innovate. The company added nearly 2,000 employees in 1996 and remains focused on testing new products.
Capital One had a remarkable year in 1997, setting records for financial and operating performance. They added 3.2 million new customers, ending the year with 11.7 million accounts. Capital One's success demonstrates the power of their information-based strategy and innovation. Going forward, they see opportunity for continued growth in the US and internationally by applying their strategy of mass customization.
Capital One Financial Corporation's 1998 Annual Report summarizes the company's strong financial performance in 1998. Capital One saw record growth across key metrics such as earnings per share, revenue, managed loans, and number of customer accounts. The company achieved net income of $275 million, a 45% increase over 1997. Capital One's success is powered by its Information-Based Strategy of using technology, data analysis, and scientific testing to customize financial products for each customer. This strategy has allowed the company to rapidly innovate and gain market share in the credit card industry.
Capital One Financial Corporation's 1999 Annual Report highlights the company's explosive growth over the past 5 years since its IPO, including doubling its customer base to 24 million and increasing revenues 512% between 1994 and 1999. The report discusses Capital One's continued focus on its information-based strategy of testing new ideas, customizing products for customers, and driving innovation to build one of the world's truly great companies with sustained financial performance and customer satisfaction. Key metrics show earnings per share and return on equity growth above 20% for the fifth consecutive year.
This annual report summarizes Capital One's growth and success in 2000. Some key points:
- Capital One has grown rapidly since its IPO in 1994, becoming one of the fastest growing and most profitable companies in the US.
- Through its proprietary information-based strategy (IBS), Capital One has created innovative credit card and loan products tailored to individual customers, reducing risk while delivering value.
- In 2000, Capital One added a record 10 million new customers, conducted over 45,000 tests of new ideas, and invested over $900 million in marketing.
- Capital One aims to continue its strong growth by expanding its product lines and customer base internationally, and by building its brand through advertising and
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The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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2. Whirlpool Corporation Financial Highlights
2005
(millions of dollars, except per share data) 2004 % Change
$ 14,317
Net sales $ 13,220 8.3%
$ 422
Net earnings $ 406 3.9%
$ 6.19
Per share on a diluted basis $ 5.90 4.9%
$ 1,745
Stockholders’ equity $ 1,606 8.7%
$ 8,248
Total assets $ 8,181 0.8%
Return on equity * 24.6 30.3 -18.8%
$ 25.54
Book value per share $ 23.31 9.6%
$ 1.72
Dividends per share $ 1.72 0.0%
Share price
$ 86.52
High $ 80.00 8.1%
$ 60.78
Low $ 54.53 11.5%
$ 83.76
Close $ 69.21 21.0%
67,880
Shares outstanding at December 31 (in 000’s) 66,604 1.9%
65,682
Number of employees 68,125 -3.6%
*Refer to Eleven-Year Consolidated Statistical Review (pages 34-35) for more information about return on equity calculations.
Revenue Free Cash Flow Debt / Total Capital
Net Earnings (Loss)
($ in billions) ($ in millions) (percent)
($ in millions)
$533 65.1%
$14.3
$422
$13.2 $414 $406
$12.2 $412
$11.0 50.9%
48.0%
$10.3 45.7%
40.4%
$21
$291 $302
($394)
$241
01 02 03 04 05 01 02 03 04 05 01 02 03 04 05 01 02 03 04 05
Table of Contents
Innovation Pipeline (foldout cover)
Financial Highlights (inside front cover)
2 Chairman’s Letter
6 People / Process / Products
15 Worldwide Operations
21 Financial Summary
27 Consolidated Condensed Financial Statements
31 Reports of Management and Independent Registered Public Accounting Firm
34 Eleven-Year Consolidated Statistical Review
36 Shareholders’ and Other Information
Directors & Executive Committee (inside back cover)
3. Whirlpool Corporation Annual Report 2005
Whirlpool is ...
Always Thinking
Delivering Innovation
Delighting Customers
All companies talk about innovation. At Whirlpool Corporation, our people are always thinking
about ways to deliver unique and relevant solutions for our customers’ needs and wants.
Our innovation process is a long-term strategic commitment we’ve made to consistently
deliver the products and services that delight our customers and create unmatched levels
of loyalty to our brands … worldwide. Customer loyalty to our brands is the core of our
strategy, and our embedded innovation capabilities drive the process.
Innovation at Whirlpool is not a temporary project or separate corporate
department. It is a capability that permeates all areas of the company ...
within our people, our products and our services.
In a rapidly changing global marketplace, our customers are more knowledgeable
and have more choices than ever before. And only by providing them with innovative,
high-quality, competitively-produced products that deliver, and build upon, the positive
reputation of our brands will we succeed in moving our strategy and performance to the
next level. We are making significant progress, and we are seeing the results of our
efforts in the marketplace.
4. Whirlpool Corporation Whirlpool launched its innovation initiative in 1999 to create • Our 2005 innovation revenue was almost $800 million, helping The pace of innovation continues to accelerate. By the end Our investment strategy for the innovation pipeline is to fuel NA North America
value for our customers and shareholders and drive loyalty to Whirlpool to consistently grow faster than historical rates. of 2006, more than 60% of the products in the North American an increasing rate of compelling product innovation that: LA Latin America
Innovation Pipeline our brands. During 2005, a record number of new products were • The value of our pipeline today is estimated at over $3.3 marketplace will be new innovations that did not exist in 2005. • Delivers new and differentiated solutions to our customers E Europe
introduced into the marketplace globally, driving additional sales billion, an increase of more than 66% from 2004. Additionally, Whirlpool will undertake the largest new product • Establishes sustainable competitive advantage A Asia
and contributing value well beyond our goals: • Innovation projects are returning higher than average margins launch in its history, with the introduction of a completely new • Creates differentiated shareholder value
and driving shareholder value. laundry line in North America.
New Products:
Completely new product lines
are created to solve previously
unmet consumer needs.
Fabric Freshener and Single Drawer Dishwasher 42” French Door Built-In Single Refrigerated Drawers Undercounter Beverage Pro Line Laundry Pair Laundry Work Space Platform Mini Built-In Espresso-maker Twin Genius Speedoven Built-In Espresso Machine
Origami Accessories Laundry Organizers
Pret-à-Porter Refrigerator Center Wine cellar/refrig-
Water and energy efficient Built-in modular refrigeration Premium laundry pair with Unique staging area for Affordable, space-saving built- Compact speedcook appliance Fully automatic built-in
Multi-functional cooktop Organizer integrates with
Portable clothing freshener small-load capacity drawer The world’s first French Door and wine drawers. E erator with three different commercial styling, fit, feel sorting, treating and folding in espresso coffee machine by provides four cooking methods: espresso and cappuccino
accessories. E washer and dryer to eliminate
that conveniently removes dishwasher enables more built-in refrigerator, providing temperature zones. NA and finish. NA clothes on top of the washer “for IKEA by Whirlpool” E oven, convection, speedcook machine. E clutter. NA
odors and relaxes wrinkles. frequent washes with improved the widest refrigeration space and dryer. NA and microwave. E
NA, E ergonomic loading. NA available. NA
2005
2006
Marketable Innovation:
Unique, innovation features
are designed to update
existing products and
present new product
Personal Lifestyle Appliance Dual Fuel Range with Pure Water Dispensing Velos Speedcook Soft Dry Hanger
Fast-Fill Dispenser Refrigerator Colors Titanium Appliance Line ProScrub Dishwasher European Oven Line PowerPair Cooking Center
attributes to the marketplace. (PLA) Steam Assist Refrigerator High-speed microwave-hood Condenser dryer equipped with
Refrigerator that provides Refrigerators with emotionally High-tech design with 32 targeted spray jets scour Premium oven line with A microwave-hood combo
Limited-issue mini refrigerators World’s first freestanding, Features an improved water combo with improved venting, space-saving accessory to dry
consumers with programmed appealing colors. LA fingerprint-resistant titanium away food with no scrubbing fingerprint-proof finish and and a freestanding range
featuring detachable artistic full-size oven combines steam dispenser that provides pure increased capacity and four delicates. E
high-speed and measured- finish. E or soaking. NA integrated Origami cooking with coordinated aesthetics
panels. LA with convection cooking for water. LA ways to cook in one appliance:
fill dispensing of water and accessories. E are paired for maximum
professional results. NA convection, speedcook,
ice. NA performance, cooking capacity
microwave, and steam. NA, E
and efficiency. NA
6th Sense TurboClean Moonlight Ventilation Hood 6th Sense Climate Control Party Program Slow Cooker
AutoClean Dishwasher Hygienic Refrigerator Clear Coat Inverse Refrigerator Countertop Oven Water Coolers
Dishwasher Refrigerator
Ventilation hood with unique Accessory that provides Electronic temperature sensor
Self-cleaning dishwasher Filters refrigerator air to Protective cooktop coating that Bottom-mount freezer provides Full-size oven performance in Water cooler with built-in
Provides variable water light and design elements. E Climate control fridge-freezer excellent dishwasher cleaning allows quick heating, with
filter for superior cleaning remove bacteria. E improves durability and is easy ample freezer space. LA a countertop oven. NA LCD display and adjustable
pressure, and overnight cycle “senses” the optimum and maximum care for a full insulated walls for better,
performance. E to clean. NA temperature. NA
is the quietest on the market. temperature and humidity for load of glasses. E more even heat retention. NA
2005
2006
E food preservation. E
Whirlpool Corporation’s Major Brands:
Product Replacement:
Existing product lines are
replaced with updated
innovation based on key
consumer insights.
Built-In Cooking HE4t Colors Cabrio Laundry Pair Duet Sport Laundry Pair Kitchen Suites Classic Laundry Pair Metal Toaster Blender
Built-in ovens and cooktops, Unique design and color Large capacity washer pair Smaller version of the Duet Appliances are designed to Top-loading configuration with Multiple color choices accent Unique polycarbonate pitcher
redesigned for style, power additions to the HE4t laundry has a see-through window in laundry pair with a 6-point be sold in suites for one-time new styling and reliable fabric brushed stainless steel finish; and patented blade system
and performance. NA pair. NA the washer and the dryer. NA suspension system. NA shopping. NA care. NA sides of toaster stay cooler. NA with Intelli-Speed for fast and
2005
2006
consistent blending. NA
Beyond Product Innovation: “Cook’s Kitchen” Software “American Family” Podcasts “Spirit of Cooking” Contest “Expo tu Casa” Robb & Stucky Partnership “Mother of Invention” Competition Braille Overlay
Partners Program eBay® for End-of-Life Product We Surf, We Care, We Link
Premium kitchens are displayed A braille control panel overlay,
An on-line tool that enables Keeping a finger on the pulse An African-American church Whirlpool was the only appliance A nationwide U.S. competition A Web-based program, which An outlet for discount and A suite of tools for managing
Unique efforts undertaken in Robb & Stucky high-end available upon request. NA
consumers to custom design their of the American family, Whirlpool community outreach program manufacturer to participate in to help innovative moms win seed expands sales through suppliers obsolete product sales. NA customer relationships. E
furniture stores to provide
kitchen based on their lifestyles launched a popular weekly based on a recipe contest. NA this first-of-its-kind home show money for their business venture and technical partners. NA
to promote or strengthen
customers with hands-on
and expert chefs’ knowledge. NA podcast series available at: for the Latino market in the attracted 1,700 applicants. NA
other business areas and interaction. NA
www.whirlpool.com/family NA United States. NA
the brands.
5. Whirlpool Corporation Annual Report 2005
Whirlpool is ...
Always Thinking
Delivering Innovation
Delighting Customers
All companies talk about innovation. At Whirlpool Corporation, our people are always thinking
about ways to deliver unique and relevant solutions for our customers’ needs and wants.
Our innovation process is a long-term strategic commitment we’ve made to consistently
deliver the products and services that delight our customers and create unmatched levels
of loyalty to our brands … worldwide. Customer loyalty to our brands is the core of our
strategy, and our embedded innovation capabilities drive the process.
Innovation at Whirlpool is not a temporary project or separate corporate
department. It is a capability that permeates all areas of the company ...
within our people, our products and our services.
In a rapidly changing global marketplace, our customers are more knowledgeable
and have more choices than ever before. And only by providing them with innovative,
high-quality, competitively-produced products that deliver, and build upon, the positive
reputation of our brands will we succeed in moving our strategy and performance to the
next level. We are making significant progress, and we are seeing the results of our
efforts in the marketplace.
6. Chairman’s Letter / Whirlpool Corporation Thinking … Delivering … Delighting
In 2005, Whirlpool Corporation continued to successfully execute our brand-value-creation
strategy in one of the most challenging external environments seen in decades. Material
and oil-related costs increased to unprecedented levels. Our success within this environment
was driven by consumer demand for a record number of new product innovations
launched throughout the year. Innovation, the attractiveness of our products, and our
employees’ commitment to success enabled Whirlpool to deliver a record level of
performance for our shareholders.
2005: Unprecedented Challenges … Our Brand-Value-Creation Strategy
The fundamentals of our strategy remain unchanged; the
Unprecedented Success
real story continues to be our progress in accelerating the
During 2005, we achieved great progress in executing our
execution of this strategy. The success of our global business
strategy while successfully managing unprecedented levels of
is driven by our ability to truly understand and fulfill
material and oil-related cost increases. Base metals, steel,
customer needs, develop highly-innovative branded
resin and logistic costs all hit record highs. In total, our
solutions, effectively serve our trade customers and
business absorbed more than $500 million in higher costs
continuously improve productivity and quality. The major
during 2005, after absorbing $300 million in the second half
elements of our strategy are listed below:
of 2004. We confronted this significant challenge by acceler-
ating new product innovation to the market, increasing
Brand and Customer Loyalty
productivity and maintaining cost controls – all of which
• Customer Focus • Innovation
enabled Whirlpool to deliver a record year of results,
• Brand Focus • Growth
highlighted by:
Best Customer Position
• Record revenues of $14.3 billion, up 8.3 percent Trade Management
• Record $422 million net earnings, up 3.9 percent • High Service Levels • Share of Business
• Record earnings per diluted share at $6.19, up from • Coverage • Cost to Serve
$5.90 in 2004
Best Trade Position
• $881 million in cash provided by operating activities
Global Operating Platform
• Debt-to-Capital ratio reduced from 46 to 40 percent
• Continued global growth of the Whirlpool brand … • Total Cost Productivity • Working Capital
• Quality • Fixed Asset Turnover
the number one selling appliance brand in the world
• Internal controls over financial reporting were again Best Cost and Quality Position
assessed to be effective under Section 404 of the
Building upon our combined capabilities and successfully
Sarbanes-Oxley Act of 2002
executing each element of our strategy throughout the year
• Our agreement to acquire Maytag Corporation, which
enabled us to overcome the challenges of 2005 and deliver
obtained subsequent Maytag shareholder approval
record results.
2 Whirlpool Corporation
7. Innovation …
Driving Growth and Customer Loyalty Staying the Course
The success of our global business is driven by a spirit of In addition to distinguishing our global products and brands
creativity, passion and resourcefulness within all our people. through innovation, we also continued our focus on
Our strategy is to enrich the value of our products and achieving the best cost and highest quality products, and
brands. Customer loyalty is an important element of this providing the best trade service in the industry.
approach, and Whirlpool innovation enables our people to We expanded our low-cost manufacturing capacity
create the products and services that delight our customers with the inauguration of a new cooking factory in Poland,
and grow shareholder value. Over the last six years, we’ve and by constructing new refrigerator and washer plants
worked hard to make innovation a key capability across the in Mexico.
organization, an enabler that sets us apart from others and Working broadly with our trade customers, we
a key factor in creating long-term value. This has been a helped provide training for hundreds of their sales associates
massive transformation of our company and continues to be on how to introduce our innovations on showroom floors.
at the top of our priorities moving forward. We’re also making significant strides in the contract home-
Our strategy is to enrich the value of our products and brands.
Customer loyalty is an important element of this approach, and Whirlpool innovation
enables our people to create the products and services that delight our customers
and grow shareholder value. — Jeff M. Fettig
We consistently invest in the support and builder channel, which remains an important entry way for
development of our global innovation capability and product us to launch our new innovation in the new home segment
pipeline. We’ve now more than doubled our potential of the market.
revenue from innovation from $1.3 billion in 2003 to $3.3
Maytag Acquisition
billion in 2005. We’ve achieved our goal of producing a
pipeline with more than $3 billion in potential steady-state During 2005, we announced an agreement to acquire Maytag
value to ensure continuous brand loyalty and revenue growth Corporation, and Maytag shareholders gave their over-
over time. And as a result, we successfully launched more whelming approval before the end of the year. Successfully
than twice as many new products in 2005, and in half the completing the acquisition, for which regulatory approval is
time, compared to when we began our pending, will allow us to accelerate the introduction of our
innovation process six years ago. innovation to a broader set of consumers through the
Maytag portfolio of brands. It will enhance the efficiency of
our business, and enable us to more effectively work with
our trade customers to offer improved value to consumers.
Jeff M. Fettig,
Chairman of the Board and Chief Executive Officer
Whirlpool Corporation
Whirlpool Corporation 3
8. Looking Forward: 2006 Outlook In 2005, Whirlpool Corporation was named to the
As we enter 2006, we expect an external environment com- Dow Jones Sustainability World Index, one of the world’s
parable to the one we successfully managed in 2005. On a most comprehensive reviews of sustainable business practices.
global level, we expect unit demand to grow 2-to-3 percent, As a company, we have a long-term commitment to social
and material cost increases of up to $100 million – in addi- responsibility, and it’s our people who personify our values
tion to the $800 million worth of increases we experienced and garner such recognition for our success in supporting the
over about the last year and a half. communities in which we live and work globally.
Within this global operating environment, our people
In Closing
are focused on continuing to successfully execute our strategy
to drive growth, and to improve revenues, earnings and cash We believe Whirlpool Corporation continues to be well
flow. Our strategy has demonstrated its strength and ability positioned for future growth and success. We are pleased
to perform during 2005, and we are confident it will result in with our record performance in 2005 and have set our sights
business growth and solid performance during 2006. much higher in 2006 and beyond. Our differentiated brand-
Within this global operating environment, we are focused on continuing
to successfully execute our strategy to drive growth, and to improve revenues,
earnings and cash flow. — Jeff M. Fettig
Helping Others in Need value-creation strategy is continuing to demonstrate the great
In a year of unprecedented natural disasters – from the opportunities for Whirlpool. We continue to build the core
tsunami in late 2004, to massive hurricanes in the Gulf competencies and operational capabilities that our employ-
region of the U.S., and earthquakes in Pakistan, India and ees are using around the world to support the execution of
Afghanistan – I’m proud to say that Whirlpool people our strategy. Going forward, as we saw in 2005, the com-
were often among the first to respond. Around the world, mitment and dedication of Whirlpool employees will help
our people provided financial support, rebuilt homes, and enable our company to achieve success. Our focus remains
donated products, food and clothing to the people impacted on creating value for our shareholders, trade customers,
by those disasters. consumers and employees. We look forward to delivering on
During the year, we strengthened our ongoing that commitment in 2006.
support of Habitat for Humanity International. We were
the lead sponsor of the 2005 Jimmy Carter Work Project
(JCWP) in Michigan – where hundreds of Whirlpool people
from more than 19 nations built more than 230 homes. We
also announced plans to support every Habitat home built
globally through 2011, with product donations, employee Jeff M. Fettig
involvement, cash and home sponsorship. Chairman of the Board and Chief Executive Officer
4 Whirlpool Corporation
9. Message from the Presidents Core Competencies and Operational Capabilities
Dave Swift, President, Whirlpool North America Mike Todman, President, Whirlpool International
More than ever, Whirlpool people are bringing to life our In addition to our unique toolkit of competencies, we also
vision of “Every Home, Everywhere, with Pride, Passion and are aggressively building certain operational capabilities
Performance.” Based upon a unique set of core competencies, and rapidly taking what we learn about our business in one
we are delivering innovative products and services that part of the world and applying it globally. Specifically, these
customers value, which is driving growth and value for capabilities include being the best cost producer through our
shareholders. Our strategy is working. productivity efforts, delivering the highest levels of customer
Executing our strategy requires a unique toolkit of quality, and enhancing the mix and value of the products sold
competencies that we continue to build for our people globally. – collectively helping to improve margins.
The starting point of building new competencies is what Our operational discipline focuses on achieving
we call “Customer Excellence” — our ability to proactively efficiencies, which in turn creates resources to fund our
understand and anticipate the needs of customers. Customer innovation efforts. Through the use of lean manufacturing and
Excellence is a collection of tools that allows our people to Six-Sigma tools, our 2005 non-material cost productivity gains
analytically assess and prioritize the needs and desires of increased year-over-year, helping to offset the unprecedented
customers along all aspects of the purchase cycle — from rise in material costs we faced during the year. At the same
when they first might investigate an appliance on a web site, time, we successfully increased our best-cost regional
to the in-store experience on a retailer’s floor, to the features manufacturing sourcing to approximately 40 percent this year,
and aesthetics of the product, to the installation and service up from 35 percent in 2004. And, we’re well on our way to
experience, and ultimately to their need to repeat this cycle. successfully achieving our goal of sourcing about 50 percent of
With these consumer insights in-hand, we then turn them into our manufacturing from low-cost production by 2007, while
customer solutions through our innovation tools. As a result, still ensuring we are the best cost, best quality producer in all
our innovation capability has produced a robust pipeline of our locations.
products, achieving a steady-state estimated value of over $3 Product quality is another ongoing priority for
billion. Our 2005 innovation revenue is more than twice the Whirlpool. We continue to rapidly build upon our capabilities
amount in 2004. Our knowledge of customers, coupled with to achieve “best in class” quality status within the industry.
our innovative customer solutions, is driving the attractiveness Accordingly, our people are strengthening the Whirlpool
of our brands and creating greater value for our shareholders. Quality Excellence System across our organization.
Additionally, we’ve extended Six-Sigma practices During 2005, more consumers continued to validate
into non-manufacturing areas of our company to create an our innovative solutions. To make the selection of our
important tool we call “Customer-Centered Operational products easier, we’ve developed training tools to educate retail
Excellence.” This process enables our people to constantly salespeople and trade customers on the appropriate choice of
improve upon the way they do their jobs, saving time and our innovative products to meet consumer needs. This effort
money while contributing directly to meeting customer needs. has enabled us to sell a richer mix of products and improve
Each of these tools are upon our margins.
being used by our people Each of these capabilities is embedded in our
around the world to better strategic global councils representing the functional
serve our customers, disciplines of marketing, sales, manufacturing,
improve our performance finance, technology and customer service in each
and create value for region of the world. Collectively, they are at the
shareholders. heart of our business strategy and vision to improve
how we serve our customers and to exceed their
expectations in “Every Home, Everywhere.”
Mike Todman, President, Whirlpool International
Dave Swift, President, Whirlpool North America
10. Customer-Focused Innovation People / Process / Products
Whirlpool Corporation’s highly successful Duet laundry and emotional input of more than 30,000 home appliance
pair stirs a passion of ownership within consumers, which users has been converted into a focus on creating products
makes them more likely to recommend Whirlpool brand that drive loyalty to our brands worldwide.
to their friends. Why? The answer is a vivid snapshot of “With customer satisfaction as our focus, we
how Whirlpool’s strategy to meet consumer needs through made a concerted effort to determine which attributes
our innovation capability can distinguish us within the of our products and services drive consumers to our
marketplace and create differentiated value. products and have now explicitly focused our innovation
Vice President of Corporate Innovation Hank efforts on those touchpoints,” says Hank. “Our customer
Marcy and Marise Kumar, the company’s Vice President of focus and innovation processes are now embedded
Customer Loyalty, are charged with integrating innovation across the entire corporation versus sitting on the side in
efforts into our broader company strategy. a separate organization.”
“By identifying and measuring the drivers of The result is a cadence of well-designed products and
customer needs and wants, we focus our innovation efforts services that answer consumer needs, sometimes even before
on those product improvements that will ultimately produce the consumer is able to articulate them. The Whirlpool fast
long-term value for shareholders by expanding the breadth fill water and ice dispenser, the innovative pedestals upon
and depth of our customer relationships,” says Marise. which the Duet laundry pair rest, the KitchenAid steam-assist
Whirlpool regularly monitors consumer usability habits oven, Whirlpool Europe’s built-in cooking line, our novel
and preferences. Over the last few years, the functional artistic refrigerators in Latin America, and the Gladiator
Garageworks line of products … are just a few examples of
recent Whirlpool innovations driving the attractiveness of
our brands in the marketplace worldwide.
Our customer focus and innovation processes are
now embedded across the entire corporation versus sitting
on the side in a separate organization. — Hank Marcy
Hank Marcy, Vice President, Corporate Innovation
Marise Kumar, Vice President, Customer Loyalty
Whirlpool Corporation
6 Whirlpool Corporation
11. Creating Early Adopters of Whirlpool Innovation People / Process / Products
Mark Johnson, Manager, Architectural and Design Marketing
Whirlpool North America
My customers are true early adopters
of our latest innovative products,
improving our speed to market.
— Mark Johnson
Searching the marketplace for new home appliances is
uncharted territory for most consumers. But Mark Johnson,
manager of architectural and design marketing, seeks to
inform them about Whirlpool innovation before they shop.
He works with the people who best understand the customer’s
objectives for their living space: architects, and interior, kitchen
and bath designers.
“I strive to make sure the home builders and designers
are fully informed, and keep our brands top of mind when
making appliance decisions with clients,” Mark says. “My
customers are true early adopters of our latest innovative
products, improving our speed to market.” The approach
is working … driving sales of our built-in appliances and
branded suites of products.
Whirlpool created this new-to-the-industry position
three years ago to foster dialogue across the industry in
the U.S., and to generate pull-through sales when home
builders and designers recommend Whirlpool, KitchenAid
and Gladiator brand products. Additionally, Mark and his
customers utilize innovative tools such as the KitchenAid
Cook’s Kitchen Tool software, which helps consumers plan
their kitchens to fit their needs.
Whirlpool Corporation 7
12. Focusing on the Customer … Half a World Away People / Process / Products
Employees can now understand the particulars around why microwave color, styling and
quality appeal to the North American and European customer. Instead of preaching the
importance of visual brand language, we are physically showing employees why quality
and good design are essential. — Andrew Yu
How do you connect employees in Whirlpool Corporation’s Southern China
microwave factory with customers half a planet away? How do you instill a sense
of importance in their work for driving Whirlpool customer loyalty in Europe and
America? Simple, thought Andrew Yu, Whirlpool plant director in Shunde, China …
you take them there.
Andrew had American and European style kitchens built in the factory’s main
entrance. In fact, he built three kitchen vignettes, giving his employees the chance
to experience first hand the foreign environments … and providing a solid,
visual connection to the KitchenAid, Whirlpool and Bauknecht brands.
“Employees can now understand the particulars around why microwave
color, styling and quality appeal to the North American and European
customer,” says Andrew. “Instead of preaching the importance of visual
brand language, we are physically showing employees why quality and
good design are essential. This helps to better connect our workforce with
customers halfway around the world they would otherwise never meet.”
Andrew Yu
Plant Director, Shunde, China
Whirlpool Asia
8 Whirlpool Corporation
13. The Whirlpool Customer Bill of Rights People / Process / Products
Treating others as we expect to be treated
The U.S. Constitution includes a Bill of Rights, which establishes the rights, duties and limitations of a governing body —
from a citizen’s point of view. A team of people from Whirlpool Corporation’s Customer Experience Center recently adopted
the concept to create a Bill of Rights — from a customer’s point of view. This new Customer Bill of Rights is now under
development to help guide interactions with customers calling the company or needing service.
Whirlpool Corporation was one of the first U.S. companies to establish a toll-free consumer support line. With
ongoing sensitivity to consumer needs in mind, the team used Whirlpool innovation training tools to begin creating a new
foundation for meeting customer expectations over the lifetime of their appliances.
“We considered our expectations as customers, and specifically the treatment we’d expect from Whirlpool when
calling customer service or during a service visit to our homes,” says Jackie Boyd, customer service advisor. “The Customer
Bill of Rights will ensure we’re treating others as we would expect to be treated by Whirlpool.”
When Jackie and team checked their work against company research, they found it aligned perfectly with our
efforts to focus employees on customer needs. The Customer Bill of Rights will provide a powerful tool to help guide how
consumers are treated and improve their experience with Whirlpool, KitchenAid and our other brands.
Jackie Boyd, Project Analyst
Ronda Collier, Manager, Consumer Advocacy
Greg Ecker, Director, Consumer Care
Whirlpool North America
We considered our expectations as customers, and specifically the
treatment we’d expect from Whirlpool when calling customer service or
during a service visit to our homes. –– Jackie Boyd
Whirlpool Corporation 9
14. Superior Service: Reinforcing Brand Promise People / Process / Products
Ricardo Acosta, Vice President, Customer Service
Whirlpool Latin America
How do you ensure customer satisfaction over the lifetime of
an appliance purchase and fulfill its brand promise? You turn
service into an opportunity to continually improve customer
focus and reinforce the brand’s reputation. — Ricardo Acosta
“How do you ensure customer satisfaction over the lifetime they implemented a measurement process for all activities
of an appliance purchase and fulfill its brand promise? You — even repairs made by authorized third-party technicians.
turn service into an opportunity to continually improve While the team worked to improve service, it
customer focus and reinforce the brand’s reputation,” also faced another challenge — rogue service shops with
says Ricardo Acosta, vice president of customer service sub-par quality and expertise, which were misrepresenting
at Whirlpool Latin America’s Multibrás subsidiary. The themselves as Multibrás-qualified technicians in the
Whirlpool Latin America service team seized just such an marketplace. To resolve this matter, and to restore
opportunity when they transformed their department to Multibrás’ reputation for quality service, the team rebranded
better focus on keeping customers happy. service partners so customers could readily identify official
The team challenged their organization to cut Multibrás servicers.
customer complaints by more than half, from an already As a result, the company’s service market share
low rate of 3.5 percent to 1.5 percent. They engaged their jumped from 16 percent to 26 percent during 2005.
enthusiastic front-line of customer service employees in a Complaints to the call center dropped from 3.5 percent
series of innovation workshops and action labs, and solicited to 0.6 percent, far exceeding the original goal. Multibrás’
ideas about improving service from all employees. Lastly, brand promise has been fulfilled, its reputation preserved
and its service now ranks 20 percent higher than the
nearest competitor.
10 Whirlpool Corporation
15. Thinking Globally, Acting Locally People / Process / Products
A front-loading washer from Europe sells in North America … only if it accommodates large loads.
A Brazilian refrigerator appeals to Europeans, but is too costly to export. Multi-functional cooktop
accessories launched in Europe also interest Australian consumers. Opportunities abound.
Always seeking value in Whirlpool Corporation’s operational capabilities, the trans-
regional product management team finds ways to deliver the right products to the right markets in
the most profitable and cost-effective way possible.
A global team of people from marketing, product development and project management
take advantage of our global manufacturing footprint, technology and regional consumer expertise.
Together, they more effectively market Whirlpool innovation globally by tailoring products from
one region to another, considering export costs at the idea stage, and utilizing our low-cost
manufacturing sites to their full potential.
“The team tailors appliances to meet a variety of region-specific needs … quickly,”
says Justin Reinke, manager, Transregional Sales. “With over seven million units managed
by the group globally in 2005, worth $1.4 billion (10 percent of our total volume) … it’s
just the beginning.”
Annamaria Guidi, Manager, Transregional Sales, Europe
Justin Reinke, Manager, Transregional Sales, North America
Andrea Apponi, Manager, Transregional Sales, Latin America
The team tailors appliances to meet a variety of region-specific needs … quickly.
With over seven million units managed by the group globally in 2005, worth $1.4 billion
(10 percent of our total volume) … it’s just the beginning. — Justin Reinke
Whirlpool Corporation 11
16. Unprecedented Quality Control Standards People / Process / Products
When Whirlpool Mexico begins production at its new “Employees will strive for zero defects through a continuous
refrigerator factory in 2006, the units rolling off the assembly improvement process based on a series of checks and
line won’t come from a conventional manufacturing site built balances. For example, employees allocated 60 seconds
around operational principles alone. The new factory is a for a specific process will spend the first 15 seconds of
state-of-the-art facility built to manufacture refrigerators of this time checking the task of the previous work station,
unsurpassed quality. 30 seconds doing their specific activity, and the last 15
The leadership team at the factory has used seconds reviewing their own work,” says Nelson Possamai,
Whirlpool innovation tools to start a unique employee Whirlpool plant director.
culture focused on quality throughout the plant; one which Their focus to deliver unprecedented quality, and their
champions the concept of Whirlpool customer focus from passion to get it right from the start, will enable Whirlpool
new employee orientation through final product delivery. Mexico employees to keep the customer at the heart of all
their efforts, and deliver on all of our brands’ promises.
Employees will strive for zero defects through a continuous improvement process …
For example, employees allocated 60 seconds for a specific process will spend the first 15
seconds of this time checking the task of the previous work station, 30 seconds doing their
specific activity, and the last 15 seconds reviewing their own work. — Nelson Possamai
Nelson Possamai, Plant Director, Ramos Arizpe, Mexico
Whirlpool North America
12 Whirlpool Corporation
17. Crystal Clear Loyalty-Driven Innovation People / Process / Products
Whirlpool Latin America completed an intense innovation process with
employees, customers and opinion leaders, looking for new opportunities
outside the realm of major home appliances. The result is a new branded
consumer product, an innovative business model in Brazil, and an extension
of our Brastemp brand.
The Brastemp Water Purifier replaces bottled drinking water by
filtering undrinkable tap water. Consumers use the product through a
subscription-based business model for regular filter replacement. “The
Brastemp Water Purifier provides customers with unlimited home filtered
water at bottled water costs – ensuring a constant supply of clean and pure
water for customers and an ongoing relationship with the Brastemp brand,”
says Henrique Carneiro, director, new business.
In addition to its success in Brazil, the Water Purifier also offers
expansion opportunities into other regions of the world where pure, clean
water quality remains a challenge. Brastemp Water Purifier
Whirlpool Latin America led an intense innovation process soliciting ideas from employees,
customers and opinion leaders, looking for new opportunities outside the realm
of major home appliances. The result is a new branded consumer product, an innovative
business model and an extension of the Brastemp brand. — Henrique Carneiro
Giancarlo Pallini, New Businesses Manager
Henrique Carneiro, New Businesses Director
Gustavo Trombini, New Businesses Manager
Whirlpool Latin America
Whirlpool Corporation 13
18. A Fresher Idea People / Process / Products
Five years ago, Whirlpool launched a new-to-the-industry at home. And it has “wow” power, as witnessed during
laundry appliance called the Personal Valet System, which its global launch with demonstrations at Paris’ Charles de
removes odors and wrinkles. It was an immediate hit at Gaulle Airport, a fashion show in Moscow, trade shows in
trade shows and eye-catching on retail floors as a major the U.S. and sales-generating infomercials. In addition to
home appliance. However, looking to expand the reach of receiving an award for styling from the Industrial Design
product benefits to more consumers, a team of Whirlpool Society of America, Fabric Freshener also was featured on
people worked together to create a product that was ABC’s Good Morning America and was given a “Good Buy
portable and less expensive than the Personal Valet System. Award” from Good Housekeeping magazine.
As a result, we unveiled the Whirlpool Fabric “We took innovation one step further by expanding
Freshener in North America and across Europe during 2005. the reach of an existing product category. The Fabric
Based on insights from the Personal Valet System, the Fabric Freshener offers more consumers a convenient way to
Freshener takes up little space and can be stored under a bed reduce dry cleaning visits,” says Laura Hall, Whirlpool’s
or in a closet. The unit costs a fraction of the Personal Valet manager of new business development, who oversaw the
System’s price and saves customers money from dry cleaning launch of Fabric Freshener.
by removing odors and relaxing wrinkles in their clothes
Laura Hall,
Manager of New Business Development
Whirlpool North America
Isabella Malnati
Activity Manager, Fabric Care
Whirlpool Europe
We took innovation one step further by expanding the reach of an
existing product category. The Fabric Freshener offers more consumers
a convenient way to reduce dry cleaning visits. — Laura Hall
14 Whirlpool Corporation
19. Worldwide Operations
Key Brand and Regional Accomplishments
North America
Completed construction of a new front-load clothes washer Around the world, Whirlpool was
plant and a refrigeration plant in Mexico.
recognized for its innovation, design,
Ranked 18th among the 100 best corporate citizens by
and socially responsible leadership
Business Ethics Magazine. Whirlpool has been named to
during 2005.
the list every year since its inception six years ago.
Received the 2005 American Business Ethics Award from
the Society of Financial Service Professionals.
Europe
Named one of the “50 Best Employers in Canada” by the Inaugurated a new cooking factory in Poland.
Globe & Mail Report on Business magazine.
DSG International (formerly Dixons), one of Europe’s
Received an Industrial Design Excellence Award from the largest electronics and appliance retailers, signed a four-year
Industrial Designers Society of America and a “Good Buy” agreement making Whirlpool Europe a “Focus Supplier.”
award from Good Housekeeping for the Whirlpool Fabric
TUV Institute, the renowned German testing organization,
Freshener.
awarded the in-home service program of the Bauknecht brand
Ranked “Highest in Customer Satisfaction with Dishwashers its highest marks.
and Ranges, Cooktops and Ovens” by J.D. Power and
Pret-à-Porter, the European version of the Whirlpool brand
Associates 2005 Major Home Appliances Study.SM (KitchenAid)
Fabric Freshener, was awarded a special innovation prize at
Received the first “lifetime achievement” ENERGY STAR® the annual French trade fair, la Foire de Paris.
Sustained Excellence / Partner of the Year Award from the
Blue Touch front-loading washer named the U.K.’s Fabric
U.S. Department of Energy and the U.S. Environmental
Care Product of the Year 2006 by Get Connected Magazine.
Protection Agency; represents our seventh win, a feat
unmatched by any other home appliance manufacturer.
Latin America
Listed in the Carta Capital magazine ranking of “The most
Raised over $3 million for the Susan G. Komen Breast Cancer
admired (companies) in Brazil 2005” — home appliances
Foundation since 2001 through their Cook for the Cure pro-
segment.
gram presented by KitchenAid. In addition to its support in the
U.S. and Canada, KitchenAid supports breast cancer founda-
Acknowledged for the ninth consecutive year as one of “The
tions in France, Germany, South Africa, Greece and Israel.
Best Companies to Work For” in Brazil by Guia Exame/Voce
S.A. and as one of “The Best Companies to Work For in Latin
Named one of “25 Noteworthy Companies for Diversity”
America” for the second year in a row.
by Diversity Inc. Magazine.
Recognized as the company with the largest number of refrig-
Announced plans to support every Habitat for Humanity
erators and freezers to earn the PROCEL Energy Efficiency
International home built globally through 2011.
Label, a Brazilian government energy savings program.
Sponsored the 2005 Jimmy Carter Work Project, an annual
Asia
Habitat for Humanity International initiative. During one
week, over 230 homes in Michigan and Canada were built by Began a partnership with Habitat for Humanity India.
JCWP volunteers, including 300 Whirlpool employees from Whirlpool also will participate in the Jimmy Carter Work
around the world. Project in India in 2006.
Donated $1 million in cash, products and services to Hurricane
Katrina relief efforts and continue to work with Habitat for
Humanity to build new housing in some of the hardest hit areas.
Whirlpool Corporation 15
20. North America Operating Review Worldwide Operations
Whirlpool North America delivered record revenue of $8.9 cooking performance; and the KitchenAid dual fuel range
billion while successfully managing our way through 30-year with steam-assist, the world’s first freestanding, full-size oven
highs in raw material costs and oil-related expenses in 2005. providing consumers with the steam and convection cooking
Equally significant, we delivered record operating perfor- combination usually reserved for professional chefs.
mance while continuing to invest in our strategy to achieve Our operations in Canada and Mexico recorded
customer loyalty to our brands through, in part, unrivaled outstanding results in sales, units and brand market share in
product and service innovations. 2005. Whirlpool Canada not only is the number one appli-
Strong productivity gains and reduced selling and ance company in Canada, but also ranks as one of the top
administrative spending during the year further boosted 50 companies to work for in the country. Whirlpool Mexico,
Brands: United States: Whirlpool, KitchenAid, Gladiator, Roper, Estate Mexico: Whirlpool, Acros, Supermatic, Crolls Canada: Inglis, Whirlpool, KitchenAid
Headquarters: Benton Harbor, MI, USA
Manufacturing Locations: United States: LaVergne, TN; Findlay, OH; Marion, OH; Greenville, OH; Clyde, OH; Benton Harbor, MI; Evansville, IN; Fort Smith, AR; Tulsa, OK;
Oxford, MS Mexico: Celaya, Monterrey, Puebla, Ramos Arizpe
Principal Products: Air Purifiers, Automatic Dryers, Automatic Washers, Bakeware, Built-in Ovens, Cooking Gadgets, Cookware, Countertop Appliances,
Dehumidifiers, Dishwashers, Fabric Fresheners, Freezers, Garage Storage Organizers, Hot Water Heaters, Ice Makers, Microwave Ovens,
Portable Appliances, Ranges, Refrigerators, Room Air Conditioners, Trash Compactors, Water Dispensers
W. Timothy Yaggi Executive Vice President, Market Operations, North America Region
our performance in economic conditions that included low meanwhile, recorded record growth and is rapidly becoming
interest rates, as well as buoyant housing starts and sales of a vital cog in our global operating platform as an exporter
existing homes. and importer of our products. At the same time, fully one-
Particularly gratifying was the expansion of our third of our appliances sold in Mexico are made in the U.S.
North American operating platform, both in the U.S. and thanks to the flexibility we have to source from the lowest
Mexico, where we completed a new front-load clothes washer cost location.
plant in time for an unprecedented launch of new laundry Beyond our business performance, Whirlpool again
products in early 2006 at the International Builders Show. was recognized by the U.S. Department of Energy and the U.S.
These breakthrough laundry products deliver increased capac- Environmental Protection Agency for our efficient ENERGY
ity with improved water and energy conservation. When STAR® qualified appliances and efforts to reduce greenhouse
combined with many other unique products emerging from gas emissions. For our efforts in 2005, Whirlpool was named
our innovation pipeline, we expect more than 60 percent of ENERGY STAR® Partner of the Year for the seventh time in
our products in the North American marketplace by the end 2006, with the distinction of Sustained Excellence for being
of 2006 to be new innovations that did not exist in 2005. named a Partner for three or more consecutive years.
We introduced a record number of successful prod-
ucts during 2005, including the Whirlpool Velos speed cook Outlook
appliance, which allows consumers to grill, bake, broil and In 2006, we anticipate an increase in industry shipments of
steam like a traditional oven but with the speed of a mi- 2-to-3 percent in the U.S. We expect another solid year, with
crowave; the fast fill refrigerator dispensing system, which greater success in our customer focus initiatives, thanks to
provides consumers with programmed high-speed and continual launches of innovative appliances and services,
measured-fill dispensing of water and ice; a completely new and by earning the business of our trade customers to ensure
line of Whirlpool Gold built-in cooking appliances featuring that we remain the number one appliance company in North
European design and advanced technologies to help improve America.
Dual Fuel Range with Velos Fabric Freshener
Steam Assist The Whirlpool Velos g2Convect The Whirlpool Fabric Freshener
The KitchenAid Dual Fuel Convection appliance allows consumers conveniently releases wrinkles
Range with Steam Assist is the first to grill, bake, broil and steam and removes odors, while
full-size, freestanding appliance to like a traditional oven but with being gentle on a range of
offer convection plus steam-assist the speed of a microwave. fabrics, including wool, silks,
technology in the U.S. residential rayon, dry clean only, polyester
market. and cotton.
16 Whirlpool Corporation
21. Europe Operating Review Worldwide Operations
Whirlpool Europe achieved solid performance in 2005, with Our strategy to achieve sustainable competitive
record revenue of $3.2 billion, up 3 percent, while managing advantage continues throughout all European
through significant increases in raw material costs and a manufacturing operations, with the expansion of Lean
somewhat sluggish market environment. Strong productivity, Manufacturing and Six-Sigma programs driving quality and
continued focus on customers and selling a richer mix of efficiency. During the year, we continued the expansion of
products drove results. our facility in Wroclaw, Poland, and opened a new cooking
Our built-in appliance business continues to be factory to produce our new cooktop and oven products.
strong, with an 11 percent increase in units sold year-over- During 2005, we continued to expand Whirlpool
year and a 45 percent increase in sales since 2002. Our Corporation’s partnership with Habitat for Humanity
exclusive trade customer relationships with IKEA and Alno International into continental Europe. Six European Habitat
(the largest German kitchen manufacturer), as well as a projects have been completed since 2004, and many more
range of innovative products such as our new Origami are expected in the years ahead. We also developed a
cooktop accessories and the Titanium line of appliances, relationship with the Women’s Tennis Association resulting
were the key drivers behind this solid growth. in the WTA becoming a sponsor of Habitat.
In addition, new products such as the Whirlpool
Pret-à-Porter clothes refreshener, and entry into the Outlook
professional product area with our comprehensive We expect 2006 to be a strong year for solid sales growth
professional line, highlighted the strong innovations that as the launches of innovative products and services are
we brought to market. accelerated. Growth of our built-in appliance business,
Brands: Whirlpool, KitchenAid, Bauknecht, Ignis, Polar, Laden
Operations Center: Comerio, Italy
Manufacturing Locations: France: Amiens Germany: Neunkirchen, Schorndorf Italy: Naples, Siena, Cassinetta, Trento Poland: Wroclaw
Slovakia: Poprad South Africa: Isithebe Sweden: Norrköping
Principal Products: Automatic Dryers, Automatic Washers, Built-in Hobs, Built-in Ovens, Countertop Appliances, Dishwashers, Free-standing
Cookers, Freezers, Microwave Ovens, Ranges, Refrigerators
Marc Bitzer Executive Vice President and President, Whirlpool Europe
To further expand the growth of our European expansion of the Whirlpool brand, and significant cost
business, we partnered with the Turkish consumer savings from ongoing productivity gains also are expected to
electronics manufacturer and exporter, Vestel, giving contribute to performance improvements. We’re especially
Whirlpool Europe access to one of the world’s largest looking forward to reaping the returns from our significant
emerging markets. We also were successful in being selected investment in Poland. Europe as a whole can expect modest
as a “Focus Supplier” by DSG International (formerly growth of 1-to-2 percent in industry shipments.
Dixons), Europe’s largest white goods retailer.
Origami Accessories/Range
Pret-à-Porter Titanium Range
The new line of innovative
Whirlpool Europe’s new clothes Whirlpool Europe’s new
Origami ranges and
freshener and revitalizer Pret- Titanium range emphasizes
accessories was inspired by
à-Porter (known as the Fabric simplicity, minimalism and
the latest trends in design and
freshener in North America) functional luxury, creating a
comes in a variety of models
was launched across Europe sense of stylish modern living
of different sizes and finishes.
to great fanfare. on both aspirational and
emotional levels.
Whirlpool Corporation 17
22. Latin America Operating Review Worldwide Operations
Whirlpool Latin America delivered regional revenue of $2 Our Brazil-based compressor operation, Embraco,
billion in 2005, a 17 percent increase from a year earlier, maintained its global market and technological leadership
based on continued emphasis of our customer loyalty-based positions. The operation continues to improve its position
growth strategy, strong brands and innovation. in the high-margin commercial and high-efficiency
Our continued efforts to drive growth included the refrigeration segments.
introduction of several new innovative products, including In a creative effort to increase customer loyalty
the Personal Lifestyle Appliance (PLA) compact refrigerator, based on social responsibility, we auctioned Consul
which provides customers with fashionable, individualistic- refrigerators exclusively designed by famous Brazilian female
Brands: Whirlpool, KitchenAid, Brastemp, Consul, Embraco, Eslabón de Lujo
Headquarters: São Paulo, Brazil
Manufacturing Locations (Brazil): Manaus, Rio Claro, Joinville, São Paulo
International (Embraco): Joinville, Brazil; Riva di Chieri, Italy; Spisska Nova Ves, Slovakia; Beijing, China; Apodaca, Mexico; Atlanta, USA.
Principal Products: Automatic Washers, Compressors, Countertop Appliances, Dishwashers, Freezers, Microwave Ovens, Ranges, Refrigerators,
Room Air Conditioners, Fabric Dryer
Paulo F.M.O. Periquito Executive Vice President and President, Latin America
looking options beyond the concept of uniform home artists. The auction proceeds went to the Women’s Consulate
appliances. The Brastemp brand also completed its 6th Institute, a non-profit organization sponsored by Multibrás.
Sense product line, introducing new dishwashers, hoods and The Consul brand also launched a limited edition compact
the Brastemp Inverse refrigerator, along with a new brand version of the refrigerator, which included a donation to the
positioning campaign promoting the emotional appeal of our Institute for each unit sold.
products beyond functionality.
Innovations from our Consul brand focused on Outlook
reinforcing the importance of women in the home decision- In 2006, we expect continued strength in key markets of the
making process and are aimed at making their home life region. We also anticipate continued sales growth, driven by
easier. During 2005, we introduced the first Consul two-door an increase in overall demand, strong brands and innovative
cycle defrost refrigerator with a water dispenser, as well as a product launches. Exports will continue to be a priority for
new two-door compact refrigerator with frost-free technology. the region, and we expect to continue leveraging our cost
In addition, we introduced three new Consul automatic and quality position within our global operating platform.
clothes washers that bring exclusive benefits to the consumer, Lastly, we foresee improved profitability, based on significant
such as Super Jet washing and multifunctional agitators. product mix improvements and productivity gains.
During 2005, we continued to be a key contributor to
Whirlpool’s global manufacturing network, exporting about
20 percent of our appliance production to Whirlpool markets
worldwide. By focusing on operating excellence across our
entire supply chain, our regional manufacturing organization
was able to exceed its productivity targets for the year.
PLA Refrigerator Brastemp 6thSense Dishwasher Brastemp Inverse Refrigerator
The Brastemp PLA (Personal The Brastemp brand completed The Brastemp Inverse Refrigerator
Lifestyle Appliance) refrigerator, its line of 6th Sense products features inverted freezer and
the first product of the limited with the introduction of a new refrigerator compartments,
edition Brastemp Collection Line, dishwasher that automatically allowing customers to adapt the
has an artist designed front panel adjusts the cycle time for optimal appliance to their lifestyle.
that can be switched for another cleaning, power and water
simply and quickly. efficiency.
18 Whirlpool Corporation