Whirlpool Fourth Quarter Profit Jumps

BENTON HARBOR — The world’s largest appliance maker, Benton Harbor-based Whirlpool Corp. (NYSE: WHR), posted net income of $180 million, or $2.28 a share, in the fourth quarter of 2015, up from $81 million or $1.02 a share in the fourth quarter of 2014.

The higher profit was the result of a sharp decrease — more than $400 million — in the cost of products sold. Selling, general and administrative costs also fell.

Revenue was $5.56 billion, down from $6 billion a year earlier. The company said sales declined because of currency translation on overseas sales caused by a stronger U.S. dollar. Without the impact of currency, sales rose 4 percent.

For the full year, net income was $783 million or $9.83 a share, up from $650 million or $8.17 a share a year earlier. Revenue was $20.89 billion, up from $19.87 billion a year earlier.

“Our strong operational execution delivered another year of record revenue and earnings per share along with strong free cash flow,” Whirlpool chairman and CEO Jeff M. Fettig said in a press release. “These record results demonstrate that our strategy and larger global operating platform continue to create substantial levels of shareholder value even in a year of unprecedented volatility in global markets.”

The company said it expected earnings per share of $11.25 to $12 for 2016, cash flow between $700 million and $800 million, and capital spending of $700 million to $750 million.

Whirlpool North America reported fourth-quarter net sales of $2.9 billion, compared to $2.8 billion in the same prior-year period. The region reported a fourth-quarter operating profit of $340 million, compared to $255 million in the same prior-year period. The company expects full-year 2016 industry unit shipments to increase by 5 percent.

Whirlpool Europe, Middle East and Africa reported fourth-quarter net sales of $1.5 billion, compared to $1.7 billion in the same prior-year period. The region reported fourth-quarter operating profit of $88 million, compared to $41 million in the same prior-year period. The company expects full-year 2016 industry unit shipments to be flat to up 2 percent.

Whirlpool Latin America reported fourth-quarter net sales of $0.8 billion, compared to $1.3 billion in the same prior-year period. The region reported fourth-quarter GAAP operating profit of $58 million, compared to $147 million in the same prior-year period, due to unfavorable currency translations and weaker demand in Brazil. The company expects full-year 2016 industry unit shipments in Brazil to decrease by 10 percent.

Whirlpool Asia reported fourth-quarter net sales of $312 million, compared to $282 million in the same prior-year period. The region reported a fourth-quarter GAAP operating profit of $5 million, compared to an operating loss of $22 million in the same prior-year period.

Whirlpool has 97,000 employees and 70 manufacturing and technology research centers throughout the world. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in nearly every country. More at http://www.whirlpoolcorp.com.

Biotech Industry Sets ‘Growth Summit’

ANN ARBOR — Leaders from the Michigan biotech industry, academia, and policy realms are joining to discuss how to best drive future business growth at MichBio’s inaugural Michigan Bio-Industry Growth Summit at the Radisson Lansing on Wednesday, Feb. 3.

Lear Fourth Quarter Net Income Dips

SOUTHFIELD — Lear Corp. (NYSE: LEA), the Southfield manufacturer of automotive seating and electric systems, posted net income of $235.3 million or $3.07 a share in the fourth quarter, down from $261.8 million or $3.24 a share in the same quarter a year earlier.

Revenue was $4.72 billion, up from $4.55 billion a year earlier.

The cut in fourth quarter net income stemmed from higher cost of sales, higher selling, general and administrative expenses, and a sharply higher tax rate.

For the full year, Lear reported net income of $745.5 million or $9.59 a share, up from $672.4 million or $8.23 in 2014. Revenue was $18.21 billion, up from $17.73 billion a year earlier.

Orion Beer Distributor Is Oakland County’s First PACE Project

ORION TWP. — Powers Distributing Co. Inc., a beer distributor in Orion Township, teamed up with Newman Consulting Group, Lean & Green Michigan, and Michigan Solar Solutions to complete Michigan’s first refinanced PACE (Property Assessed Clean Energy) project and the first PACE project of any type in Oakland County.

The project also made Powers Distributing the first beer distributor in the United States to finance energy efficiency with PACE.

Comerica Bank’s Michigan Index Sees Biggest Boost in Four Months

DETROIT — Comerica Bank’s Michigan Economic Activity Index improved in November, rising 0.6 percent to a level of 127.9. October’s index reading was 127.2.

The Michigan Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and auto production. All data are seasonally adjusted, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.

AT&T Brings Faster Network To Central, Northern Michigan

SAGINAW — AT&T Inc. says it has activated an upgrade to bring faster speeds to more than 340 cell sites in central and northern Michigan. People using the network in these locations should realize better service when they’re watching videos, posting to social media or texting family and friends.

The upgraded cell sites in Michigan are located in various communities including Big Rapids, Mt. Pleasant, Muskegon, Cadillac, Frankfort, Ludington and the Tri-Cities area.

People utilizing these towers will be using an expanded band of radio frequencies. That means greater speeds.

ESD’s Engineering FE, PE Exam Review Courses Start Feb. 2

SOUTHFIELD — The Engineering Society of Detroit will again offer its proven Fundamentals of Engineering (FE, Part I) and Principles & Practice of Engineering (PE, Part II) Exam Review Courses this winter.

And this winter, current holders of the Professional Engineer designation in Michigan can take courses à la carte to meet their continuing education requirements.

For the FE course, classes run on Tuesdays and Thursdays from 6 to 9 p.m. at ESD Headquarters, 20700 Civic Center Drive, Suite 450, in Southfield. The classes begin Tuesday, Feb. 2 and conclude Thursday, April 7.

The fee is $719 is for ESD members and $879 for nonmembers.

Register online at http://ww2.esd.org/EDUCATION/FE.htm, or contact Fran Mahoney at (248) 353-0735, ext. 116 or fmahoney@esd.org.

For the PE course, classes run Saturdays from Feb. 13 through March 19.

Civil engineering classes run from 8:30 a.m. to 12:30 p.m. Mechanical, environmental and electrical power engineering courses run from 1 to 5 p.m.

The next date for the state PE exam is April 15.

The PE course cost is $650 for ESD members and $850 for nonmembers. Or, pay $749 by joining ESD at the $99 professional rate and paying the $650 course fee — a savings of more than $100.

Register online at http://ww2.esd.org/EDUCATION/PE.htm or contact Fran Mahoney at (248) 353-0735, ext. 116, or fmahoney@esd.org.

Take these review courses if you are preparing for or planning to take the NCEES exam for PE licensure in the State of Michigan. The review courses presume that you have been exposed to the fundamental principles of engineering relevant to your discipline but need a “refresher” review of core topics.

Engineers who have their PE license enjoy higher salaries and faster career advancement, and become qualified to work independently as a consultant. And engineers can increase their chances of passing the PE exam by signing up for ESD’s review courses. Since 1941, ESD has successfully prepared thousands of candidates for the PE licensing exam in a variety of disciplines. Participants learn in a small classroom setting from instructors who have first-hand knowledge of the course material.

The PE exam is an open-book test. For that reason, ESD strongly encourages participants to purchase the Engineering Reference Manual for the PE Exam in your discipline for the course. There are Reference Manuals for Civil Engineering, Electrical-Power, Environmental Engineering, and Mechanical Engineering.

There are also additional study materials for specific sub-disciplines. Included in Civil Engineering are construction, geotechnical, structural, transportation, and water resources and environmental control systems. Included in Mechanical Engineering are HVAC and refrigeration, mechanical systems and materials, and thermal and fluids systems.

For a complete list of the materials, visit http://ww2.esd.org/EDUCATION/PE-Reference.htm.

Also, current PEs can take ESD’s review course classes on an à la carte basis to satisfy state continuing education requirements. More than 20 different courses are available to choose from. The instructor-led, half-day courses are taught by academic and industry professionals.

Courses available include civil, electrical power, environmental and mechanical engineering, with a wide variety of subspecialties within those disciplines.

For a complete list of courses and dates, visit http://ww2.esd.org/EDUCATION/PE-CEH.htm

The cost of the à la carte courses is $100 per half-day Saturday course for members and $125 for non-members. The cost of the three-hour weeknight courses is $75 for members, $100 for non-members.

To register or for more information, contact Fran Mahoney at fmahoney@esd.org or (248) 353-0735, ext. 116 or Elana Shelef at eshelef@esd.org or (248) 353-0735, ext. 119.

We’re so confident in our classes that if you do not pass the state exam after taking our review course, you may attend the review course a second time within two years for free, except for a small, $50 materials fee. This offer is contingent on available space in the class, so register early. These courses are designed as an aid to help you prepare for the exam, and are not meant to be a substitute for studying on your own. Significant personal effort is required.

Great Lakes Angels Host Due Diligence Workshop

FARMINGTON HILLS — One of the most important skills an Angel investor needs is the ability to do due diligence on a potential investment. If this is a skill you need to hone, you should attend Great Lakes Angels’ half-day due diligence workshop on Feb. 10 in Farmington Hills. Registration is now open.

Understanding how to prepare for and perform due diligence on a company is one of the most important pieces of executing a successful early stage equity deal. Angel groups and Investors that have a strong due diligence process are better positioned to increase returns.

MSU Engineering Prof Honored For Bioeconomy Efforts

EAST LANSING — University Distinguished Professor Bruce E. Dale, of the Michigan State University College of Engineering, will be inducted into the American Institute for Medical and Biological Engineering College of Fellows in 2016.

The College of Fellows is comprised of the top 2 percent of medical and biological engineers in the country.

Dale was nominated, reviewed, and elected by peers and members of the College of Fellows for outstanding contributions in the biological engineering of transforming plant biomass to food and fuel to achieve a sustainable bioeconomy.

Michigan Tech, MSU, UM Chosen For Women’s IT Program

HOUGHTON — Michigan Technological University, Michigan State University and the University of Michigan have been selected for the National Center of Women and Information Technology Pacesetters program, sponsored by the National Science Foundation, Google and Qualcomm.

Pacesetters is a 2-year program under which participating institutions develop aggressive and measurable goals for increasing the number of women in the American computing and technology workforce.

Michigan currently has more than 16,000 job openings in computing, according to code.org, a nonprofit founded to improve access to computer science for women and underrepresented minorities.

With three universities chosen and a community college partnership, Michigan is one of the three best-represented states in Pacesetters.