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This is an archive article published on October 23, 2012
Whirlpool profit tops estimates
Whirlpool Corp reported a higher-than-expected quarterly profit.
1 min read
Whirlpool Corp reported a higher-than-expected quarterly profit as it benefited from price increases and improved productivity,prompting the world’s largest appliance maker to raise its earnings outlook for the year.
The maker of Maytag and KitchenAid appliances,which had raised prices in July,said on Tuesday that its third-quarter net earnings had fallen to $74 million,or 94 cents a share,from $177 million,or $2.27 a share,a year earlier.
Excluding restructuring expenses,Brazilian tax credits and other special items,the company said it had earned $1.80 a share. Analysts on average were looking for a profit of $1.60 on that basis,according to Thomson Reuters I/B/E/S.
Sales fell to $4.50 billion from $4.63 billion.
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For the full year,the company forecast earnings of $6.90 to $7.10 a share,excluding items,up from its prior outlook of $6.50 to $7.00.
The news came the day after Swedish rival Electrolux said it expected demand to stay weak in Europe and that it planned to push ahead with cost and production cuts in that market.
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