Whirlpool Net Falls 28% on Softer Demand

Updated from 6:34 a.m. EDT

BENTON HARBOR, Mich. -- Home appliance maker Whirlpool said its first-quarter profit fell 28% on softening consumer demand and the stronger dollar, but results beat Wall Street's expectations.

Earnings slid to $68 million, or 91 cents a share, down from $94 million, or $1.22 a share, a year earlier.

Earnings were boosted by cost-reduction and productivity initiatives, Whirlpool said, but those gains were partially offset by higher material costs and substantially lower global sales and production volumes. ...