Whirlpool, Profit Down 47%, Ups Outlook

Whirlpool posts a 47% plunge in quarterly profit, but raises its full-year outlook.
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BENTON HARBOR, Mich. (

TheStreet

) -- Even with cost cuts,

Whirlpool's

(WHR) - Get Report

profit still sank by 47%, as consumers hold off on big-ticket appliance purchases in the face of big-time financial pressures.

Nonetheless, the appliance maker upped its full-year outlook -- good news for all you refrigerator-index watchers.

During the quarter, the company earned $87 million, or $1.15 a share, compared with $163 million, or $2.15 a share, in the year-ago period. Analysts expected earnings of 77 cents a share.

Results included $43 million, or 50 cents a share, for a settlement with the Brazilian competition commission.

Sales slipped 8% to $4.5 billion from $4.9 billion last year, led down by its European business, which saw a 17% tumble in revenue.

To combat sluggish sales, Whirlpool has cut jobs and shuttered a refrigerator factory. But it announced that it may rehire 150 employees from its factory in Fort Smith, Ark., as it sees demand improving.

Looking ahead, the company now forecasts full-year earnings of about $4.25 a share, up from a prior outlook of $3.50 to $4 a share.

-- Written by Jeanine Poggi in New York

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