Whirlpool Announces 47 Percent Drop in Profits

Appliance maker Whirlpool (WHR) announced a 47 percent drop in profits this morning even as it continued to cut costs.

The company earned $87 million, or $1.15 per share, down from $$163 million, or $2.15 a share, a year earlier.

Sales were down eight percent.

Results, however, did beat analyst estimates.

Whirlpool manufactures the popular Maytag and KitchenAid brands, along with its namesake. Shoppers continue to put off appliance purchases due to the tightness in the credit market, as well as falling home prices.

The full year profit forecast, however, was raised to $4.25 per share from $3.50 to $4.00 per share due to cost cutting and strong demand in South America, particularly Brazil.

The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200910Whirlpool102309&mv=1.

http://www.marketnewsvideo.com/

Related terms: brazil, manufacturer, market, profit, sales, south america, video