Whirlpool quarterly profit more than doubled on cost cuts and improving sales in North America, prompting the world’s biggest appliance maker to forecast 2010 earnings above Wall Street estimates.
The results came a day after data showed U.S. manufacturing expanded in January at its fastest pace since 2004, renewing hopes the U.S. economy has turned the corner.
Whirlpool shares rose 6.3 percent to $80.87.
Unlike previous quarters when the company relied on emerging markets like Brazil and Asia to cushion weak demand at home, Whirlpool’s fourth-quarter sales rose in North America, its largest market, as well as in international markets.
The maker of Maytag and KitchenAid appliances said it expects consumer confidence “to be stable to slightly up” in the United States, adding that it was well positioned to benefit from fast-growing markets like China and India.
“We view 2010 as a year of full recovery for our company,” Chief Executive Officer Jeff Fettig said on a conference call.