BENTON HARBOR (AP) — Higher material and transportation costs offset increased sales as Whirlpool Corp. reported a 21.8 percent drop in fourth-quarter earnings, but the appliance maker’s performance still surpassed Wall Street’s expectations.
Greater volume, record levels of productivity, price increases and cost controls helped ease the downward pressure on Whirlpool’s operating margin.
The company said Thursday it earned $97 million, or $1.44 per share, in the three-month period that ended Dec. 31, compared with $124 million, or $1.76 per share, for the fourth quarter of 2003. Analysts surveyed by Thomson First Call had predicted earnings of $1.43 per share.
Sales increased 8.1 percent to $3.63 billion from $3.36 billion in the same period in 2003.
From The Holland Sentinal