While long time rival Electrolux may be faring a little better by reporting an increase in profits, Whirlpool has reported a huge forty six percent drop in profits for the first quarter’s trading.
We’re guessing the folks at Benton Harbour won’t be best pleased.
But, although the news isnt’ exactly wonderful, it is better results than Wall Street analysists had predicted.
Whirpool earned $92 million, or $1.17 per share, down from $169 million, or $2.17 per share, in the same quarter last year.
Last year, tax credits accounted for about $1.69 per share in profit.
Adjusted for restructuring expenses and the Brazilian and U.S. tax credits, the company’s profit rose to $1.41 per share from 64 cents per share a year ago.
That is well above the $1.15 predicted by analysts, though Whirlpool’s revenue of $4.35 billion, down 1 percent, fell short of expectation.
North American unit shipments dropped about 7 percent and sales fell about 1 percent to $2.2 billion.
Latin American sales rose 3 percent to $1.3 billion, while sales in Europe, the Middle East and Africa dropped 8 percent to $688 million and Asia sales fell 3 percent to $202 million the company said.
Whirlpool said it still expects to post a full-year adjusted profit of between $6.50 and $7 per share.