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WSJ: Whirlpool Net More Than Doubles on Higher Sales

JULY 20, 2010, 7:47 A.M. ET

By MATT JARZEMSKY

Whirlpool Corp.'s earnings more than doubled, handily topping analysts' estimates, as higher volume boosted sales and margins on an improved economy.

The appliance maker has seen results rebound of late as demand has been rebounding off the recession's woeful levels. It restructured during the downturn, shuttering plants and freezing salaries as consumers delayed appliance purchases and housing construction slumped.

Whirlpool posted second-quarter earnings of $205 million, or $2.64 a share, up from $78 million, or $1.04 a share, a year earlier. Excluding items such as a Brazilian legal dispute and refundable energy surcharge credits, earnings soared to $2.82 from 94 cents. Sales increased 8.8% to $4.53 billion and were up 6% excluding currency fluctuations.

Analysts polled by Thomson Reuters had predicted earnings of $2.13 on $4.48 billion in sales.

Gross margin widened to 16.8% from 13.3%.

Sales in North America, the company's largest selling region, were up 6%, or 4% excluding currency impacts, as shipments increased 7% and earnings jumped two-thirds. Europe sales fell 6%, but the region swung to the black on lower costs. Latin America and Asia sales jumped 24% and 43%, respectively.

Write to Matt Jarzemsky at [e-mail]

http://online.wsj.com/article/SB10001424052748703724104575378732389761268.html?mod=loomia&loomia_si=t0:a16:g12:r1:c0.301166:b35821988