Whirlpool 1Q net income climbs; global sales rise
Wednesday, April 27, 2011
BENTON HARBOR, Mich. (AP) — Whirlpool Corp.’s first-quarter net income rose 3 percent as the world’s biggest appliance maker trimmed costs and raised prices to help combat rising material costs.
The Benton Harbor, Mich., company, whose brands include Maytag, Kitchenaid and its namesake, also reaffirmed its full-year earnings guidance on Wednesday.
Whirlpool earned $169 million, or $2.17 per share, for the period ended March 31. That’s up from $164 million, or $2.13 per share, a year earlier.
Adjusted earnings were $2.11 per share. Analysts expected $1.55 per share.
Revenue climbed 3 percent to $4.4 billion as sales improved across all regions, besting Wall Street’s $4.26 billion.
Whirlpool still anticipates full-year earnings of $12 to $13 per share. Analysts predict $11.87 per share for the year.
Rival Electrolux AB reported Wednesday that its first-quarter profit fell, partly on higher raw material costs.