Whirlpool profit down
Whirlpool Corp. announced a 13 percent drop in fourth-quarter net earnings as demand softened in the United States, and cut its profit outlook for this year, the Associated Press reported.
Net income dropped to $109 million, or $1.37 per share, compared with $126 million, or $1.83 per share, in the prior-year period.
The company recorded a loss from discontinued operations, including its Hoover floor care unit, of $24 million, or 31 cents per share.
Revenue for the quarter increased 25 percent to $5 billion from $4 billion, narrowly missing analyst expectations of $5.09 billion. The company said the sales increase was primarily due to its acquisition of Newton-based Maytag Corp.
Whirlpool reported full-year 2006 earnings of $433 million, or $5.67 per share, compared with $422 million, or $6.19, in 2005. The company had $18.1 billion in sales last year, up 25 percent from the $14.3 billion reported in 2005, in part due to the Maytag acquisition