Whirlpool Earnings Drop 47% in Third Quarter

Whirlpool Corp. announced on Friday a 47% decline in its net earnings for the third quarter, impacted in part by a $43 million Brazilian affiliate settlement agreement as well as lower global sales and production levels. Net earnings for the Benton Harbor, Mich.-based appliance manufacturer were $87 million for the quarter, compared with $163 million in the same period a year ago. Net sales in the quarter decreased 8% to $4.5 billion, the company reported. In announcing third-quarter results, the company raised its outlook for the full year of 2009. Whirlpool said it expects earnings per diluted share to be about $4.25. This compares with a prior expectation of $3.50 to $4 per diluted share. "Our improved outlook reflects our success in restructuring our business to aggressively align our capacity and resources to lower demand levels," said Chairman and CEO Jeff M. Fettig. "While we continue to see uncertain and volatile demand levels in many markets, we are well-positioned to deliver higher 2009 earnings and free cash flow compared with our previous expectations."