Whirlpool profit beats estimates on cost cuts
Written on October 24, 2009
Whirlpool Corp reported a higher-than-expected quarterly profit on Friday as cost cuts offset weak sales at the world’s biggest appliance maker.
The maker of Maytag and KitchenAid appliances said net income fell to $87 million, or $1.15 a share, in the third quarter from $163 million, or $2.15 a share, a year earlier.
Analysts on average were expecting a profit of 77 cents per share, according to Thomson Reuters I/B/E/S.
Sales at the Benton Harbor, Michigan-based company fell 8 percent to $4.5 billion.
(Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn)
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