Whirlpool profit sinks, results miss estimates
April 27th, 2008
Whirlpool Corp. reported a nearly 20% drop in first-quarter net income, citing high material costs and seven consecutive quarters of lower U.S. product demand.
The maker of major home appliances posted net income Thursday of $94 million dollars, or $1.22 per share, down from $117 million dollars, or $1.46 per share in the first quarter of 2007.
The results fell far below the average estimate of analysts surveyed by Thomson Financial, who expected a profit of $1.57 per share credit report.
Whirlpool (WHR, Fortune 500) reported $4.6 billion dollars in revenue for the quarter that ended March 31, up 5 percent from the $4.4 billion dollars reported for the first three months of last year.
Filed under: marketing by Forest