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Whirlpool profit more than doubles; sales rise, helped by big gains in Latin America, Asia

Published on February 2, 2010; Published on February 24, 2010
The Associated Press ~ staff The News

Topics :: Latin America , Asia , BENTON HARBOR

BENTON HARBOR, Mich. - Whirlpool says cost-cutting and big sales gains in Asia and Latin America helped it more than double its fourth-quarter profit. The world's largest home appliance maker also posted a 2010 outlook above expectations.
The sales increases are a sign demand is rising after more than a year of sales that were hammered by a weak housing market and tight credit.
Whirlpool says its net income rose to $95 million, or $1.24 per share. Revenue rose 12.7 per cent to $4.86 billion. Excluding a legal expense, earnings per share were $1.64.
Analysts expected earnings per share of $1.32 on revenue of $4.44 billion.
For the year, the Benton Harbor, Mich., company expects earnings of $6.50 to $7 per share, higher than estimates of $6.45 per share.

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