Whirlpool Reports 27% Fall in 2Q profit Jul 23, 2008

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Whirlpool Corp. said today its profit fell 27% in 2Q 2008 because of higher material and oil-related costs, and lower U.S. demand. Whirlpool reported its profit for the three-month period ended June 30 was US$117 million, compared with $161 million during the same period last year. Revenue of $5.1 billion for the quarter was up 5%.

Whirlpool North America had second-quarter sales of $2.9 billion, down 4% from last year. U.S. industry unit shipments of major appliances fell approximately 8%.

The division includes the United States, Canada, Mexico, Central America, the Caribbean and countries in the north of South America, excluding Brazil.

Higher costs were partly offset by productivity initiatives and improved results within Whirlpool Latin America, the company's operations in Brazil and the southern part of South America. Sales during the quarter increased 22% to $1 billion.

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