Whirlpool Reports 3Q Earnings Loss Oct 23, 2009

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Whirlpool Corp. said that said its 3Q profit fell 47%. The company reported net sales of US$4.5 billion, a decrease of 8% from the year-ago period.

Third quarter sales in North America declined 9% from the prior year. U.S. industry unit shipments of major appliances declined 6% during the third quarter. Based on the current economic outlook, the company expects full-year 2009 U.S. industry unit shipments to decline approximately 10% compared with its prior expectation of a decline between 10% and 12%.

Whirlpool Europe reported 3Q sales of $899 million, a 17% decrease from the prior year. The company continues to expect full-year 2009 industry unit shipments to decline approximately 13% from 2008 levels.

Third-quarter net sales in Latin America totaled $992 million compared to $989 million in the prior year, an increase of 12%. The company said that the sales increase was driven by a strong increase in Brazilian appliance demand. During the quarter, the company's Brazilian appliance sales increased 40% in local currency. Whirlpool said it anticipates full-year 2009 Brazilian appliance shipments will increase more than 15% compared to the previous expectation of more than 10%.

Whirlpool Asia reported third quarter sales of $162 million, increasing 18% from the prior year. Whirlpool said it anticipates full-year 2009 industry unit shipments in Asia to be up 10% compared to the previous expectation of unit shipments of flat-to-up 5% from 2008 levels.

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