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Whirlpool Profit Falls 53% In Q1


costs, lower demand and a reduction in tax
credits led to a 53 percent decline in Whirlpool’s
first-quarter profits.

Net earnings totaled $94 million on sales
of $4.3 billion, a 1 percent decline, for the
three months, ended March 31.

Excluding the impact of lower tax credits
and other one-time items, operating profit
rose 42 percent to $232 million.

In North America sales slipped 1 percent
to $2.2 billion, but operating profit rose 155
percent to $151 million thanks to price increases,
plant closures, improved efficiencies
and increased sales of higher margin

“The first quarter was a strong start to
the year as we benefited from our margin
expansion efforts and continued innovation
investments,” said chairman/CEO Jeff Fettig,
citing the company’s cost and capacityreduction
initiatives and cost-based price

During the quarter Whirlpool North America

• a Whirlpool-branded, 30-inch Frenchdoor
bottom-mount refrigerator that fits into
a standard 18-cubic-foot top-mount refrigerator

• Maytag ranges that clean using water
and low heat, avoiding the extreme temperatures
and odor of traditional self-clean ovens;

• a KitchenAid 30-inch French-door bottom
mount that extends the freshness of
commonly purchased produce by up to 25
percent by absorbing the ethylene gas naturally
emitted by some fruits and vegetables;

• a Jenn-Air dishwasher series with alternating
wash action, three-stage filtration, a
variable-speed motor and pressurized wash
arms for effective but quiet and energy-efficient

Looking ahead, the company is projecting
full-year U.S. majap industry unit shipments
to be at the low end of a range of flat to 3
percent growth based on the current economic