Whirlpool Corporation missed analysts' expecations with quarterly results this morning due to currency and other issues in Latin America and Asia that offset sales increases in North America and Europe. The company's stock was down through midday Friday as a result of the earnings report. The world's largest home appliance maker reported a net profit of $160 million, or $2.02 per share, which was down from $252 million and $3.12 a share last year. When restructuring costs from this year and a tax credit from last year were excluded, Whirlpool earnings were $2.20 a share, up from $1.97. Wall Street had been looking for a profit of $2.33 a share. The company said sales rose 4.7% to $4.4 billion, slightly higher than the $4.3 billion analysts had expected. North American and European sales were up 4%. Whirlpool kept its full-year earnings forecast unchanged, saying it expected to report net income of $11.05 to $11.55 a share and a profit of $12.00 to $12.50 from ongoing businesses.
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