Whirlpool's third quarter profits are down from last year, but it's ongoing business profit improved 140-percent during the quarter. Net earnings were $74 million compared to $177 million a year ago, but CEO Jeff Fettig says there are positives in the quarterly earnings report.
Revenues were slightly lower than what analysts were expecting, coming in at $4.495 billion compared to the expected $4.57 billion. The higher margins Fettig spoke of were made possible by lower costs. Sales in North America rose two-percent, jumped 21-percent in Latin America when Brazlian tax credits were excluded, but fell ten-percent in Europe, the Middle East and Africa. Overall, Whirlpool says sales were $4.5 billion for the quarter, compared to $4.6 billion in the third quarter of 2011.
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Revenues were slightly lower than what analysts were expecting, coming in at $4.495 billion compared to the expected $4.57 billion. The higher margins Fettig spoke of were made possible by lower costs. Sales in North America rose two-percent, jumped 21-percent in Latin America when Brazlian tax credits were excluded, but fell ten-percent in Europe, the Middle East and Africa. Overall, Whirlpool says sales were $4.5 billion for the quarter, compared to $4.6 billion in the third quarter of 2011.
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