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Michael Patrick Shiels
WSJM-FM 94.9

Posted: Wednesday, 23 July 2014 10:00AM

Whirlpool Net Earnings Down, North American Operating Profit Sets Record

Whirlpool's second-quarter net income slumped 9.6%, dragged down by weak sales overseas. The appliance maker fell short of Wall Street expectations, and the company has cut its profit outlook for the year. Benton Harbor-based Whirlpool reports North American operating profits set a record $285 million, up from $262 million a year ago. CEO and chairman Jeff Fettig calls the second quarter results in line with expectations, adding the "underlying fundamentals of our business remain strong" and the company is continuing to come up with new products and purchase other companies. Whirlpool's purchase of majority interests in Hefei Sanyo and Indesit are expected to close by the end of this year. Net earnings were $179 million, or $2.25 per diluted share, compared with $198 million or $2.44 per diluted share for the second quarter of 2013.


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