Whirlpool profit more than doubles; sales rise, helped by big gains in Latin America, Asia

Whirlpool profit more than doubles

BENTON HARBOR, Mich. — Whirlpool says cost-cutting and big sales gains in Asia and Latin America helped it more than double its fourth-quarter profit. The world’s largest home appliance maker also posted a 2010 outlook above expectations.

The sales increases are a sign demand is rising after more than a year of sales that were hammered by a weak housing market and tight credit.

Whirlpool says its net income rose to $95 million, or $1.24 per share. Revenue rose 12.7 percent to $4.86 billion. Excluding a legal expense, earnings per share were $1.64.

Analysts expected earnings per share of $1.32 on revenue of $4.44 billion.

For the year, the Benton Harbor, Mich., company expects earnings of $6.50 to $7 per share, higher than estimates of $6.45 per share.