Whirlpool Q4 net rises twofold to $95 mn

Home appliances major Whirlpool Corp's profit for the three months ended December 2009 more than doubled to $95 million, mainly bolstered by better sales and cost-cutting measures.

The company, which has a good presence in India, had a profit of $44 million in the same period a year ago.

In the 2009 December quarter, Whirlpool recorded net sales of $4.86 billion, an increase of 13 per cent as compared to the year-ago period.

"Results were favourably impacted by cost reduction and productivity initiatives and increased sales volume," the firm said in a statement today.

In the last three months of 2009, Whirlpool Asia reported sales of $188 million, a rise of 34 per cent as against the comparable period.

"The company anticipates full-year 2010 industry unit shipments in Asia to be up 3 per cent to 5 per cent compared to 2009 levels," the statement noted.

Whirlpool's Chairman and Chief Executive Officer Jeff M Fettig said last year, the company significantly improved its global cost structure and operating performance despite a substantial decline in global demand levels.

"We have positioned the company to deliver strong earnings growth despite a continued challenging economic backdrop in the developed economies.

"Cost reduction, cash flow generation and balanced market execution remain key operating priorities," Fettig added.