Whirlpool Q2 net up threefold at $205 mn

Home appliance maker Whirlpool Corp today reported a three-fold jump in its net profit to $205 million for the three-month period ending June 30, 2010, on account of higher sales in Asia.

In the year-ago period, the company had a net profit of $78 million, Whirlpool said in a statement.

Net sales rose by 9 per cent from the year-ago period to $4.53 billion in the second quarter of 2010.

"We made strong progress towards our long-term value creation goals during the second quarter. Global unit volume growth, combined with our ongoing productivity improvement, enabled us to expand our operating margins and accelerate profitable growth," said Whirlpool Corporation chairman and chief executive officer Jeff M Fettig said.

 

In terms of geographical location, Asia was the best performer with sales rising by 43 per cent to $263 million. During the quarter, sales rose by 24 per cent in Latin America to $1 billion, 6 per cent in Europe to $739 million, and 6 per cent in North America to $2.5 billion.

For the whole of 2010, Whirlpool projected earnings in the range of $ 9 to $ 9.50 a share, up from its prior outlook of $ 8 to $ 8.50 a piece.

In Asia, the company expects full-year 2010 industry unit shipments to increase by 5-8 per cent.

Yesterday, Whirlpool India posted a 38.8 per cent jump in net profit to Rs 64.20 crore for the quarter ended June 30, 2010, over the same period in the previous fiscal.

During the period, the company's total income increased by 40.8 per cent to Rs 879.48 crore from Rs 624.28 crore recorded in the corresponding quarter of the last financial year.

The company sells home appliances, including refrigerators, washing machines and air conditioners.