Fall in Asia sales hits Whirlpool

 
Joseph Millis
US WHITE goods manufacturer Whirlpool yesterday posted a smaller-than-expected increase in earnings and revenue in its third quarter as growth in the North American market was overshadowed by weakness elsewhere.

Earnings have been hurt by lower sales in Asia, rising material costs and higher spending on marketing and new products.

Whirlpool reported a profit of $230m (£142m), or $2.88 a share, up from $196m, or $2.42 a share, a year earlier.

Excluding restructuring costs and other items, earnings grew to $3.04 a share from $2.72 a year earlier.

Overall, sales rose three per cent to $4.82bn, lower than analysts’ forecast of $4.83bn.

Quarterly sales in North America rose seven per cent,while in Europe, the Middle East and Africa, there was a 1.2 per cent increase.

However, in Latin America, its sales were flat at $1.1bn and in Asia they declined about 22 per cent.