Whirlpool (WHR) reported Tuesday morning its second-quarter net income more than doubled on cost reduction and productivity initiatives and global unit volume growth. The world's largest appliance maker has seen demand for its products slow during the recession, but sales are improving due to federal rebates for energy-efficient appliances.
Earnings rose 163% to $205 million, or $2.64 per share, compared to $78 million, or $1.04 per share reported during the same period last year. Adjusted earnings per share were $2.82 compared to 94 cents in the prior year. Sales increased 9% to >$4.5 billion from $4.2 billion reported in the second quarter of 2009. Excluding the impact of foreign exchange translation, the company's second-quarter sales increased approximately 6%, it reported.
Results handily beat analysts' estimates for earnings of $2.17 per share on revenue of $4.50 billion.
Whirlpool also upped its full-year 2010 outlook and now expects earnings per share between $9.00 and $9.50 compared to its previous outlook of $8.00 to $8.50. Analysts expectations were for $8.67 per share.
"We have made strong progress toward our key operating priorities in 2010," said Jeff Fettig, chairman and CEO. "While we continue to expect general economic conditions to remain volatile, we have put actions in place to position the company to effectively manage through these challenges. With continued strong execution throughout our global operations, we expect to deliver a record year of earnings per share in this fragile global economic environment."
Whirlpool shares jumped 2.8% in recent pre-market trading to $93.94.
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