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    Whirlpool posts lower profit, to cut 5,000 jobs

    Reuters
    28.10.2008 - 15:22 | Son Güncelleme:

    Whirlpool reported lower quarterly profit on Tuesday as U.S. sales fell, and the world's biggest appliance maker said it would cut 5,000 jobs by the end of next year.

    Whirlpool also sharply cut its full-year outlook.

     

    The 5,000 job cuts include plant closures that have already been announced as well as new reductions, the company said.

     

    Net earnings fell to $163 million, or $2.15 a share, from $175 million, or $2.20 a share, a year earlier.

     

    Sales rose 1 percent to $4.9 billion.

     

    In North America, Whirlpool's biggest market, sales fell 7 percent to $2.7 billion, and higher materials costs led to a decline in operating profit. Whirlpool said it expected appliance shipments in North America to fall about 10 percent in 2008, compared with a previous forecast of a 6 percent to 7 percent drop.

     

    Whirlpool said it now expects full-year profit of $5.75 to $6 a share, down from a previous forecast of $7 to $7.50.   

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