Whirlpool 4Q profit falls on restructuring charge

[February 09, 2009]  BENTON HARBOR, Mich. (AP) -- Home appliance maker Whirlpool says fourth-quarter profit tumbled 77 percent, partly hurt by a higher restructuring charge, a recall expense and the stronger dollar.

The Benton Harbor, Mich.-based company says earnings available to common shareholders slid to $44 million, or 60 cents per share, compared with $187 million, or $2.38 per share, a year ago.

Results included a $77 million restructuring charge and a $32 million product recall expense.

Revenue fell 19 percent to $4.32 billion from $5.32 billion.

Analysts surveyed by Thomson Reuters forecast earnings of 78 cents per share on sales of $4.88 billion.

Whirlpool Corp. predicts 2009 profit of $3 to $4. Analysts expect profit of $4.12 per share on revenue of $18.46 billion.

[Associated Press]

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