Whirlpool 2Q net income more than doubles

[July 20, 2010]  CHICAGO (AP) -- Whirlpool Corp.'s second-quarter net income more than doubled -- and topped expectations -- as it cut costs and benefited from more shoppers taking advantage of federal rebates to buy new appliances.

The world's largest appliance maker said Tuesday that it earned $$205 million, or $2.64 per share, during the three months that ended on June 30. Excluding certain one-time items, that figure is $2.82.

In the same period last year the company earned $78 million, or $1.04 per share.

Revenue rose 9 percent to $4.53 billion, up from $4.17 billion.

Analysts surveyed by Thomson Reuters expected the company to earn $2.17 per share on revenue of $4.50 billion.

Demand for the company's washers, dryers and other appliances had been hurt in the recession. But sales are picking up due to federal rebates for energy efficient appliances.

That prompted the company to boost its full-year profit forecast. Whirlpool said it expected to earn between $9 and $9.50 per share for the full year. That's up from its previous forecast of net income between $8 and $8.50 per share, and above Wall Street's expectation of $8.67 per share.

Whirlpool makes its namesake, Maytag, KitchenAid and Jenn-Air products. Its first-quarter sales were also helped by the federal rebates.

Whirlpool shares closed Monday at $91.36.

[Associated Press; By ASHLEY M. HEHER]

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