Whirlpool encouraged by uptick in US housing mart

Oct 23, 2012 | 05:38 PM | Corinna Petry

Tags  Whirlpool, appliance sector, Jeff Fettig, Marc Bitzer, Larry Venturelli, housing market, earnings, competition material costs

CHICAGO — Whirlpool Corp. anticipates North American appliance demand will be flat to down 2 percent for the remainder of 2012 but the company still reported a whopping 264-percent jump year over year in its North American operating profits on sales that grew 2.1 percent in the third quarter over the same period a year ago.

The Benton Harbor, Mich.-based company performed better than its competitors, having benefited from favorable product price and mix and cost, as well as capacity-cutting programs, that were offset in part by higher raw material costs, Marc Bitzer, president of Whirlpool North America, told investors Tuesday during Whirlpool’s quarterly earnings call.Companywide, third-quarter net income fell 58.2 percent year over year to....

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