Whirlpool 1Q net income more than doubles

Whirlpool 1st-qtr net income more than doubles on hefty tax benefit gain

Associated Press

BENTON HARBOR, Mich. (AP) -- Whirlpool's first-quarter net income more than doubled thanks to a hefty tax benefit, but shares slid in early trading as the company reported flat sales in the U.S. and falling sales in Latin America.

The company posted a profit attributable to common shareholders of $252 million, or $3.12 per share, up from $92 million, or $1.17 per share, in the same quarter last year.

The recent quarter's results included a gain of $1.04 per share related to U.S. energy tax credits. Excluding that and other one-time items, the company posted an adjusted profit of $1.97 per share, which beat Wall Street projections by 7 percent.

Revenue fell 2 percent to $4.25 billion from $4.35 billion, as North American sales were flat at $2.2 billion, while Latin American sales fell 8 percent to $1.2 billion.

Whirlpool said the most recent results reflect its campaign to boost profitability.

The company said it expects to post an adjusted 2013 profit of $9.25 to $9.75 per share. Analysts expect $9.60 per share.

Shares of Whirlpool Corp., based in Benton Harbor, Mich., fell nearly 4 percent to $117.28 after hitting an all-time high Tuesday.