Sales Fuel Higher Whirlpool Earnings

<br>BENTON HARBOR, Mich. (AP) _ Fueled by higher sales, Whirlpool Corp.'s earnings rose to nearly 11 percent and beat Wall Street estimates. <br><br>The appliance maker said Wednesday its earnings

Wednesday, April 21st 2004, 12:00 am

By: News On 6

BENTON HARBOR, Mich. (AP) _ Fueled by higher sales, Whirlpool Corp.'s earnings rose to nearly 11 percent and beat Wall Street estimates.

The appliance maker said Wednesday its earnings rose to $101 million, or $1.43 a share, for the January-March period, up from $91 million, or $1.32 a share, a year earlier.

That beat the consensus forecast by analysts surveyed by Thomson First Call by 5 cents a share.

Sales were up 10.7 percent to $3.01 billion from $2.72 billion a year earlier. Excluding currency translations, sales increased about 5 percent, Whirlpool said.

``The company's solid results were driven by the strong performance of our North American and European operations,'' chairman and chief executive David R. Whitwam said in a statement.

Whitwam said solid sales results and profit improvement in the two regions were tempered by negative currency effects in Latin America.

Whirlpool North America saw a 5.4 increase in sales to $1.89 billion, thanks to high U.S. demand.

Sales from the company's European operations rose 20.5 percent to $680 million, or 5 percent excluding currency translations. Sales also rose in Latin America, but declined 5.1 percent in Asia, or 11 percent excluding currency translations.

Whirlpool said a new trade management strategy in Asia resulted in an operating loss. It said it expected the new strategy to result in improved performance in the second quarter.

The company, which employs 68,000 people and markets such brands as Whirlpool and Kitchenaid, reaffirmed its 2004 guidance of $6.20 to $6.35 per share. Analysts were expecting earnings of $6.18 a share.