Whirlpool beats 3Q profit forecasts

Associated Press

Benton Harbor — Whirlpool Corp. on Friday reported third-quarter net income of $235 million.

The Benton Harbor-based company said it had net income of $2.95 per share. Earnings, adjusted for one-time gains and costs, were $3.45 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.22 per share.

The maker of Maytag, KitchenAid and other appliances posted revenue of $5.28 billion in the period.

Whirlpool expects full-year earnings in the range of $12 to $12.50 per share.

Whirlpool shares have dropped 18 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has increased 3.5 percent in the last 12 months.