Whirlpool reports higher-than-expected quarterly profit

Whirlpool Corp., which has operations in the Corridor, posted a higher-than-expected quarterly net profit on Friday as revenue growth and cost reduction efforts offset the unfavorable foreign exchange rate in North America, its largest market.

The world's largest maker of home appliances raised the low end of its profit outlook for full-year ongoing businesses to $14.25 a share from $14.00, while keeping the high end at 14.75.

Whirlpool North America reported second-quarter net sales of $2.8 billion, up from $2.7 billion a year earlier. Sales in the other three major geographical regions were flat to slightly lower.

Acquisition and integration costs combined with the negative impact of currency exchange rates dragged on sales in the company's international markets.

'We are well positioned to deal with continued global volatility and have already deployed strong plans to deliver our goals in a global environment that continues to be challenging,” Chief Operating Officer Marc Bitzer said in a statement.

Whirlpool said ongoing business earnings per share rose to $3.50 from $2.70 a year earlier. Analysts on average had expected $3.36, according to Thomson Reuters I/B/E/S.

Net income increased to $320 million from $177 million.

Net sales were flat at $5.2 billion.