(1888PressRelease)
December 03, 2007 - A senior analyst with Ovetii reportedly stated that U.S. business is weaker than many would have anticipated. The Ovetii analyst apparently went on to add that there was good news too – Whirlpool was able to maintain its guidance for earnings and cash flow.
Earnings rose to $175 million, or $2.20 a share, from $117 million, or $1.47 a share, a year earlier.
Total sales were about flat at $4.84 billion, below analysts' estimates of $5.08 billion. Revenue in North America fell 8 percent to $2.9 billion, hurt by weaker demand amid the softer U.S. housing market.
Sources say that Ovetii reports revealed that Whirlpool had also said its original equipment manufacturing business was down, reflecting weakness in products made for Sears Holdings Corp's Kenmore brand.
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