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Thu July 21, 2011
Whirlpool reports second quarter loss
Whirlpool is reporting a loss in its second quarter. The company says the loss is the result of a legal settlement. The company announced in June that it would pay $603 million to Brazilian bank Banco Safra S.A. to settle the 20 year old dispute.
From the Associated Press:
Whirlpool Corp. is reporting a second-quarter loss largely due to the settlement of Brazilian collection dispute, but its adjusted results topped Wall Street's expectations.
But the world's biggest appliance company said Thursday that it now expects full-year earnings at the low end of its previously reported range and shares dipped 3 percent in premarket trading.
Whirlpool lost $161 million, or $2.10 per share in the past quarter. That compares with a profit of $205 million, or $2.64 per share, a year ago. Excluding the settlement and other items, adjusted earnings were $2.76 per share. Revenue climbed 4 percent to $4.73 billion from $4.53 billion. Analysts expected earnings of $2.73 per share on revenue of $4.74 billion.
Whirlpool, whose other brands include Maytag and Kitchenaid, is based in Benton Harbor. Mich.