Newton Independent
Shares of Whirlpool stock were on the rise this morning, up $6 a share in early trading, on news that even though its first-quarter profit fell 28 percent, the results still beat analyst's expectations.
The world's largest manufacturer of home appliances said earnings slid to $68 million, or 91 cents a share, in this year's first quarter compared to $94 million, or $1.22 a share in the same period a year ago.
Earnings were helped by cost reductions, including a post-retirement benefit plan change that impacted former Maytag workers in Newton, and productivity initiatives. Whirlpool said those gains, however were offset by higher material costs and lower global sales, down 23 percent to $3.57 billion.
Whirlpool's press release on its first quarter earnings can be read here. You can find the company's first quarter SEC filing here.
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