Whirlpool's (WHR) Q3 EPS Better Than the Street, but Down 46%

Whirlpool Corp. (NYSE: WHR) reported third quarter EPS of $1.15, above the consensus of $0.77. The company’s 2009 third quarter EPS fell 46.5% from $2.15 in the year ago quarter. Sales for the world’s largest appliance maker saw sales drop 8% from the third quarter of 2008 to $4.5 billion, beating the consensus of $4.28 billion.

Whirlpool raised its 2009 full-year earnings guidance to $4.25, compared with the earlier forecasts of $3.50 to $4.00 per share. The Street is currently looking for FY09 EPS of $4.05.

"Our improved outlook reflects our success in restructuring our business to aggressively align our capacity and resources to lower demand levels," said Jeff M. Fettig, Chairman and CEO of Whirlpool Corporation.

The Benton Harbor, Mich. based company has cut jobs and closed a refrigerator factory over the last year to off-set the impact of the drop in sales. Whirlpool has dealt with the consumer that is still putting the purchase of appliances on hold while weathering the recession.

As the economy turns a corner things may be looking brighter for the Whirlpool Corp., as they have announced in the last month that they may be recalling 150 employees that had been laid off from the Fort Smith, Ark. Factory due to a spark in demand.

"Our strong operating performance improvement in the quarter highlights our successful cost reduction efforts, the strength of our global operating platform, our commitment to product innovation and strong consumer brands," added Fettig.

Whirlpool is trading at $73.54, up 2.7%, before the market opens today.

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