Whirlpool’s third quarter earnings had some doing a double take.
Whirlpool profits more than doubled in the third quarter of this year compared to last.
The earnings announcement boosted the stock price by some $12 per share on Tuesday alone.
When Whirlpool broke ground on its new corporate headquarters in Benton Harbor in November of 2010 its stock price was closer to $80 per share.
Yesterday’s closing price was $146.
“It goes back to earnings, earnings is the primary driver of a stock price and the housing market had yet to recover and so you’re earnings are relatively low until your housing recovery starts, and about a year ago we started to have a rapid increase in housing starts and the recovery began,” said Ron Weimer, Vice President of Hilliard Lyons in St. Joseph.
Whirlpool does seem to be benefiting from a rebound in new home construction.
“We're in the midst of a housing recovery and we're actually entering year two of the housing recovery and Whirlpool will trade in line with the housing stocks,” said Weimer.
Whirlpool is the second largest employer in Berrien County with some 3,300 workers.