Whirlpool 4Q net income falls 40 percent

By: Associated Press Email
By: Associated Press Email

Whirlpool says its fourth-quarter net income fell 40 percent compared with a year ago, when earnings were driven up by tax-credit benefits.

The Benton Harbor-based appliance maker's earnings announced Thursday beat Wall Street estimates for the quarter when accounting charges were excluded. Whirlpool's forecast for 2013 earnings also topped estimates.

The company says its net income rose to $122 million - or $1.52 per share - for the October-December quarter. That's compared with $205 million - or $2.62 per share - in the same quarter last year.

Revenue for the quarter fell 2.4 percent to $4.79 billion from $4.91 billion.

The company behind brands like KitchenAid, Maytag and its namesake says its adjusted earnings increase was driven by favorable pricing, productivity and benefits from cost and factory capacity reductions.

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