Whirlpool Reports $52-Million Profit on 11% Increase in Sales

Whirlpool reported a second-quarter profit of $52.4 million, 7% more than the $49-million profit of a year ago.

The Benton Harbor, Mich.-based appliance manufacturer otherwise attributed the gains to the performance of companies that it has acquired in the past seven months, and it said other income sagged while interest expenses rose.

The acquired companies were the appliance maker KitchenAid Inc., the kitchen cabinet-making companies Mastercraft Industries Corp. and St. Charles Manufacturing Co. and an Italian maker of refrigeration compressors, Aspera Sal.

Whirlpool said revenue for the quarter was $1.07 billion, up 11% from $967 million a year ago.

To show the impact of its aggressive acquisition policy, Whirlpool said the combined revenue of the new companies was $114.6 million in the second quarter.

Whirlpool Chairman Jack Sparks said in a statement that consumer confidence in the economy and lower home mortgage rates would help the appliance industry.

For the first half of the year, net earnings came to nearly $102 million, compared to $87.8 million a year ago, the company said.