BENTON HARBOR, Mich.-Third-quarter net income for Whirlpool totaled $87 million, down 47 percent from the third quarter of last year.
The appliance giant’s bottom line suffered from an 8 percent drop in net sales, which were $4.5 billion for the quarter, a negative figure for interest income and a rise in interest expense. These combined to offset a 16 percent reduction in selling, general and administrative expenses and an 8 percent drop in cost of goods sold.
The falloff in sales included a 9 percent decrease in sales in North America and a 17 percent drop in sales in Europe. Whirlpool’s sales in Asia jumped 18 percent and increased 12 percent (excluding currency translation) in Latin America.