BENTON HARBOR, Mich.–Second-quarter net income for Whirlpool came in at $78 million, 33.3 percent less than in the second quarter of last year.
Lower sales and production volumes throughout the world, along with unfavorable foreign currency fluctuations and reduced monetization of certain tax credits, offset the company’s cost-reduction initiatives and a favorable product-price mix. In North America, Whirlpool’s sales fell 17 percent from the 2008 second quarter, and unit shipments dropped 14 percent. The company was able to trim selling, general and administrative expenses by 22.3 percent in the second quarter, and cost of goods sold slipped by 16.4 percent.
Jeff Fettig, Whirlpool’s chairman and chief executive officer, said the company began to restructure its business late last year, in light of lower demand levels. “Our results reflect these actions, and we will continue to execute our plans to address this volatile global economic environment,” Fettig said.