Business News
Bauknecht's Whirlpool barely spins past red zone
Apr 27, 2009, 15:51 GMT
New York - Whirlpool, the world's largest maker of household appliances, barely stayed in the black in the first quarter, according to the report issued Monday by the Benton Harbor, Michigan- based company.
But despite the earnings drop of 28 per cent to 68 million dollars, the company defied analysts' expectations it would go into the red. Revenues fell 23 per cent to 3.6 billion dollars compared to the same period of 2008 for the US firm now owned by Germany's Bauknecht.
The rival Swedish firm Electrolux reported three-times the losses it reported in the same period last year.
Whirlpool chief Jeff Fettig announced further cuts beyond the current cutback of about 7 per cent in the workforce, aimed at screwing down production in the face of waning demand due to the recession.
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