Whirlpool reports 27 percent dip in 2Q profit

By JAMES PRICHARD AP Business Writer GRAND RAPIDS, Mich. (AP) - Household appliance maker Whirlpool says its profit fell 27 percent in the second quarter due to higher material and oil-related costs and lower U.S. demand. Whirlpool says its profit for the three-month period ending June 30 was $117 million, or $1.53 a share, compared with $161 million, or $2 a share, during the same period last year. Revenue of $5.1 billion for the quarter is up 5 percent from the $4.9 billion reported by the Benton Harbor, Mich.-based company in the second quarter of 2007. Whirlpool's performance beat Wall Street's expectations. Thomson Financial says analysts it surveyed expected earnings of $1.37 a share on sales of $5.03... [read full story]