Whirlpool reports 75 per cent drop in earnings
Plunging demand and restructuring costs eroded earnings for the world's largest appliance maker Whirlpool Corp, which Monday reported a 75 per cent drop in profits to 44 million dollars in the final quarter of 2008.
Revenues fell by 19 per cent to 4.3 billion dollars due to the increasing strength of the dollar, which made exports less attractive, the company said.
Company head Jeffrey Fettig indicated that expectations for the coming period had also fallen. The company called this year's economic conditions "among the most challenge that we have faced."
Net income dropped to 44 million dollars from 187 million dollars in the same quarter a year earlier, dpa reported.