Whirlpool Corporation (NYSE:WHR) reported its results for the third quarter. Net income for the appliances company rose to $177 million ($2.27 per share) vs. $79 million ($1.02 per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter. Revenue rose 2.3% to $4.63 billion from the year earlier quarter. WHR reported adjusted net income of $2.35 per share. By that measure, the company fell short of mean estimate of $2.68 per share. It fell short of the average revenue estimate of $4.76 billion.
“During the quarter, we experienced weaker than expected global industry demand and elevated material costs,” said Jeff M. Fettig, Whirlpool Corporation chairman and chief executive officer. “Consumers continue to show strong preference for our unmatched global brand portfolio and new product innovations, and we are beginning to see the benefits from previously announced price increases. However, our results were negatively impacted by recessionary demand levels in developed countries, a slowdown in emerging markets and high levels of inflation in material costs.”
Newell Rubbermaid Inc. (NYSE:NWL) reported its results for the third quarter. Reported a loss of $177.6 million (61 cents per diluted share) in the quarter. The housewares and accessories company had net income of $28.3 million or 9 cents per share in the year earlier quarter. Revenue rose 6% to $1.55 billion from the year earlier quarter. NWL reported adjusted net income of 45 cents per share. By that measure, the company beat the mean estimate of 43 cents per share. Analysts were expecting revenue of $1.56 billion.
Michael Polk, President and Chief Executive Officer, commented, “Our third quarter results represent a solid step forward. Core sales growth, operating income margin improvement and operating cash flow came in as expected and improved meaningfully versus our first half and year ago results. These are good numbers in the context of a really tough macro environment and represent progress towards our goal of delivering consistent predictable results and sustainable profitable growth.”
Competitors to Watch: Jarden Corporation (NYSE:JAH), The Female Health Company (NASDAQ:FHCO), WES Consulting Inc (LUVU), The Procter & Gamble Co. (NYSE:PG), Fortune Brands, Inc. (NYSE:FO), Carlisle Companies, Inc. (NYSE:CSL), Katy Industries, Inc. (KATY), The Clorox Company (NYSE:CLX), and Condomi AG (NYSE:CAG).