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Whirlpool cuts jobs on falling demand Add to ...

Whirlpool Corp. yesterday said it would cut 7 per cent of its work force as the weakening global economy hurts appliance demand, and it posted a quarterly profit that missed analysts' estimates. Whirlpool said the 5,000 job cuts included previously announced plant closures as well as new reductions. Profit in the third quarter fell 7 per cent to $163-million (U.S.). Excluding a tax benefit, profit came to $1.23 a share, compared with $1.69 expected by analysts. Sales rose 1 per cent to $4.9-billion. The company expects full-year profit of $5.75 a share to $6 a share, down from its previous forecast of $7 to $7.50. WHR (NYSE) fell $4.16 to $45.87.

 

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