Whirlpool profits down the drain

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Whirlpool Corp, the world's biggest home appliance maker, reported a 77 percent drop in fourth quarter profits today, resulting from a fall in worldwide sales, a higher restructuring charge, a recall expense and the stronger dollar.   The Benton Harbor, Michigan-based company says earnings available to common shareholders slid to $44 million (60 cents per share), compared with $187 million ($2.38 per share), a year ago.   Revenue fell 19 percent to $4.32 billion from $5.32 billion in the fourth quarter of 2007. Analysts surveyed by Thomson Reuters had forecast earnings of 78 cents per share on sales of $4.88 billion. Results also included a $77 million restructuring charge and a $32 million product recall expense.   The company, which has cut thousands of jobs in the past year, said it was taking additional moves to reduce costs, and forecast lower earnings for 2009.   In North America, WhirlpoolÔÇÖs biggest market, sales fell 18 percent to $2.5 billion. Hurt by lower sales, product recall costs, and higher material and oil expenses the North American unit had an operating loss of $20 million, against a year-earlier profit of $175 million.   Fourth quarter sales fell 16 percent in Europe, 26 percent in Latin America and 10 percent in Asia.     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *