UPDATE 2-Whirlpool beats, but warns of volatile markets

* Q3 adj. EPS of $2.22 vs Street’s $1.76

* Sales up about 0.5 pct at $4.52 billion

* Sees volatility in global economy in the near term

* Sales fall in U.S., Europe
(Adds estimates, weakness in markets, Electrolux)

By Dhanya Skariachan

NEW YORK, Oct 27 (BestGrowthStock) – Whirlpool Corp (WHR.N: )
reported a higher-than-expected quarterly profit on tight cost
controls, but its sales remained flat as cautious shoppers
curbed spending on expensive goods like appliances.

The maker of Maytag and KitchenAid appliances, whose sales
fell in the United States and Europe, also warned of tough
selling conditions, echoing comments from Swedish rival
Electrolux (ELUXb.ST: ). [ID:nLDE69Q09K]

“We continue to see a volatile and rapidly changing global
economy, which we expect to continue in the near term,”
Whirlpool Chief Executive Officer Jeff Fettig said.

Both companies have relied on emerging markets like Asia to
counteract weakness in the United States and Europe as well as
rising commodity prices.

Third-quarter net income fell to $79 million, or $1.02 a
share, from $87 million, or $1.15 a share, a year earlier.

Excluding a charge, earnings were $2.22 a share, beating
the analysts’ average estimate of $1.76, according to Thomson
Reuters I/B/E/S.

Net sales rose about 0.5 percent to $4.52 billion, slightly
above the analysts’ average forecast of $4.49 billion.
(Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn)

UPDATE 2-Whirlpool beats, but warns of volatile markets