WHR Whirlpool Corp

Whirlpool Corp. reported earnings more than doubled in the fourth quarter on cut-cutting measures and acquisitions, as the appliance maker cut costs amid a slump in sales.

The Benton Harbor, Mich.-based company said a stronger dollar, which makes its appliances more expensive abroad, cut revenue by 4% in the three months ended Dec. 31. It also has been hamstrung by dropping demand in emerging markets.

Sales slid to $800 million in Latin America during the quarter from $1.3 billion a year ago, thanks to currency effects and weak demand in Brazil. Sales in North America edged up to $2.9 billion from $2.8 billion a year ago.

The company said it expects shipments to increase in North America by 5% in 2016 as shipments to Brazil decrease by 10%.

Whirlpool says South Korean competitors Samsung Electronics Co. and LG Electronics Inc. have nabbed a bigger share of the U.S. market by selling washers at less than they cost to produce. The company last month asked the U.S. government to impose duties on washing machines made in China by Samsung and LG.

The South Korean companies have gained share in both kitchen and laundry appliances.

Overall for the quarter, the company reported earnings of $180 million, or $2.28 a share, up from $81 million, or $1.02 a share, in the year-ago period. Its ongoing operating profit rose to $4.10 a share from $3.52 a year ago.

Sales slid 7.4% to $5.6 billion. Analysts polled by Thomson Reuters had expected per-share earnings of $3.91 on revenue of $5.74 billion.

For the full year 2016, Whirlpool expects per-share earnings in a range of $11.25 to $12 and ongoing business earnings per diluted share of $14 to $14.75.

Analysts, on average, were expecting earnings of $14.41 a share, according to Thomson Reuters.

Shares in the company, down about 35.3% this year, were unchanged premarket from Thursday's close of $132.02.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

January 29, 2016 07:25 ET (12:25 GMT)

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