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Whirlpool profit drops due to acquisition costs

An employee works on a Whirlpool washing machine at the company's operations plant in Clyde, Ohio.
Daniel Acker | Bloomberg | Getty Images
An employee works on a Whirlpool washing machine at the company's operations plant in Clyde, Ohio.

Whirlpool on Wednesday said its fourth-quarter profit fell due to costs from recent acquisitions, but excluding those costs, the results beat market expectations.

The world's largest maker of home appliances reiterated its 2015 earnings outlook and said it expected robust sales growth in North America.

Whirlpool reported a net profit of $81 million, or $1.02 a share, down more than 55 percent from $181 million, or $2.26 a share, a year earlier.

Excluding acquisition and other costs, Whirlpool said earnings per share for ongoing operations came to $3.52. Analysts on average had expected $3.19, according to Thomson Reuters I/B/E/S.

Last July Whirlpool acquired a majority stake in Italian appliance maker Indesit for $1 billion. The company has been integrating its acquisition of Chinese appliance maker Hefei Rongshida Sanyo Electric, which it announced it would acquire in late 2013 for $552 million.

"Our integration activities remain on track to drive synergies," Chief Executive Officer Jeff Fettig said in a statement.

Revenue rose to $6 billion from $5.1 billion. Analysts had expected $5.8 billion.

Whirlpool said the strong dollar, which diminishes the value of overseas sales, had acted as a drag on its revenue for the quarter.

The Benton Harbor, Michigan-based company said it expected 2015 earnings per share of $14 to $15. Wall Street analysts have forecast $14.39.

Whirlpool said it expected unit shipments in North America to rise 4 percent to 6 percent this year, with those in Asia increasing 1 percent to 3 percent.