White goods leaders see Europe rebounding next year

Whirlpool has posted a stronger-than-expected jump in quarterly profit and raised its full-year outlook, citing sales gains in all of its markets, including Europe and North America.

The results suggest US and euro zone consumer confidence may be turning the corner after being battered by debt crises and austerity measures in Europe and a weak economic recovery and high unemployment in the United States.

Whirlpool, the world’s largest appliance maker, and Swedish rival Electrolux have been anxious for signs of a rebound in mature markets. Electrolux earlier posted second quarter earnings in line with expectations.

Whirlpool reported second-quarter profit of $198 million, up from $113 million during the same period last year. Sales at the maker of Whirlpool, Maytag and KitchenAid appliances rose 5.3 per cent to $4.74 billion. – (Reuters)