Whirlpool earnings down 7 percent
Appliances giant Whirlpool posted third-quarter earnings of $163 million, down 7 percent from $175 million in the same period last year. Revenue was $4.9 billion, up 1 percent from $4.8 billion in the year-ago period.
The company attributed its earnings to lower global unit volumes, higher material and oil-related costs and lower asset sale gains compared to last year. However, these factors were partially offset by an income tax benefit, favorable price/mix and productivity initiatives during the quarter.
“We are in the midst of a rapidly changing and very challenging economic environment,” said Jeff M. Fettig, Whirlpool chairman and CEO. “We have seen a sharp drop in demand in North America and Europe during the third quarter, and we do not expect demand conditions to improve in the near term.”
“We will reduce our global work force by approximately 5,000 positions by the end of 2009,” he added. “In addition to the four facility closures we have announced earlier this year, we are also closing our Jackson, Tenn, facility and transferring production into our Findlay, Ohio, location.”
In addition, sales for Whirlpool’s North American unit were $2.7 billion, down 7 percent from the prior year. Whirlpool Europe had sales of $1.1 billion, up 9 percent from last year. Whirlpool Latin America reported sales of $1.0 billion, up 22 percent from the year-ago period.
BMHC moves to OTC trading
Building Materials Holding Corp. (BMHC) has moved its stock listing to the Over the Counter Bulletin Board (OTCBB) following the company’s removal from the New York Stock Exchange. The San Francisco-based pro dealer will trade its common stock on the OTCBB under the symbol “BLGM.”
On Oct. 30, its first day of trading on the OTCBB, the stock closed at 28 cents a share.
The OTCBB is an electronic, regulated quotation service that displays real-time quotes, last-sale prices and volume information for over-the-counter equity securities not listed on national securities exchanges. Companies listed on the OTCBB are still subject to SEC filing requirements and other regulatory authority.
The New York Stock Exchange suspended trading of BMHC’s common shares on Oct. 29, because the company is no longer compliant with its market capitalization requirements.
BMHC is scheduled to report its third-quarter financial results on Nov. 6.
Orgill to distribute new stain remover product
Winning Brands, a Barrie, Ontario-based company, reports that Orgill, the Memphis, Tenn.-based distributor, has approved Winning Colours Stain Remover for representation by Orgill’s 250-member sales force.
“The decision by Orgill to let its sales force introduce Winning Colours to Orgill’s vast account base brings several thousand potential retail points of sale within reach, adding to a national structure of 250 professional sales representatives,” said Winning Brands CEO Eric Lehner. “That’s unprecedented reach for Winning Colours Stain Remover. I expect that it will have a significant impact.”
Winning Brands manufactures Winning Colours Stain Remover for consumer and commercial use as an environmental supplement to traditional solvents and cleaners. Large-scale production takes place in Canada as well as at an affiliated manufacturing facility in Grand Rapids, Mich.