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Wednesday, April 7, 2010 as of 11:14 AM ET

Jeff Fettig

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Whirlpool Surges On Profit Outlook

Whirlpool shares surged as much 11% to $60.

39 in early Wednesday trades after the home-appliance maker issued a 2012 profit forecast that ran ahead of Wall Street's consensus estimate. The maker of KitchenAid and Maytag products said it would earn $6.50 to $7 a share for this year, excluding charges and other special items. "We exit 2011 with improving product price/mix, significantly lower inventory levels and strong new product innovation. These initiatives are the key drivers to improving our operating margins throughout 2012," CEO Jeff Fettig said. Michigan-based Whirlpool, which is undergoing a major restructuring to cut costs, said U.S. industry unit shipments would be flat to up 3% for this year. Whirlpool shares are down 30% over the last year.Copyright © 2012 MarketWatch, Inc....

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