Business

Whirlpool Q2 soars

Second-quarter profits for home appliance manufacture Whirlpool show signs of a strengthening housing market.

The Benton Harbor, Mich., company reported a 75.4 percent gain in profits in the period as demand for home appliances rose and profit margins fattened.

Profit for the quarter was $198 million, or $2.44 a share, compared to $113 million, or $1.43, last year.

The largest home appliance seller in the US reported yesterday that revenue increased 5 percent, to $4.75 billion — with North American sales up the same 5 percent.

Rival Honeywell also reported increased second-quarter profits yesterday of $1 billion, up 13 percent.

Whirlpool shares closed yesterday at $128.91, up 8 percent, and are up nearly 27 percent so far this year.