BENTON HARBOR, Mich.–Fourth-quarter net income for Whirlpool plummeted 76.5 percent to $44 million.
The bottom line for the appliances giant felt the impact of a 19 percent dive in fourth-quarter sales, to $4.3 billion; $77 million in restructuring costs, compared with $15 million in the fourth quarter of 2007; and a product-recall expense of $32 million. These offset a 14.4 percent reduction in costs of goods sold, and a 21.7 percent decrease in selling, general and administrative expenses.
Net income for 2008 as a whole declined 34.7 percent to $418 million, on a sales drop of 2.6 percent to $18.9 billion.
In a Whirlpool statement, Jeff Fettig, chairman and chief executive officer, said the company’s results suffered from the global economic downturn last year. Fettig added that the company has moved quickly to adjust its business to decreased demand, and pare down costs and production levels.