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Whirlpool quarterly profit surges on price hikes, cost controls

 Whirlpool quarterly profit surges on price hikes, cost controls

(Reuters) - Appliances maker Whirlpool Corp reported a more than five-fold jump in quarterly profit on Monday, largely due to price increases and a tight rein on costs.

Net earnings available to Whirlpool rose to $471 million, or $7.31 per share, in the first quarter ended March 31 from $94 million, or $1.30 per share, a year earlier.

Net sales fell to $4.76 billion from $4.91 billion.

(Reporting by Sanjana Shivdas, Divya R and Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila)

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Updated Date: Apr 23, 2019 02:05:37 IST