UPDATE: Whirlpool Posts Upbeat Q3 Profit, Lifts Full-Year Forecast

Whirlpool WHR reported a 58% drop in its third-quarter profit. Whirlpool raised its full-year earnings forecast to $6.90 to $7.10 per share, versus its earlier forecast of $6.50 to $7 per share. Whirlpool's quarterly profit fell to $74 million, or $0.94 per share, from $177 million, or $2.27 per share, in the year-ago period. Excluding one-time items, Whirlpool earned $1.80 per share. Its net sales fell 2.8% to $4.5 billion. However, analysts were expecting earnings of $1.60 per share on revenue of $4.58 billion. Whirlpool's gross margin rose to 15.7% from 12.4%. Whirlpool shares closed at $86.31 yesterday.