Whirlpool misses its analyst estimated (made up) Q3 earning per share goal of $2.68 per share instead checking in at $2.35 despite sales rising 2% to $4.6 billion. Because of this, Whirlpool CEO Jeff Fettig announced the company would lay off 5,000 workers in North America and Europe. End of year earnings estimates were also revised downward to $4.75 to $5.25.
Whirlpool is only going to make between $363 million – $401.1 million in profit for 2011, so naturally, American workers will have to suffer.
I appear to have misplaced the press release where Whirlpool’s executive team taking any pay cuts. Whirlpool’s five top paid executives make a cumulative $28.6 million a year. But I’m sure it will turn up somewhere…..