Feb. 5 (Bloomberg) -- Whirlpool Corp., the world's largest appliance maker, said fourth-quarter profit rose more than analysts estimated on sales in Asia and Latin America and reduced costs from closing U.S. plants.

Whirlpool gained the most in nine months in trading on the New York Stock Exchange.

Earnings may rise as much as 11 percent in 2008, the Benton Harbor, Michigan-based company said in a statement today. Fourth-quarter net income jumped 72 percent to $187 million, or $2.38 a share, from $109 million, or $1.37, a year earlier, beating the average $2.15 estimate of analysts surveyed by Bloomberg.

Sales climbed 7.5 percent to $5.33 billion. Whirlpool benefited from the falling U.S. dollar and boosted revenue with front-loading washing machines in China and new lines of stoves in Brazil. Chief Executive Officer Jeff Fettig countered shrinking U.S. revenue by closing plants and firing workers following the 2006 acquisition of Maytag Corp.

The earnings are ``great news when your industry is tanking,'' said Laura Champine, a New York-based analyst with Morgan Keegan Inc. who recommends buying the stock. ``These are blow-away numbers in this environment. People were focused on North America and surprised that they were able to do as well as they did.''

Whirlpool leapt $8.41, or 10 percent, to $90 at 4:01 p.m. in composite trading on the New York Stock Exchange. It was the biggest increase since April. The shares have risen 10 percent this year.

Four analysts forecast sales of $5.24 billion for the quarter.

Outpacing Electrolux

Whirlpool's gains contrast with Sweden's Eletrolux AB, the world's second-largest appliance maker, which may say tomorrow that fourth-quarter profit fell 38 percent. The maker of Kenmore and Frigidaire brand appliances has lost share to Whirlpool as North American demand has slowed.

Electrolux is down 8.8 percent this year in Stockholm trading.

Whirlpool said 2008 profit may rise to $8.50 to $9 a share on reduced costs and higher prices. Five analysts forecast profit of $8.86 a share for the year.

Cash flow may be $600 million to $650 million this year, the company said.

European sales rose 12 percent to $1.1 billion. Excluding the effects of the U.S. dollar's decline against the euro, revenue was little changed. Industrywide sales in Europe will be about the same this year as in 2007, Whirlpool said.

Latin American sales jumped 30 percent to $1 billion, and revenue in Asia increased 26 percent to $155 million.

Sales in North America fell less than 1 percent to $3 billion in the quarter, beating the appliance industry as a whole, which dropped 6 percent, Whirlpool said.

Whirlpool said North American industry sales may drop 3 percent to 5 percent this year.

To contact the reporter on this story: Carol Wolf in Cleveland at cwolf@bloomberg.net

Last Updated: February 5, 2008 16:26 EST