NEW YORK, United States — FEDERAL rebates for energy-efficient appliances pulled shoppers back into stores, helping Whirlpool Corp’s revenue rise and its first-quarter profit more than double, the company said Monday.

Shares in the world’s largest appliance maker’s soared 10 per cent Monday after it raised its profit forecast above analysts’ estimates.

The shares gained US$10.20 to close at US$112.42 on heavy volume after setting a new 52-week high of US$118.44. They have traded as low as US$37.24 over the last year.

The strong results show some shoppers are feeling comfortable enough to resume buying big-ticket items. The recession dampened demand, which depressed Whirlpool’s profit and caused it to cut jobs and close a factory.

Whirlpool, which sells Maytag, KitchenAid, Jenn-Air and its namesake brand, declined to say exactly how much the federal stimulus programme boosted quarterly sales.

North American shipments of Whirlpool products increased 11 per cent in the first three months of the year, and demand held steady even as the rebate programmes neared an end in some states, Whirlpool said.

CEO Jeff Fettig said Whirlpool factories in South America and North America are now running 24 hours a day, seven days a week, and calling back laid off employees as needed. But he said it’s still too early to tell if the growth rates will continue.

“We’re not completely convinced that the growth trends are stable enough to say that they’re going to continue at these rates,” he said. “The biggest variable is really demand. Demand is better, we’ll do better. Demand is worse, then we’ll have to find ways to make it up.”

The company earlier forecast that US appliance shipments overall would rise between two per cent and four per cent this year and now sees an increase of three per cent to five per cent. The company said, it would be the first full year of positive growth for industry shipments in four years.

Whirlpool said the volume increase does not indicate a rebound in housing construction; analyst Brian Sozzi with Wall Street Strategies said consumers were buying replacement items.

The US$300-million rebate programme was part of last year’s stimulus bill. It offered rebates — in amounts that varied by state — to buyers of products with the “Energy Star” label.

In some states, people claimed all the available rebates within days. Massachusetts is offering a second round this summer after its allotted funding was claimed within hours.

In the quarter that ended March 31, Whirlpool earned US$164 million, or US$2.13 per share, well above the US$68 million, or 91 cents per share, it earned a year earlier, and above the US$1.33 per share that analysts surveyed by Thomson Reuters expected. Analysts typically exclude one-time items, but the company didn’t report any.

The company, based in Benton Harbor, Michigan, said its revenue rose 20 per cent to US$4.27 billion from US$3.57 billion, topping analyst forecasts for US$3.79 billion.

Sozzi told clients in a note that Whirlpool has become more productive and is gaining market share in Brazil and Asia.

Whirlpool anticipates earning US$8 to US$8.50 per share for 2010, up from US$6.50 to US$7 per share. Analysts expect annual profit of US$7.08 per share.