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Whirlpool reports higher second-quarter profit

(Corrects analysts' expectation to $3.36 a share from $3.40.)

July 22 (Reuters) - Whirlpool Corp posted a higher-than-expected net profit on Friday, as revenue growth and cost reduction initiatives offset the unfavorable foreign exchange rate in North America, its largest market, the company said.

Whirlpool said second quarter ongoing business earnings per share was $3.50, up from $2.70 in the same period last year. Analysts had expected $3.36.

The world's largest maker of home appliances reported net income of $320 million, up from $177 million a year ago.

Net sales were flat at $5.2 billion.

(Reporting by Meredith Davis; editing by Jason Neely)