BENTON HARBOR, Mich. - Whirlpool, the world's largest manufacturer and marketer of major home appliances, said today its first-quarter profit fell 28 percent on softening consumer demand and the stronger dollar, but the results beat Wall Street's expectations.

Earnings were boosted by cost-reduction and productivity initiatives, Whirlpool said, but those gains were partially offset by higher material costs and substantially lower global sales and production volumes.

Earnings slid to $68 million, or 91 cents per share, in the three months ended March 31, down from $94 million, or $1.22 per share, a year earlier.

The company, whose brands also include Maytag and KitchenAid, said sales dropped 23 percent to $3.57 billion because its products were more expensive to overseas customers.