* Q1 EPS ex-items $2.11 vs Street view $1.64
* Sales up 3 pct to $4.40 bln; beat estimates
* Sees shipments to US, Latin America, Asia up in 2011
* Backs full-year profit outlook (Adds Electrolux, analyst comments)
By Dhanya Skariachan
NEW YORK, April 27 (Reuters) - Whirlpool Corp beat quarterly profit and sales estimates on cost controls and improving sales in most markets, prompting the world's largest appliance maker to back its full-year outlook.
The maker of Maytag and KitchenAid appliances said its sales rose in emerging markets such as Asia and Latin America and showed modest improvement in the key North American region as well. It now sees full-year U.S. industry unit shipments rising between 2 percent and 3 percent.
Whirlpool also expects industry shipments to rise 5 percent to 10 percent in Latin America and 6 percent to 8 percent in Asia this year.
Some of Whirlpool's sales gains in the quarter are likely a reflection of some pre-buying ahead of April's announced price increases, industry experts Longbow Research's David MacGregor and Keybanc Capital Markets' Kenneth Zener have said.
Both Whirlpool and Electrolux said in February that they planned to raise prices to pass soaring costs of energy and metals on to customers. Some analysts were skeptical if their attempts will pass muster with bargain-hungry shoppers.
On Wednesday, Electrolux said it expected its price rises to stick as rival manufacturers also look to pass on soaring raw materials costs to customers.
IN EMERGING MARKETS WE TRUST
The company and smaller Swedish rival Electrolux have gained from their presence in fast-growing Latin American and Asian markets, fueled by the purchasing power of a burgeoning middle class.
A sluggish economy and weak housing market had dented sales in mature markets such as North America. But the companies are now profiting from signs of a U.S. recovery.
For 2011, Whirlpool anticipates earnings of $12 to $13 a share.
Its first-quarter net profit rose to $169 million, or $2.17 a share, from $164 million, or $2.13 a share, a year earlier.
Excluding items, the company earned $2.11 a share, handsomely beating the analysts' average estimate of $1.64, according to Thomson Reuters I/B/E/S.
Sales rose 3 percent to $4.40 billion, well above the analysts' average estimate of $4.26 billion.
Whirlpool has also shut plants, cut jobs and moved some manufacturing to low-cost centers like Mexico. It has also started using common parts across its portfolio of dishwashers, refrigerators and washing machines. (Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn and Maureen Bavdek)