So many companies benefited from the homebuilding boom earlier in the decade. At the top of the list were companies that made products that filled all those new homes, including Whirlpool Corporation (WHR).

After two years of decimation in the homebuilding sector is Whirlpool now worthy of investment consideration?

Perhaps the time has come to take a flyer on a company like Whirlpool. It may not be selling as many dishwashers and other household appliances, but eventually their will come a time when consumers will have no choice but to upgrade or replace these big ticket items.

When that cycle comes, investors in WHR will stand to make a pretty penny. How much money can be made here and when will depend on the economy. Today, that economy is pretty bad as evidenced by WHR’s most recent operating results.

On Monday, the company announced that sales had fallen by 76% in the fourth-quarter. WHR made only $44 million or $0.60 per share in the period. After adjusting for one time items, the company made only $0.44 per share.

Analysts were expecting a profit of $0.78. That is a pretty hefty miss, and the market reacted accordingly at least in the early going after the report was released. Shares traded down more than 10% in the immediate aftermath of the news.

By the end of the day, investors took a longer term view. The "worst may be behind us" crowd took control of the stock, sending shares back to positive territory. By the end of trading on Monday, shares of WHR were up more than 2%.

Before the report on fourth-quarter earnings, most analysts expect Whirlpool to make more than $4 per share. If the company operates at that level, shares would trade for only 9 times earnings.

That is a pretty low valuation for a dominant player in the industry even if that industry is getting whacked by the economy at the moment. More importantly, pent up demand for its products is growing.

Pent-up Demand

Each year that goes by increased the likelihood that new products will be purchased to replace aging stock. Yes, homebuilding may take time to recover, but a consumer does not need a new home to justify purchasing a new dishwasher, washer/dryer or refrigerator.

The downside appears to be minimal here. The company is profitable and has indicated that its dividend will be paid in the foreseeable future. It seems like a reasonable time to buy this stock.

This article was written by Jamie Dlugosch, contributor to InvestorPlace.com. For more actionable insight like this, go to: www.InvestorPlace.com.