WHR Whirlpool Corp

Whirlpool Corp. on Tuesday backed its earnings forecast for 2016, an attempt to ease investor worries after its stock had fallen sharply in the wake of the U.K.'s vote last week to leave the European Union.

"Clearly the 'Brexit' vote has created a number of uncertainties, many that will take some time to play out," Whirlpool Chairman and Chief Executive Jeff M. Fettig said. He added that the company will "monitor the situation closely" and is "prepared to take swift actions to offset the negative impact" to its operations in the region.

The Benton Harbor, Mich.-based company noted that its business in the U.K. represented roughly 5% of its global revenues in 2015, and that most of its products sold there were produced in other European countries.

Whirlpool's results have been pressured by a stronger dollar, which makes its appliances more expensive abroad, and in April the company reported revenue and profit declines in its latest period as weakness abroad offset gains in the U.S. The British pound early Tuesday rose 0.8% against the dollar to $1.332, though it remained near a three-decade low reached Monday in the wake of the Brexit decision.

Whirlpool's stock has fallen about 14% from its closing price of $178.80 on Thursday, before results from the U.K. vote came in. Shares were inactive in premarket trading Tuesday from Monday's close at $154.46.

The company reaffirmed its full-year adjusted profit outlook range of $14 to $14.75 a share. Analysts polled by Thomson Reuters projected $14.75 a share.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

June 28, 2016 08:15 ET (12:15 GMT)

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