WHR Whirlpool Corp

Whirlpool Corp. reported a slip in sales and lower-than-expected profit for its third quarter amid weak demand for its appliances and Brexit-related currency volatility.

Shares slumped 7.2% to $158.17 in morning trading in New York. The stock has climbed 16% in 2016 through Monday.

The Benton Harbor, Mich., maker of washers, dishwashers and refrigerators, among other products, provided a downbeat earnings outlook for the current year, citing "temporary U.S. demand softness" as well as Brexit-related currency volatility and demand weakness in the U.K. Whirlpool now sees per-share earnings between $11.50 and $11.75 for the full year, compared with its previous guidance of $11.50 to $12.00.

"In Europe, the U.K. environment remains challenging, but we continue to execute brand and product transitions, while adjusting our production levels to right-size our inventory," Chief Executive Jeff Fetting said in prepared remarks.

Over all, for the third quarter, Whirlpool reported a profit of $238 million, or $3.10 a share, up from $235 million, or $2.95 a share, a year earlier. Excluding nonrecurring items, adjusted per-share earnings were $3.66, below the average analyst estimate of $3.86.

Revenue dropped 0.6% to $5.25 billion; analysts polled by Thomson Reuters had forecast $5.32 billion in revenue.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

October 25, 2016 10:35 ET (14:35 GMT)

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