Whirlpool Sees a Drop in Revenue
July 22 2016 - 8:30AM
Dow Jones News
Whirlpool Corp. reported revenue declines in its latest quarter
as weakness abroad offset U.S. gains.
Still the Benton Harbor, Mich.-based company said it was well
positioned to face "global volatility" and a "challenging" global
environment as its results beat Wall Street estimates.
The company raised the lower end of its profit forecast for the
year. It now expects its ongoing business earnings per share to be
between $14.25 and $14.75, up from $14 to $14.75 previously.
For the quarter, the company reported earnings of $320 million,
or $4.15 a share, up from $177 million, or $2.21 a share, in same
quarter the year prior. Its ongoing operating profit rose to $3.50
a share from $2.70 a year before.
Sales slid 0.2% to $5.2 billion.
Analysts polled by Thomson Reuters had expected adjusted
earnings per share of $3.36 on revenue of $5.13 billion.
Sales in North America increased 3.7% to $2.8 billion.
Sales slid 3.3% to $826 million in Latin America during the
quarter. Excluding currency fluctuations, sales increased by 4%.
Sales in Europe, Middle East and Africa decreased slightly to $1.3
billion, and were flat with currency excluded.
In Asia, sales decreased 4.7% to $363 million and were flat on a
currency neutral basis.
Shares in the company, down 2.5% in the past three months, were
inactive in premarket trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
July 22, 2016 08:15 ET (12:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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