Shares of Whirlpool Corp. dropped more than 5% in the extended session Wednesday after the appliances maker beat Wall Street expectations for its third quarter but lowered its per-share earnings guidance for the year.
Robust Sales and Increased Revenue
Whirlpool announced that it earned $83 million, or $1.53 a share, in the quarter. This is a decrease from $143 million, or $2.60 a share, in the year-ago quarter. However, adjusted earnings came in at $5.45 a share. The company reported a 3% increase in sales, reaching $4.93 billion, compared to $4.78 billion a year ago. Whirlpool attributes this growth to "strong replacement and builder demand in North America."
Exceeding Analyst Expectations
The company's performance exceeded analysts' predictions by a significant margin. According to FactSet, analysts had expected adjusted earnings of $4.27 a share on sales of $4.79 billion. Whirlpool's actual earnings of $5.45 a share and sales of $4.93 billion demonstrate its successful execution in the market.
Revised Earnings Guidance for Full-Year
Whirlpool has revised its full-year GAAP and adjusted per-share earnings guidance downwards. The updated expectations are approximately $9 and $16 per share, respectively. This is a slight adjustment from the previous estimates of up to $15 per share for GAAP earnings and up to $18 per share for adjusted earnings.
Despite this revision, Whirlpool remains optimistic about their position in the market and their ability to continue delivering value to shareholders.
Our Latest News
TPXImpact Holdings Backs Full-Year Targets, Expects Strong Revenue Growth
TPXImpact Holdings expects strong revenue growth, improved performance indicators, and a favorable financial position. The company reiterates its targets for th...
Consumer Companies Hopeful as Weak Economic Data Sparks Hopes of Rate Cut
Consumer companies are finding optimism despite weak economic data, with hopes of a potential rate cut by the Federal Reserve. Challenges and signs of stress pe...
U.S. Treasury Secretary Criticizes Trump's China Policies
U.S. Treasury Secretary Janet Yellen criticizes Trump's approach to China, emphasizing missed economic opportunities and America's global standing. Biden admin...