Whirlpool sales lowered by the strong dollar
Shares in US white goods maker Whirlpool took a hit today after it give a downbeat outlook for coming months.
It cut full-year earnings per share forecasts to between $11.50 and $11.75 from $12 to $12.50. Adding to the washout Whirlpool reported it had missed expectations in both third-quarter profit and sales.
Profit came in at $238m (£195m), or $3.10 per share, up from $235m a year earlier. The Michigan-based company said third-quarter earnings per share from continuing operations totalled $3.66, compared with $3.45 a year earlier. Analysts had pencilled in earnings per share from ongoing operations of $3.86.
Revenue in the quarter fell to $5.25bn from $5.28bn. Whirlpool said if the dollar was not so strong revenue would have risen.
“In a challenging external environment, we delivered record third-quarter ongoing earnings per share by leveraging our portfolio of leading brands, innovative new products and a continued focus on cost productivity. The fundamentals of our business are strong, and as a result of our operational execution we have delivered earnings per share growth of 18 per cent year-to-date,” said chief executive Jeff Fettig.
“We remain focused on creating value for our shareholders and returning cash through our share repurchase and dividend programs.”