Whirlpool Q3 Profit Down, But Shares Up On Outlook

(RTTNews) - Whirlpool Corp. (WHR), one of the world's largest home appliance manufacturer, Wednesday reported a drop in profit for the third quarter as revenues declined. However, shares of the company gained 5 percent in the extended trading session after it lifted its full year guidance.

Third-quarter profit dropped to $210 million or $3.22 per share from $276 million or $3.72 per share last year. Third-quarter ongoing earnings were $4.55 per share, up from $3.83 per share last year. On average, 8 analysts polled by Thomson Reuters estimate earnings of $3.76 per share for the quarter. Analysts estimates typically exclude one-time items.

Sales for the quarter dropped to $5.33 billion from $5.42 billion last year. Analysts had a consensus revenue estimate of $5.34 billion for the quarter.

Whirlpool North America sales rose to $3.0 billion from $2.9 billion a year ago. Excluding the impact of currency, sales increased 5.3 percent.

Whirlpool Europe, Middle East and Africa reported third-quarter sales of $1.1 billion, compared to $1.3 billion in the same prior-year period. Excluding the impact of currency, sales decreased 7.6 percent.

Whirlpool Latin America reported third-quarter net sales of $878 million, compared to $966 million in the same prior-year period. Excluding the impact of currency, sales increased 1.8 percent.

Benton Harbor, Michigan based Whirlpool now expects full year 2018 ongoing earnings of $14.50 to $14.80 per share. Earlier, the company expected ongoing earnings of $14.20 to $14.80 per share. Analysts currently estimate earnings of $13.95 per share.

WHR closed Wednesday's trading at $104.27, down $5.45 or 4.97, on the NYSE. The stock, however, gained $5.72 or 5.49% in the after-hours trade.