Whirlpool Updates 2020 Outlook - Quick Facts

(RTTNews) - Whirlpool Corp. (WHR) said, for full year 2020, the company now expects net sales decline of approximately 10 percent to 15 percent (previously 13 percent to 18 percent) and organic net sales decline of 7 percent to 12 percent (previously 10 percent to 15 percent). The company noted that its COVID-19 response plan is on track to deliver over $500 million in cost takeout in 2020.

Second quarter ongoing earnings per share was $2.15 compared to $4.01, previous year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.87, for the quarter. Analysts' estimates typically exclude special items.

Second quarter net sales were $4.04 billion, down 22.1% from prior year. Analysts expected revenue of $3.51 billion for the quarter. Organic net sales were down 13.8%, for the quarter.

The company said it has a strong liquidity position with a cash balance of $2.5 billion as of June 30, 2020 and approximately $2.5 billion available under committed credit facilities.

Shares of Whirlpool Corp. were up more than 5% after hours.