Whirlpool Q2 Profit Beats Street View, But Lowers FY22 Outlook
Whirlpool Corp. (WHR) Monday reported first-quarter results, with adjusted earnings beating Street view. Looking forward, the appliances maker lowered its full year 2022 outlook.
Benton Harbor, Michigan-based Whirlpool reported second-quarter loss of $371 million or $6.62 per share, compared to profit of $581 million or $9.15 per share last year.
On an adjusted basis, earnings were $5.97 per share, down from last year’s $6.64 per share. Analysts polled by Thomson Reuters expected earnings of $5.24 per share. Analysts’ estimates typically exclude one-time items.
Whirlpool’s second-quarter revenues dropped 4.3% to $5.097 billion from $5.324 billion last year. Analysts had a consensus revenue estimate of $5.23 billion.
“We delivered 9% ongoing EBIT margins globally and 14% in North America – this is further proof of our more profitable and agile business model,” said CEO Marc Bitzer. “Moreover, long-term fundamentals of demand remain strong and we continue to progress our portfolio transformation to position ourselves to drive long-term value.”
Region wise, North America sales slipped 2.6%, Europe, Middle East and Africa decreased 19.4%, Asia jumped 25.7%, while Latin American gained 3.1%.
Looking forward, the company lowered its outlook for the full year 2022. The company now expects revenues of about $20.7 billion, down about 6 percent, and adjusted earnings of $22.00 to $24.00 per share. Previously, the company expected net sales growth of 2 to 3 percent and earnings of $24.00 to $26.00 per share.
Analysts currently estimate earnings of $23.91 per share and revenues of $21.84 billion for the year.
WHR closed Monday’s trading at $164.65, down $3.12 or 1.86%, on the NYSE. The stock, however, gained $3.35 or 2.03%, in the after-hours trading.
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