Whirlpool 2Q Sales Improve as EU Recovers

By Jennifer Booton Emerging Markets FOXBusiness

Whirlpool Reports Profit in 2Q

FBN's Diane Macedo breaks down Whirlpool earnings.

Whirlpool (WHR) revealed stronger year-over-year second-quarter sales and earnings on Friday and raised its full-year outlook as it recorded sales gains across its regions, including the previously battered North American and European markets.

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The company, which also operates under the brands Maytag and KitchenAid, now sees fiscal 2013 non-GAAP earnings of $9.50 to $10 a share compared with an earlier range of $9.25 to $9.75, in-line with the consensus view of $9.75.

The washing machine manufacturer also said it recently resumed its share repurchase program.

Shares of Whirlpool climbed more than 5% to $125.65 in recent trade.

The world’s largest maker of home appliances reported net income of $198 million in the second quarter, or $2.44 a share, compared with a year-earlier profit of $113 million, or $1.43.

On an adjusted basis, Benton Harbor, Mich.-based Whirlpool said it earned $2.37, missing average analyst estimates in a Thomson Reuters poll by five pennies a share.

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Sales climbed to $4.7 billion from $4.5 billion a year ago, fueled by increases across every region and volume growth. The Street had been calling for revenue of $4.67 billion.

“Our financial results reflect increased demand for our innovative products and continued benefits from our margin expansion actions,” Whirlpool CEO Jeff Fettig said in a statement.

Whirlpool said its margins expanded during the quarter, a reflection of both sales gains in Europe and the  U.S., a signal of rebounding consumer confidence, and internal cost management.