Whirlpool Affirms Profit Outlook In Wake Of Brexit Vote

By Markets MarketWatch Pulse

Whirlpool Corp. said Tuesday that despite the uncertainty created by the U.K. vote to leave the European Union, it was affirming its 2016 earnings outlook. The appliance maker said its U.K. business generated about 5% of total 2015 revenue. It still expects net earnings per share of $11.25 to $12.00, and adjusted EPS of $14.00 to $14.75, which compares with the FactSet consensus of $14.74. The stock, which was still inactive in premarket trade, plunged 14% over the past two sessions in the wake of the Brexit vote. "Clearly the 'Brexit' vote has created a number of uncertainties, many that will take some time to play out," said Chief Executive Jeff Fettig. "As we have done in the past in all markets, we are prepared to take swift actions to offset the negative impact to our [Europe, Middle East and Asia] operations." The company said it still plans to go ahead with a previously-announced price increase in the third quarter.

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