Whirlpool Misses Profit And Sales Expectations, Provides Downbeat Outlook

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of Whirlpool Corp. were indicated more than 4% lower in premarket trade Tuesday, after the appliance maker reported third-quarter profit and sales that missed expectations, and provided a downbeat outlook. Net earnings rose to $238 million, or $3.10 a share, from $235 million, or $2.95 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $3.66, below the FactSet consensus of $3.86. Revenue slipped to $5.25 billion from $5.28 billion, missing the FactSet consensus of $5.32 billion, as weakness in Europe sales offset beats in North America and Latin America. For 2016, adjusted EPS is expected to be $14.00 to $14.25, below the FactSet consensus of $14.61. ""We are pleased with strong revenue growth, market share gains and ongoing margin expansion in North America and Latin America that overcame industry softness and currency volatility," said Chief Operating Officer Marc Bitzer. "In Europe, the U.K. environment remains challenging, but we continue to execute brand and product transitions while adjusting our production levels to right-size our inventory." The stock has climbed 16% year to date through Monday, while the S&P 500 has gained 5.3%.

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