Whirlpool on Tuesday posted a lower than expected first-quarter net profit but kept its previous 2016 outlook as it said cost and capacity reductions were offset by soft demand in emerging markets and unfavorable currency exchange rates.
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The world's largest maker of home appliances reported net earnings of $150 million, or $1.92 per share, down from $191 million, or $2.38 per share, a year earlier.
Whirlpool said first quarter ongoing business earnings rose to $2.63 per share from $2.14 in the same period last year. Analysts had expected $2.68.
Net sales fell to $4.6 billion from $4.8 billion a year earlier
Sales in North America, Whirlpool's biggest market, rose about 4 percent to $2.4 billion. Meanwhile, weak demand in Brazil and unfavorable currency exchange rates contributed to sales falling nearly 29 percent to $700 million in Latin America.
The stronger U.S. dollar also dragged on sales in Asia where Whirlpool posted $371 million in revenue compared with $378 million a year ago. But excluding the unfavorable currency exchange the company said sales rose 3 percent.
In the company's Europe, Middle East and Africa region sales slipped to $1.2 billion, compared with $1.3 billion a year ago.
(Reporting by Meredith Davis; Editing by W Simon)