Whirlpool Shares Slide 7% After Profit Miss, Soft Guidance
Appliance maker Whirlpool Corp. shares fell 7% Thursday, after second-quarter earnings fell short of expectations and the company offered guidance that was below consensus. The company said it had net income of $179 million, or $2.52 a share, in the quarter, down from $320 million, or $4.15 a share, in the year-earlier period. Excluding higher income tax expenses, per-share earnings came to $3.50, below the FactSet consensus of $3.54. Sales rose to $5.3 billion from $5.2 billion, matching the FactSet consensus. The company said it now expects full-year EPS of $12.40 to $12.90 and adjusted EPS of $14.50 to $15.00. The FactSet consensus is for full-year EPS of $15.10. "This quarter appears similar to last quarter, with North America strong but weakness in other regions leading to an EPS miss and guide-down," MKM analysts wrote in a note. The company expects to generate free cash flow of about $1 billion. The board has approved an additional $2.23 billion shares buyback. Shares have fallen .2.6% in 2017, while the S&P 500 has gained about 11%.
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