Whirlpool Sinks To 52-week Low As Revenue Disappoints On Firm Dollar

By Sue ChangMarketWatch Pulse

Whirlpool Corp. slumped to its 52-week low Friday after the appliance maker reported weaker-than-expected quarterly revenue and warned that the strong dollar will continue to hurt sales. "Throughout this year in 2015, we've seen emerging market demand significantly decline and the U.S. dollar rapidly strengthened against most of the currencies," said Chief Executive Jeff Fettig during a conference call. Whirlpool reported third-quarter earnings of $235 million, or $2.95 a share, compared with $230 million, or $2.88 a share, a year ago. Ongoing business earnings per share came in at $3.45, better than $3.29 a share projected by analysts in a FactSet survey. Revenue rose 9.4% to $5.28 billion but missed estimates of $5.41 billion. The company expects dollar headwinds to lower its 2015 revenue by as much as $2.5 billion and EPS by $4 from the previous year. Weak emerging-market demand will also cut its EPS by $1.75. Whirlpool projected 2015 EPS of $9.75 to $10.25. Shares of Whirlpool declined 8.6% to $146.

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