WASHINGTON (dpa-AFX) - Whirlpool Corp. (WHR) reported second-quarter GAAP net earnings available to the company of $179 million or $2.25 per share, down from $198 million, or $2.44 per share in the same prior-year period.
Ongoing business earnings per share increased to $2.62, compared to $2.37 in the prior-year period, mainly driven by improved product price and mix, ongoing cost productivity and the benefit of cost and capacity-reduction initiatives. Analysts polled by Thomson Reuters expected the company to report earnings of $2.91 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales in the quarter declined to $4.68 billion from $4.75 billion in the same prior-year period. Excluding the impact of both foreign currency and Brazilian (BEFIEX) tax credits, sales increased approximately 1 percent. Wall Street expected revenues of $4.84 billion.
The company has adjusted its full-year 2014 guidance to reflect trade customer inventory transitions in China related to the pending acquisition of a majority stake in Hefei Rongshida Sanyo Electric Co., Ltd. and investment expenses related to the pending acquisition of a majority stake in Indesit Company S.p.A.
The company now expects full-year net earnings per share to be in the range of $10.30 to $10.80 and full-year ongoing business earnings per share of $11.50 to $12.00. Analysts project annual earnings per share of $12.16.
Previously, the company expected annual net earnings per share to be in the range of $11.05 to $11.55 and ongoing business earnings per share of $12.00 to $12.50.
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