WASHINGTON (dpa-AFX) - White-goods giant Whirlpool Corp. (WHR) Tuesday said profit for the third quarter increased from the prior year, amid growth in revenues. However, both earnings and revenues fell short of Wall Street estimates. Further, the company backed its full year adjusted earnings forecast.
Net earnings available to Whirlpool increased to $230 million or $2.88 per share from $196 million or $2.42 per share reported last year.
Ongoing business earnings per share was $3.04, while it totaled $2.72 in the same prior-year period, driven by revenue growth, cost productivity and the benefit of cost and capacity-reduction initiatives.
On average, seven analysts polled by Thomson Reuters expected earnings of $3.13 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales improved to $4.824 billion from $4.683 billion. Excluding the impact of foreign currency and Brazilian or BEFIEX tax credits, sales increased 4 percent. Analysts expected revenues of $4.83 billion.
Whirlpool North America reported third-quarter net sales of $2.8 billion, up 6.3 percent from last year, while sales were marginally higher in Whirlpool Europe, Middle East and Africa at $785 million.
Whirlpool Latin America reported net sales of $1.1 billion, flat with last year. Excluding the impact of currency and BEFIEX tax credits, sales increased 3.2 percent.
Meanwhile, sales declined over 20 percent in Whirlpool Asia to $157 million.
Jeff Fettig, chairman and CEO of Whirlpool, said, 'Through continued investments in our industry leading brands and innovative new products, along with disciplined management of our operations, we have delivered another quarter of revenue growth, margin expansion and record earnings.'
Looking ahead, the firm continues to expect to report full-year ongoing business earnings per share of $11.50 to $12.00. Analysts expect full year earnings of $11.62 per share.
However, outlook for reported net earnings per share has been lowered to $9.40 to $9.90 from $10.30 to $10.80, to reflect incremental investment expenses and purchase price accounting adjustments related to certain acquisitions as well as additional restructuring charges primarily related to integration activities.
The stock closed down 0.8 percent on Monday at $157.40. The stock fell 2.8 percent in pre-market trade.
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