LONDON (dpa-AFX) - Whirlpool Corp. (WHR), a major appliance manufacturer, said Tuesday that it is prepared to take swift actions to offset the negative impact of UK's exit from European Union to its EMEA operations. Citing the current environment and strength of other parts of its global operations, the company backed its earnings forecast for full-year outlook, which is in line or below market estimates.
Responding to the UK referendum, the company said its business in the United Kingdom represented approximately 5% of the global revenues in the 2015 fiscal year. Most of the Company's products sold in the U.K. were produced in other European countries.
Jeff Fettig, chairman and chief executive officer, said, 'Clearly the 'Brexit' vote has created a number of uncertainties, many that will take some time to play out. The U.K. is an important country for us and we plan to continue delivering innovative new products in the U.K. and Europe.'
The Company said it plans to execute a previously-announced cost based price increase in the third quarter and expects to continue with strong ongoing cost productivity programs to lower overall costs in the EMEA region.
Whirlpool plans to announce its second-quarter earnings during the week of July 18.
For fiscal 2016, the company reaffirmed its forecast for earnings per share of $11.25 to $12.00 and ongoing earnings per share of $14.00 to $14.75. On average, 12 analysts polled by Thomson Reuters expect earnings of $14.75 per share for the year. Analysts' estimates typically exclude special items.
The Company also expects to generate cash provided by operating activities of $1,400 to $1,550 million and free cash flow of $700 to $800 million.
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