WASHINGTON (dpa-AFX) - Whirlpool Corp. (WHR), one of the world's largest home appliance manufacturer, Monday reported an increase in profit for the third quarter as revenues grew. However, shares of the company fell nearly 6 percent in the extended trading session after it lowered its full year guidance.
Benton Harbor, Michigan based Whirlpool now expects full year earnings of $11.10 to $11.40 per share and ongoing earnings of $13.60 to $13.90 per share. Earlier, the company expected earnings of $12.40 to $12.90 per share and ongoing business of $14.50 to $15.00 per share.
'We are pleased with our revenue growth and free cash flow improvement but are not satisfied with our operating margins, which were impacted by raw material inflation, unfavorable price/mix and slow progress on our European integration,' said CEO Marc Bitzer.
Third-quarter profit rose to $276 million or $3.72 per share from $238 million or $3.10 per share last year. Third-quarter ongoing earnings were $3.83 per share, up from $3.66 per share in the same prior-year period.
Sales for the quarter grew to $5.42 billion from $5.25 billion last year.
Whirlpool North America sales rose to $3.0 billion from $2.9 billion a year ago. Excluding the impact of currency, sales increased 4 percent.
Whirlpool Europe, Middle East and Africa reported third-quarter sales of $1.3 billion, compared to $1.3 billion in the same prior-year period. Excluding the impact of currency, sales decreased 8 percent.
WHR closed Monday's trading at $182.50, up $0.04 or 0.02%, on the NYSE. The stock, however, fell $11.50 or 6.30% in the after-hours trade.
Copyright RTT News/dpa-AFX
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