Whirlpool Results Dragged Down on Weakness Abroad
April 26 2016 - 7:10AM
Dow Jones News
Whirlpool Corp. reported revenue and profit declines as weakness
abroad offset gains in the U.S.
The Benton Harbor, Mich.-based company said a stronger dollar,
which makes its appliances more expensive abroad, cut into revenue.
It also has been hamstrung by falling demand in some emerging
markets.
Sales slid 22% to $705 million in Latin America during the
quarter, thanks to currency effects and weak demand in Brazil.
Excluding currency fluctuations, sales decreased 4%. Whirlpool
expects shipments in Brazil to decrease by 10% for the year as the
country faces economic and political crisis.
For the quarter, the company reported earnings of $150 million,
or $1.92 a share, down from $191 million, or $2.38 a share, in same
quarter the year before. Its ongoing operating profit rose to $2.63
a share from $2.14 a year before.
Sales slid 4.7% to $4.62 billion.
Analysts polled by Thomson Reuters expected adjusted earnings
per share of $2.68 on revenue of $4.69.
Sales in North America increased 2.9% to $2.41 billion while
sales in Europe, Middle East and Africa decreased 7.9% to $1.17
billion. In Asia, sales decreased 1.9%, but grew 3% on a
constant-currency basis due to volume growth.
Shares in the company, up 39% in the past three months, were
inactive in premarket trading.
Last week, Whirlpool authorized a $1 billion share-repurchasing
program and increased its quarterly dividend to $1 per share from
90 cents.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
April 26, 2016 07:55 ET (11:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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