According to Zacks, “Whirlpool Corp. manufactures and markets a full line of major appliances and related products, primarily for home use”.
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Whirlpool expects full-year earnings in the range of $12 to $12.50 per share.
Overall, third-quarter sales jumped 9 percent to US$5.3 billion from US$4.8 billion a year ago, slightly lower than expectations of US$5.41 billion. The benefits from acquisition integration activities, favorable price-mix, ongoing cost productivity and the benefits of cost and capacity-reduction initiatives more than offset unfavorable currency and increased investment in marketing, technology and products.
Sales in its region of Europe, Africa and the Middle East were $1.5 billion, which was up from a year ago of $800 million.
Third-quarter net earnings available to the company were $235 million or $2.95 per share, up from $230 million or $2.88 per share in the same prior-year period. Finally, RBC Capital lifted their price objective on shares of Whirlpool from $210.00 to $213.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. This represents a $3.60 annualized dividend and a dividend yield of 2.25%.
Whirlpool (NYSE:WHR) reports sales rose ~25% if the impact of the currency swings is backed out in Q3. The company expects industry unit shipments in Latin America to be down by almost 20% in 2015.
Promotional pricing and deep discounts by a few foreign competitors eroded market share in the third quarter, President and Chief Operating Officer Marc Bitzer said on a conference call following Whirlpool’s third-quarter earnings report. It now projects adjusted earnings in the range of $12.00-$12.50 per share versus the previous guidance of $12.00-$13.00 per share. Looking ahead, Whirlpool revised its full year 2015 earnings outlook, primarily to reflect continued weakness in Latin America and negative currency impacts.
Zacks Rank:now, Whirlpool carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
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Weak North American sales volumes prompted a few analysts to warn that Whirlpool had lost market share. Corporation VIRC and Select Comfort Corporation SCSS. Of those eleven, seven have a Buy rating, four have a Hold rating. The shares have received a hold rating based on the suggestion from 3 analysts in latest recommendations. Today, you can download 7 Best Stocks for the Next 30 Days.
