Whirlpool Q1 Results Misses Street View; Lowers FY Outlook
Whirlpool Corp. (WHR) Monday reported a drop in profit for the first quarter as revenues declined 8%. Both earnings and revenues for the quarter fell short of Wall Street expectations. Looking forward, the appliances maker lowered its full year 2022 outlook.
Benton Harbor, Michigan-based Whirlpool’s first-quarter profit dropped to $313 million or $5.33 per share from $433 million or $6.81 per share last year.
On an adjusted basis, earnings were $5.31 per share, down from last year’s $7.20 per share. Analysts polled by Thomson Reuters expected earnings of $5.36 per share. Analysts’ estimates typically exclude one-time items.
Whirlpool’s first-quarter revenues dropped 8.2% to $4.92 billion from $5.36 billion last year. Analysts had a consensus revenue estimate of $5.32 billion.
Commenting on the results, CEO Marc Bitzer said, “We have delivered four consecutive years of all-time record results and we have a very strong balance sheet. Now we will accelerate the focus of our portfolio on high growth and high margin businesses, positioning our company for the future.”
Region wise, North America sales slipped 8.3%, Europe, Middle East and Africa decreased 7.4%, Asia tanked 30.7%, while Latin American gained 3.8%.
Looking forward, the company lowered its outlook for the full year 2022. The company now expects net sales growth of 2 to 3 percent and earnings of $24.00 to $26.00 per share. Previously, the company expected full-year earnings between $27.00 and $29.00 per share and net sales growth of 5 to 6 percent.
Analysts currently estimate earnings of $26.32 per share and revenues of $22.77 billion for the year.
WHR closed Monday’s trading at $178.87, up $5.05 or 2.91%, on the NYSE. The stock, however gained $0.49 or 0.27%, in the after-hours trading.
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