Whirlpool Reports Earnings Miss, Cuts Guidance
Whirlpool Corporation (WHR) reported disappointing fourth-quarter results and guidance, sending shares tumbling nearly 17% in premarket trading.
Key Takeaways
* North American sales dropped, driven by inventory reductions and pricing pressure.
* The company recorded a loss due to a brand impairment charge related to Maytag.
* Whirlpool is reducing its stake in its Indian subsidiary to 20%.
Financial Results
* Loss per share: -$7.10 (missed analyst estimates of -$0.88)
* Revenue: $4.14 billion (down 19% year-over-year)
Guidance
* Full-year adjusted EPS: $10.00 (below analyst estimates of $11.05)
* Full-year revenue: $15.8 billion (below analyst estimates of $15.92 billion)
Key Developments
* Whirlpool attributed the North American sales decline to a trade inventory reduction and strong sales.
* Major domestic appliance sales grew in Asia (8.8%) and Latin America (7.3%).
* Small domestic appliance sales increased globally by 6.4%.