Whirlpool profit beats estimates on higher prices, cost cuts

This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEG0Q27U_L.jpg
© Reuters. The administrative entrance at the Whirlpool plant in Clyde Ohio© Reuters. The administrative entrance at the Whirlpool plant in Clyde Ohio

(Reuters) – Whirlpool Corp (N:) beat analysts’ estimates for quarterly earnings and forecast 2020 profit largely above expectations on Monday, as the appliances maker raised prices and reined in expenses to cushion the impact of higher production costs.

Cost of imported steel and aluminum, both major components in the company’s products, have remained high due to U.S. tariffs.

Whirlpool, which owns brands such as KitchenAid and Maytag, said it expects full-year 2020 profit to be between $16.00 per share and $17.00 per share, the mid-point of which came in above analysts’ average estimate of $16.34.

Net earnings available to the company rose to $288 million, or $4.52 per share, in the fourth quarter ended Dec. 31, from $170 million, or $2.64 per share, a year earlier.

Whirlpool said cost of products sold fell nearly 8% to $4.33 billion.

Excluding items, the company earned $4.91 per share, beating estimate of $4.27, according to IBES data from Refinitiv.

Net sales of $5.38 billion missed analysts’ estimates of $5.52 billion.

The company’s shares were up 1.5% at $150.49 in extended trading.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment