Home appliances maker, Whirlpool Corporation (NYSE: WHR) reported on Friday that its fiscal second-quarter net income rose 75 percent as demand for its products improved significantly across all regions even as gross margin improved.
Although non-GAAP earnings fell short of Wall Street’s expectation, Shares of Whirlpool Corporation rallied about 7% in early trade as the revenue edged past analysts’ expectation
In addition, the Company also raised its full-year earnings outlook. Improvement in productivity and more favorable macroeconomic environment in the United States and Europe prompted the Company to provide an optimistic guidance.
Whirlpool now anticipates full-year adjusted earnings to be in the range of $9.50 to $10.0 a share up from its previous forecast of $9.25 to $9.75 a share. Analysts’ consensus expectation was for earnings of $9.75 a share.
For the fiscal second quarter, the world’s leading home appliances maker, reported a profit of $198 million or $2.44 a share compared to a year earlier net income of $113 million or $1.43 a share.
Stripping out onetime items, the company earned $2.37 a share while analysts polled by Thomson Reuters had expected it at $2.42 a share.
Sales jumped to $4.7 billion from $4.5 billion, in the same period of last year. Analysts’ had expected revenue of $4.67 billion. Both, higher sales volume and improved worldwide demand boosted the top-line.
Commenting over the results, Whirlpool’s Chief Executive Officer, Jeff Fettig said in a statement, “Our financial results reflect increased demand for our innovative products and continued benefits from our margin expansion actions.”
Sales in the North American region rose 5% from the same period of last year to $2.6 billion. Sales in the Europe, the Middle East and Africa region (EMEA) climbed 6% in the fiscal second quarter while sales in the Latin American region also increased 6%. In Asia, sales rose to $246 million from $241 million, in the year earlier quarter.
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