Shares of Whirlpool were spiraling lower after revised earnings guidance from the appliance maker and margin concerns outweighed a quarterly earnings beat.
Whirlpool posted third-quarter adjusted earnings on Wednesday of $5.45 a share, well ahead of estimates of $4.27, according to FactSet. Net sales were $4.93 billion, above Wall Street’s call for $4.79 billion, and rising from the year-ago quarter, “driven by North America share gains and industry strength, partially offset by normalizing promotional environment,” the company said in a press release.
The home appliances company also reaffirmed its full-year net sales guidance of $19.4 billion but revised its adjusted earnings forecast to $16 a share from a prior range of $16 to $18. Raymond James analysts Sam Darkatsh and Joshua Wilson, who rate shares at Outperform, weighed in on the earnings report.
“ Whirlpool’s headline 3Q EPS meaningfully benefited from tax, while price/mix headwinds and lower net cost benefits drove margin below expectations,” they wrote in a report Wednesday after the earnings were released. “4Q appears to beShares were down 13% to $109.37, putting them on pace for their largest percent decrease since March 23, 2020, when they dropped 14%, according to Dow Jones Market Data.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: WSJ - 🏆 98. / 63 Read more »
Source: WSJ - 🏆 98. / 63 Read more »
Source: WSJ - 🏆 98. / 63 Read more »