Ally, Whirlpool, Masco, Wolverine report earnings
It was the best of quarters and the worst of quarters as four of Michigan’s publicly traded companies reported results for the first three months of the year Tuesday.
■Ally Financial, the former lending arm of General Motors, said its quarterly profit more than doubled, mainly on the sale of a stake in a Chinese auto lender. The results beat Wall Street’s expectations, and drove the lender’s stock up 96 cents, or 4.7 percent, to end Tuesday at $21.27.
The Detroit-based lender reported first-quarter earnings of $576 million, or $1.06 per share. That’s up from $227 million, 33 cents per share, in the same period a year earlier.
Total revenue was $1.09 billion in the period, down from $1.14 billion the year before and also short of analysts’ forecasts. Analysts surveyed by Zacks Investment Research expected $1.17 billion. Shares in Ally Financial Inc. have fallen 14 percent since the beginning of the year.
■Whirlpool Corp. stock dropped 7.14 percent, falling $14.13 to close at $183.70 Tuesday after the company slashed its annual forecast, blaming currency fluctuations and sluggish demand in Brazil.
Earnings will be $9 to $10 a share this year, down from a previous forecast of as much as $11.75, the Benton Harbor-based company announced Tuesday. Analysts had predicted $10.57 on average, according to Bloomberg.
Whirlpool, the largest maker of major appliances, becomes the latest company to see the strong U.S. dollar hobble overseas sales. It’s also coping with a “weakened demand environment” in Brazil.
■Shares of Taylor-based Masco Corp. closed at $26.94, up 65 cents, or 2.47 percent, Tuesday after the manufacturer of branded building products reported an increase of 3 percent in sales, to $2 billion, and that adjusted earnings per share for the quarter increased 43 percent, to 20 cents.
However, those results, according to Zacks, missed consensus estimates of $2.04 billion and per-share earnings of 21 cents. The company said foreign-exchange losses cost trimmed 2 cents off its per-share earnings.
■Rockford-based footwear maker Wolverine World Wide Inc. reported first-quarter net income of $40.1 million, or 39 cents per share. Earnings, adjusted for non-recurring gains, came to 37 cents per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks was for earnings of 34 cents per share. Shares closed at $31.37, down $2.58, or 7.6 percent. Wolverine posted revenue of $631.4 million in the period, which missed forecasts. Wolverine shares are up 15 percent since Jan. 1.
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