Whirlpool misses Wall Street 3Q forecasts
Benton Harbor — Whirlpool Corp. on Tuesday reported third-quarter earnings of $238 million.
The Benton Harbor, Michigan-based company said it had net income of $3.10 per share. Earnings, adjusted for one-time gains and costs, came to $3.66 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.88 per share.
The maker of Maytag, KitchenAid and other appliances posted revenue of $5.25 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $5.31 billion.
Whirlpool expects full-year earnings in the range of $14 to $14.25 per share.
Whirlpool shares have climbed 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 5 percent. The stock has climbed almost 7 percent in the last 12 months.