Whirlpool shares dropped as much as 9 percent in after-hours trade following earnings results that fell short of Wall Street expectations.
Here’s how the company did compared with what analysts expected:
- Earnings: $3.20 per share vs. $3.69 per share, forecast by Thomson Reuters
- Revenue: $5.14 billion vs. $5.29 billion, forecast by Thomson Reuters
In the year-ago quarter, Whirlpool reported adjusted earnings of $3.35 per share on net sales of $5.35 billion.
CEO Marc Bitzer said in the release that Whirlpool saw weak performance in its Europe, Middle East and Africa business. For that region, Whirlpool said its sales decreased 12.3 percent, excluding currency impacts. The consumer appliance company said its business in the region was hit by “unit volume declines, raw material inflation and unfavorable foreign currency impacts.”
Bitzer said, however, that Whirlpool remains confident it can deliver shareholder value in coming quarters as the company takes “strong actions to improve [its] operational execution.”
Whirlpool also cited its weaker-than-expected EMEA performance in lowering its full-year earnings forecast. Slower global revenue growth and expectations for higher global cost inflation were other factors Whirlpool cited in its updated earnings outlook.
The company said it now expects adjusted earnings per share between $14.20 and $14.80, down from its previously guided range of earnings per share between $14.50 and $15.50.
As of its Monday close, Whirlpool shares had already been struggling, falling more than 10 percent so far in 2018 and 21 percent over the past 12 months.