S&P 500 (NYSE:SPY) component Whirlpool Corporation (NYSE:WHR) reported its results for the third quarter. Whirlpool manufactures and markets appliances and products for home use. It makes washers, dryers, refrigerators, air conditioners, dishwashers, freezers, microwave ovens, ranges, trash compactors and air purifiers.
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Whirlpool Corporation Earnings Cheat Sheet
Results: Net income for Whirlpool Corporation fell to $74 million (94 cents per share) vs. $177 million ($2.27 per share) a year earlier. This is a decline of 58.2% from the year-earlier quarter.
Revenue: Fell 2.7% to $4.5 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Whirlpool Corporation reported adjusted net income of $1.80 per share. By that measure, the company beat the mean estimate of $1.64 per share. It fell short of the average revenue estimate of $4.63 billion.
Quoting Management: “We have delivered three consecutive quarters of year-over-year operating margin improvement this year driven by the actions we outlined last October,” said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. “Our ongoing business performance should continue to improve due to our strong cadence of new product innovations, the benefit of our cost savings programs and positive trends in U.S. housing.”
Revenue has fallen in the past four quarters. Revenue declined 4.6% to $4.51 billion in the second quarter. The figure fell 1.2% in the first quarter from the year earlier and dropped 2.6% in the fourth quarter of the last fiscal year from the year-ago quarter.
The company has beaten estiamtes for two quarters in a row. In the second quarter, it topped expectations with net income of $1.41 versus a mean estimate of net income of $1.12 per share.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the fourth quarter is $1.56 per share, up from $1.53 ninety days ago. For the fiscal year, the average estimate has moved up from $6.05 a share to $6.44 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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