Another Real Recovery Sign: Whirlpool (WHR) Jumps Higher on Improving Revenues
Whirlpool (WHR), which sells Maytag, KitchenAid, Jenn-Air and its own brand, earned $164 million, or $2.13 per share, for the quarter ended March 31. It earned $68 million, or 91 cents per share, a year ago. Analysts surveyed by Thomson Reuters expected $1.33 per share, a better-than-expected delivery of $.80 cents on analysts’ earnings estimates for WHR.
Revenue rose 20 percent to $4.27 billion from $3.57 billion, topping estimates of $3.79 billion. Whirlpool beat revenue estimates by a whopping 480 million!
International sales were a major catalyst for such a successful quarterly earnings report. Latin American sales jumped 65 percent. Whirlpool anticipates appliance shipments to Brazil (see: Bright Signs of an Early Carnival) will grow about 10 percent in 2010, compared with a prior outlook for a 5% to 10% rise.
Whirlpool now predicts a 2010 profit between $8 and $8.50 per share. Its prior guidance was for earnings in a range of $6.50 to $7 per share. Analysts expect a profit of $7.08 per share for the year.
Disclosure: No positions in the companies mentioned.