UPDATE: Whirlpool Posts 75% Rise In Q2 Profit, Lifts Full-Year View

Whirlpool

reported a 75% rise in its second-quarter profit and lifted its adjusted earnings forecast for the year. Whirlpool now projects adjusted earnings of $9.50 to $10 per share, versus its earlier forecast of $9.25 to $9.75 per share. Whirlpool's quarterly profit surged to $198 million, or $2.44 per share, from $113 million, or $1.43 per share, in the year-ago period. Excluding one-time items, it earned $2.37 per share. Its sales surged 5.3% to $4.75 billion. However, analysts were expecting earnings of $2.42 per share on revenue of $4.67 billion. Whirlpool's gross margin rose to 17.2% from 16.1%. Whirlpool shares closed at $119.37 yesterday.