UPDATE: Whirlpool Q2 Profit Misses Estimates, Shares Drop

Shares of Whirlpool

tumbled more than 5% in pre-market trading after the company reported weaker-than-expected second-quarter profit. The Benton Harbor, Michigan-based company posted quarterly net earnings of $179 million, or $2.25 per share, down from $198 million, or $2.44 per share, in the year-ago quarter. Its ongoing business earnings came in at $2.62 per share, versus $2.37 per share. Its revenue dropped 1.4% to $4.68 billion from $4.75 billion. Excluding the impact of foreign currency and Brazilian tax credits, revenue rose around 1%. However, analysts were projecting ongoing business earnings of $2.91 per share on revenue of $4.84 billion. Whirlpool's North America net sales rose over 3% to $2.7 billion, while Europe, Middle East and Africa net sales surged to $746 million from $731 million. Its Asia's net sales fell to $211 million from $246 million. Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation said, "The second-quarter results were in line with our expectations as our North America Region delivered record operating profit." Whirlpool also expects full-year net earnings of $10.30 to $10.80 per share, and ongoing business earnings of $11.50 to $12 per share. Analysts expected earnings of $12.05 per share. Whirlpool shares dropped 5.03%.to $136.00 in pre-market trading.