UPDATE: Whirlpool Shares Drop On Downbeat Q3 Earnings

Whirlpool

reported weaker-than-expected earnings for the third quarter. Whirlpool now expects full-year net earnings of $9.40 to $9.90 per share, versus a prior outlook of $10.30 to $10.80 per share. However, it continues to project ongoing business earnings of $11.50 to $12.00 per share. The Benton Harbor, Michigan-based company reported a quarterly profit of $230 million, or $2.88 per share, versus a year-ago profit of $196 million, or $2.42 per share. Excluding certain items, the company's earnings increased to $3.04 per share from $2.72 per share. Its sales climbed 3% to $4.82 billion. Excluding the impact of both foreign currency and Brazilian (BEFIEX) tax credits, the company's sales climbed 4% in the quarter. However, analysts were projecting earnings of $3.13 per share on revenue of $4.83 billion. In North America, Whirlpool's sales, excluding currency impacts, climbed 7% in the quarter. Sales, excluding currency impacts, rose 1.2% in Europe, the Middle East and Africa. In Latin America, sales excluding currency impacts rose 3.2%, while sales, excluding currency impacts, in Asia dipped around 22%. "Through continued investments in our industry leading brands and innovative new products, along with disciplined management of our operations, we have delivered another quarter of revenue growth, margin expansion and record earnings," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. Whirlpool shares fell 2.79% to $153.01 in pre-market trading.