UPDATE: Whirlpool Q4 Profit Beats Estimates, Shares Rise

reported better-than-expected earnings for the fourth quarter and reaffirmed its forecast for the full year. For 2015, Whirlpool projects GAAP earnings of $10.75 to $11.75 per share and ongoing business earnings of $14.00 to $15.00 per share. The Benton Harbor, Michigan-based company posted quarterly earnings of $81 million, or $1.02 per share, compared to $181 million, or $2.26 per share, in the year-earlier quarter. Its adjusted earnings surged to $3.52 per share from $2.97 per share. Its sales climbed 18% to $6 billion from $5.1 billion. However, analysts were projecting earnings of $3.19 per share on sales of $5.8 billion. Net sales for Whirlpool North America rose 4% to $2.8 billion in the quarter, while Whirlpool Europe, Middle East and Africa sales climbed to $1.7 billion from $0.8 billion. Sales for Whirlpool Latin America declined to $1.3 billion from $1.4 billion, while Whirlpool Asia net sales climbed to $282 million from $177 million. GAAP operating profit fell to $281 million from $354 million, while ongoing business operating profit rose to $456 million from $386 million. In 2014, Whirlpool reported free cash flow of $854 million, up from $690 million in the previous year. "We delivered another record year of earnings while building an exceptional platform for profitable growth and margin expansion for 2015 and beyond," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. "Our integration activities remain on track to drive synergies and we will continue investing in our leading brands and the next generation of consumer relevant products." Whirlpool shares gained 1.96% to $205.00 in pre-market trading.