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Whirlpool Corporation (NYSE:WHR) reported strong North America margins for the second quarter, with price and mix beating cost inflation, and raised its full-year guidance by 4%.
The Analyst
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KeyBanc’s Kenneth Zener maintained an Overweight rating on Whirlpool with a price target of $150.
The Thesis
Whirlpool reported 2.7% sales growth in North America. Although units declined 1%, price and mix improved 4% resulting is an EBIT of 12.4%, Zener said in the note.
He added that the company is likely to witness limited margin pressure, if demand in North America remains stable.
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Whirlpool struggled a little in Europe during the second quarter, with sales down 6%. Although units grew 2%, lower prices and unfavorable FX trends were drags on the sales figure, Zener explained. Meanwhile, LatAm sales rose 4% backed by growth in units and price/mix improvement.
Whirlpool raised its fiscal year 2019 guidance to $14.75-$15.50, despite lower free cash flow due to EMEA restructuring. The analyst raised the EPS estimates for 2019 and 2020 from $14.61 to $15.01 and from $15.76 to $15.98, respectively.
“We still think WHR's investment case will be easier to make as its business globally simplifies, in line with near vanilla N.A. results in recent quarters,” Zener wrote.
Price Action
Shares of Whirlpool had risen almost 2% to $144.94 at time of publishing on Wednesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.