Whirlpool Q2 Ongoing EPS Rises 30%, Raises Full Year Outlook

Whirlpool Corporation WHR reported 30 percent increase in ongoing earnings per share for the second quarter driven by improvements in operational efficiency. Its GAAP earnings jumped 88 percent despite revenue remaining flat. The company raised its forecast for the full year.

Whirlpool said its net earnings climbed to $320 million from $177 million while earnings jumped to $4.15 a share from $2.21 a share in the year-ago quarter. Its ongoing earnings also increased 30 percent to $3.50 a share from $2.70 a share and came in above the analysts' estimations of $3.36 a share.

The white goods maker's net sales were $5.2 billion for the second quarter, which was flat with the previous year quarter. Excluding the currency impact, sales would have increased by 3 percent.

Chairman and CEO, Jeff Fettig, commented, "We delivered another quarter of record earnings and margin expansion while overcoming challenges in several key countries through focused execution of our plans. Our leading portfolio of brands, innovative new products and strong ongoing cost productivity programs have enabled us to continue creating significant value for our shareholders."

Moving ahead, Whirlpool boosted its ongoing earnings to $14.25-$14.75 a share and GAAP earnings to $11.50-$12.00 a share for the full year period. Analysts are looking for earnings of $14.69 a share.