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 The company said changes in the 2015 outlook reflected continued
weaker sales in Latin America, the negative impact of the stronger
U.S. dollar and an effort to improve margins.
Whirlpool revised its outlook for full-year 2015 GAAP net earnings
per diluted share to a range of $9.75 to $10.25 from a range of
$9.50 to $10.50 and its full-year ongoing business earning per
diluted share to $12 to $12.50 from $12 to $13.
The world’s largest maker of home appliances now expects 2015
full-year capital spending to be at $700 to $750 million, down from
a previously forecast $750 to $800 million. Free cash flow was
forecast to be about $600 to $700 million in 2015, down from a
previously expected $700 million.
"We remain focused on value creation and executing our long-term
growth strategy and we will deploy additional actions as necessary
to continue delivering strong returns for our shareholders,"
Whirlpool's Chief Executive Officer and Chairman Jeff Fettig said in
a written statement.
Whirlpool shares rose 2.38 percent to $163.61 in pre-market trade
following the earnings.
The appliance manufacturer posted a higher quarterly net profit
citing benefits from costs and capacity reductions, acquisitions,
and favorable price-mix offset declining demand in Latin America and
unfavorable currency exchange rates, the company said.
Whirlpool reported third-quarter net income at $235 million, up from
$230 million a year ago. Its ongoing business earnings per diluted
share rose to $3.45 from $3.04 and topped the $3.29 expected by
analysts.
Overall, third-quarter sales jumped 9 percent to $5.3 billion from
$4.8 billion a year ago, slightly lower than expectations of $5.41
billion.
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Weak demand in Brazil led sales in Latin America to decline to $800
million from $1.1 billion a year ago, and the company expects
full-year 2015 unit shipments to Brazil to decrease by about 20
percent.
Third-quarter sales in North America were mainly flat at $2.8
billion. Full-year 2015 shipments were expected to increase in the
region by 5 percent.
Sales in Europe, Middle East and Africa rose to $1.5 billion, up
from $800 million a year ago, with shipments expected to be flat to
up 2 percent for full-year 2015.
Whirlpool Asia also saw an increase in sales to $346 million, from
$157 million in the same quarter last year, but the company sees
decreasing shipments to the region by about 2 percent for full-year
2015.
(Reporting by Meredith Davis; Editing by Chizu Nomiyama)
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