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 The world's largest maker of home appliances said it expected 2016
ongoing business earnings of $14.00-$14.75 per share.
Analysts on average were expecting earnings of $14.42, according to
Thomson Reuters I/B/E/S.
Promotional pricing and deep discounts by some foreign competitors
dented Whirlpool's market share in 2015.
Now, with China's Haier Group likely to expand in the United State
this year by acquiring General Electric Co's <GE.N> appliance
business, pricing would be further pressured in the U.S. appliance
market.
Analysts have expressed concerns that Haier would likely source in
more of its own Chinese low-priced products that would change the
pricing dynamics of North America, Whirlpool's biggest market.
Latin America accounts for more than 20 percent of Whirlpool's
annual revenue, and the company said on Friday it expected unit
shipments to fall in Brazil due to a weak demand environment.
Brazil's economy shrank 1.7 percent in the third quarter, deepening
its sharpest recession in 25 years and stoking opposition to
President Dilma Rousseff as she struggles to close a growing fiscal
deficit and contain a vast corruption scandal.
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Whirlpool said its net earnings rose to $180 million, or $2.28 per
share, in the fourth quarter ended Dec. 31, from $81 million, or
$1.02 per share, a year earlier.
The company said ongoing business earnings rose to $4.10 per share
from $3.52.
Net sales fell 7.4 percent to $5.56 billion.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)
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