Whirlpool Raises Full-Year Guidance

Whirlpool (WHR) ramped up its full-year guidance after markets closed on Monday as the manufacturer of home appliances posted better-than-expected second-quarter results, which were supported by rising demand in North America.

The Benton Harbor, Mich.-based company reported revenue of $5.19 billion in the three months ended June 30, up from $5.14 billion in the corresponding quarter of the prior year. This surpassed the consensus estimate of analysts polled by Capital IQ for $5.02 billion.

Broken down by geography, the region generating the largest single amount of revenue was North America, with sales of $2.9 billion, up from $2.8 billion a year earlier. In Europe, the Middle East and Africa, second-quarter net sales were $1 billion, down from $1.1 billion a year earlier.

Sales in Latin America were worth $888 million, up from $852 million while in Asia, revenue came in at $430 million, up from $428 million a year earlier.

Adjusted earnings per share came in at $4.01, up from $3.20 a year earlier and also ahead of the Street’s forecast for $3.71.

The company said that solid ongoing earnings before interest and taxes margin expansion to 7% had been driven by global cost-based pricing benefits and fixed cost discipline.

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