Shares of Whirlpool Corp. fell more than 4% late Thursday after the appliances maker reported mixed third-quarter results, with sales coming below Wall Street expectations amid “elevated” supply constraints.
Whirlpool
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said it earned $471 million, or $7.51 a share, in the quarter, compared with $392 million, or $6.19 a share, in the year-ago period.
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Adjusted for one-time items, the company earned $6.68 a share.
Revenue rose to $5.5 billion from $5.3 billion a year ago thanks to a “strong consumer demand environment,” Whirlpool said in a statement. “Elevated supply constraints” remain, however.
Analysts polled by FactSet expected the company to report adjusted earnings of $6.14 a share on sales of $5.7 billion.
Whirlpool increased its full-year 2021 per-share earnings guidance to about $27.80, and about $26.25, adjusted. The analysts surveyed by FactSet are looking for adjusted EPS of $26.36 for the year.
Shares of Whirlpool have gained about 15% this year, compared with gains of around 21% for the S&P 500 index
SPX,
This post was originally published on Market Watch
