Whirlpool 3Q profit more than doubles, ups outlook

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Associated Press

Posted on October 22, 2013 at 6:02 AM

Updated Tuesday, Oct 22 at 7:02 AM

BENTON HARBOR, Mich. (AP) — Whirlpool's third-quarter net income more than doubled, benefiting from some tax credits as consumer demand for its appliances continues to build amid the housing recovery.

The company, whose brands include Maytag, KitchenAid and its namesake, also lifted its full-year earnings forecast on Tuesday.

For the three months ended Sept. 30, Whirlpool Corp. earned $196 million, or $2.42 per share. That compares with $74 million, or 94 cents per share, a year ago.

The latest quarter included 36 cents per share in Brazilian tax credits and 18 cents per share in U.S. energy tax credits. The prior-year period included 16 cents per share in Brazilian tax credits and no U.S. energy tax credit.

Excluding restructuring costs, the tax credits and other items, earnings were $2.72 per share in the latest quarter.

That topped the $2.60 per share that analysts surveyed by FactSet predicted.

Revenue increased 4 percent to $4.68 billion from $4.49 billion, bolstered by a strong North American performance. But Wall Street was looking for higher revenue of $4.74 billion.

In its division that includes Europe, the Middle East and Africa, sales rose 11 percent to $778 million. Sales for the Latin American unit declined slightly, while Whirlpool Asia sales fell 2 percent to $197 million.

Whirlpool now foresees full-year earnings between $10.45 and $10.65 per share, up from $10.05 to $10.55 per share previously. On an adjusted basis, the Benton Harbor, Mich., company now anticipates earnings of $9.90 to $10.10 per share. Its prior outlook was for adjusted earnings in a range of $9.50 to $10 per share.

Analysts expect earnings of $9.98 per share for the year.

Whirlpool shares finished at $130.97 on Monday. They are up 22 percent so far this year.

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