Whirlpool Corp. Reports Strong Sales Growth in Q3

Shares of Whirlpool Corp. dropped more than 5% in the extended session Wednesday after the appliances maker beat Wall Street expectations for its third quarter but lowered its per-share earnings guidance for the year.

Robust Sales and Increased Revenue

Whirlpool announced that it earned $83 million, or $1.53 a share, in the quarter. This is a decrease from $143 million, or $2.60 a share, in the year-ago quarter. However, adjusted earnings came in at $5.45 a share. The company reported a 3% increase in sales, reaching $4.93 billion, compared to $4.78 billion a year ago. Whirlpool attributes this growth to "strong replacement and builder demand in North America."

Exceeding Analyst Expectations

The company's performance exceeded analysts' predictions by a significant margin. According to FactSet, analysts had expected adjusted earnings of $4.27 a share on sales of $4.79 billion. Whirlpool's actual earnings of $5.45 a share and sales of $4.93 billion demonstrate its successful execution in the market.

Revised Earnings Guidance for Full-Year

Whirlpool has revised its full-year GAAP and adjusted per-share earnings guidance downwards. The updated expectations are approximately $9 and $16 per share, respectively. This is a slight adjustment from the previous estimates of up to $15 per share for GAAP earnings and up to $18 per share for adjusted earnings.

Despite this revision, Whirlpool remains optimistic about their position in the market and their ability to continue delivering value to shareholders.