BENTON HARBOR, Mich. - Whirlpool Corporation (NYSE:WHR) reported third-quarter earnings that exceeded analyst expectations, sending shares up 4% in after-hours trading on Wednesday.
The appliance maker posted adjusted earnings per share of $3.43, beating the consensus estimate of $3.22. Revenue came in at $3.99 billion, slightly below analysts' projections of $4.09 billion but down 18.9% YoY.
Whirlpool's ongoing EBIT margin expanded sequentially to 5.8% in Q3 from 5.3% in Q2, driven by promotional pricing actions in North America. However, the margin was down from 6.5% in the same quarter last year.
"In Q3, we continued to deliver sequential ongoing EBIT margin expansion despite the unfavorable macroeconomic environment we are experiencing in North America," said Marc Bitzer, Chairman and CEO of Whirlpool.
The company reaffirmed its full-year 2024 guidance, expecting adjusted earnings per share of approximately $12.00, in line with its previous outlook and above the $11.62 consensus. Whirlpool also maintained its forecast for cash provided by operating activities of about $1.05 billion and free cash flow of around $500 million.
While revising its GAAP earnings outlook lower due to tax impacts and non-cash losses related to its Europe transaction, Whirlpool's reaffirmed adjusted guidance suggests confidence in its core business performance for the remainder of the year.
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