Whirling to profit
Source: Agencies |
April 27, 2010, Tuesday
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Print Edition
Print Edition
WHIRLPOOL Corp said yesterday its first-quarter profit more than doubled as sales of its appliances improved both domestically and abroad.
The world's largest appliance maker also lifted its 2010 earnings forecast above Wall Street's expectations on its quarterly performance.
Its stock gained US$6.28, or 6 percent, to US$108.50 in premarket trading.
Whirlpool, which sells Maytag, KitchenAid, Jenn-Air and its namesake brand, earned US$164 million, or US$2.13 per share, for the three months ended March 31. It earned US$68 million, or 91 cents per share, a year ago.
The results were significantly higher than the US$1.33 per share that analysts surveyed by Thomson Reuters expected. These estimates normally remove one-time items.
Revenue rose 20 percent to US$4.27 billion from US$3.57 billion, topping estimates of US$3.79 billion.
Whirlpool now anticipates a 2010 profit between US$8 and US$8.50 per share. Its prior guidance was for earnings in a range of US$6.50 to US$7 per share. Analysts expect a profit of US$7.08 per share for the year.
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