New York, NY, United States (4E) – Whirlpool Corp. reported an increase in sales in the first quarter, boosted by gains in majority of the company’s regions. Revenue beats analysts’ forecasts, though earnings fell short of estimates.
Whirlpool said earnings during the first quarter were at $160mn, or $2.02 per share, compared with $252mn, or $3.12 per share, in the year-earlier period. Last year’s figures included a $67mn tax benefit, while the most recent period included a $50mn tax-related charge.
Stripping out restructuring expenses and special items, per-share earnings climbed to $2.20 from $1.97.
Sales jumped 2.7 percent to $4.36bn. Gross margin increased to 17.3 percent from 17.1 percent as input costs gained 2.4 percent.
Analysts had forecast earnings of $2.33 a share on $4.3bn revenue. Whirlpool maintained its full-year earnings guidance.
Sales from North America grew 4 percent to $2.3bn during the quarter, South America rose 11 percent and Europe, Middle East and Africa regions gained 4 percent, excluding impacts by currencies. Meanwhile, its Asian division declined 4 percent, excluding impacts by currencies.