Whirlpool Corp. (WHR) reported first-quarter GAAP net earnings available to the company of $252 million, or $3.12 per share, up from $92 million, or $1.17 per share, in the same quarter last year. The latest-quarter GAAP earnings include $1.04 per share of benefits from U.S. energy tax credits.
On an adjusted basis, earnings per share improved to $1.97, compared to $1.41 in the prior year, driven by continued favorable product price and mix and the benefit of cost and capacity-reduction initiatives. Analysts polled by Thomson Reuters expected the company to report earnings of $1.93 per share for the quarter. Analysts' estimates typically exclude special items.
Sales in the quarter were $4.25 billion compared to $4.35 billion reported during the same period last year. Excluding the impact of both foreign currency and Brazilian or BEFIEX tax credits, sales were flat to the prior year. Four analysts had consensus revenue estimate of $4.39 billion for the quarter.
The company said it expect to see moderately higher revenue growth, due to continued strength in U.S. housing and improving demand trends internationally, and it is on track to deliver its operating profit margin, earnings and free cash flow guidance for the year.
The company continues to expect full-year 2013 earnings per share of $9.80 to $10.30. On an adjusted basis - excluding restructuring charges, Brazilian or BEFIEX tax credits and U.S. energy tax credits - the company continues to expect full-year adjusted earnings per share of $9.25 to $9.75. Analysts expect the company to report earnings of $9.64 per share for fiscal 2013.
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