Earnings and revenues of home appliance company Whirlpool Corp. (NYSE: WHR) increased in the second quarter and topped expectations. The management revised up its full-year guidance, driving the stock higher during Monday’s after-hours trading session.
Adjusted earnings, excluding special items, advanced to $4.01 per share in the June quarter from $3.20 per share a year earlier and exceeded the forecast. Reported profit was $37 million or $1.04 per share, compared to a loss of $657 million or $9.50 per share in the second quarter of 2018. The prior-year results were negatively impacted by non-cash items.
Net sales of the Benton Harbor, Michigan-based company rose 2% annually to $5.2 billion during the three-month period and topped the estimates.
Sales at Whirlpool North America grew 3% during the quarter, excluding the impact of currency, while Whirlpool EMEA recorded flat sales. At Whirlpool Latin America and Whirlpool Asia, sales grew 9.6% and 4.7% respectively.
Net sales rose 2% annually to $5.2 billion during the three-month period and topped the estimates
“At our recent Investor Day, we laid out a robust strategy for creating shareholder value and our excellent second-quarter results impressively demonstrate that we are on track. Our strong momentum allows us to raise our full-year guidance despite continued global macro uncertainties,” said Mark Bitzer, Whirlpool’s CEO.
Buoyed by the impressive results, the management revised up its full-year 2019 guidance. It currently expects unadjusted earnings to be in the range of $17.80 per share to $18.55 per share and adjusted earnings between $14.75 per share and $15.50 per share.
The company now expects to generate operating cash flow of about $1.4 billion and free cash flow around $800 million in the whole of 2019. The guidance includes restructuring cash outlays of nearly $200 million and capital spending of around $625 million.
Shares of Whirlpool witnessed a great deal of volatility in recent months. The stock has gained 38% so far this year and is trading just below the $150-mark. It closed Monday’s trading slightly higher and gained during the extended trading session.