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Whirlpool (WHR) Misses on Q1 Earnings & Sales, Retains View

Whirlpool Corp. WHR, the largest home-appliances manufacturer in the world, released its first-quarter 2016 results, wherein earnings from ongoing business of $2.63 per share jumped 22.9% from $2.14 a share earned in the year-ago quarter but fell short of the Zacks Consensus Estimate of $2.71.

Following the results, Whirlpool reiterated its full year 2016 earnings guidance, projecting GAAP earnings in the range of $11.25 – $12.00 per share, while earnings from ongoing business is envisioned in a band of $14.00 – $14.75 per share.

Earnings Estimate Revision: The Zacks Consensus Estimate for 2016 has been trending upwards over the last 7 days. Further, if we look at Whirlpool’s performance in the trailing four quarters (including the quarter under review), the company has an average positive surprise of 2.61%.

Revenues: Whirlpool’s net sales declined 4.7% year over year to $4,616 million and missed the Zacks Consensus Estimate of $4,662 million. On a currency-neutral basis, sales soared about 1%.  

Key Events: The company continued its shareholder friendly moves by authorizing $1 billion of share repurchase program and increasing dividend by 11%.

Zacks Rank: Currently, Whirlpool carries a Zacks Rank #2 (Buy) which is subject to change following the just released earnings results.

Check back later for our full write up on Whirlpool’s earnings report!

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