Published on July 25th, 2019 | by The GC Team0
Whirlpool raises full-year earnings guidance
Whirlpool Corporation raised its full-year earnings guidance as it reported EBIT of $254 million for the second quarter of 2019, compared to a loss of $562 million in the same period last year.
The company said EBIT margin was favourably impacted by product price/mix and restructuring benefits, which were partially offset by cost inflation and unfavourable currency.
Last year’s results were negatively impacted by approximately $860 million due to an asset impairment charge related to the EMEA region and a settlement agreement with the French Competition Authority.
Second-quarter net sales were $5.2 billion compared to $5.1 billion in the same prior-year period. Excluding the impact of currency, sales increased 3.5%.
For the full-year 2019 the company raised its guidance and now expects GAAP earnings per diluted share of $17.80 to $18.55 and ongoing earnings per diluted share of $14.75 to $15.50.
“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,” said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation (pictured). “Our strong momentum allows us to raise our full-year guidance despite continued global macro uncertainties.”