Published in Breaking News

Whirlpool reports flat earnings for third quarter

BY Tuesday, October 25, 2016 05:11pm

BENTON HARBOR — Citing a “challenging external environment,” Whirlpool Corp. reported flat earnings for its third quarter ending Sept. 30.

The Benton Harbor-based manufacturer of appliances generated $5.2 billion in net sales, down slightly from the $5.3 billion the company reported during the same period the previous year, according to its earnings report.

Despite the sales slide, Whirlpool’s net earnings for the third quarter increased 5 percent to $238 million, or $3.10 per share, compared to $235 million or $2.95 earnings per share in the same quarter a year ago.

The increase in earnings stemmed, in part, from a modest increase in net margin to $938 million, compared to the $930 million Whirlpool reported last year.

Regionally, quarterly sales in North America rose to $2.9 billion from $2.8 billion last year, while sales in Latin America jumped approximately 7 percent to $800 million from $751 million over the period.

Sales in Whirlpool’s Europe, Middle East and Africa (EMEA) and Asian markets both declined in the quarter. Turmoil in Europe resulted in a 13-percent slump in sales for the company’s EMEA market to $1.3 billion. Likewise sales also declined slightly in the company’s Asian market to $338 million compared to $346 million in the same quarter the previous year.

Whirlpool expects to close 2016 with diluted earnings per share between $11.50 per share and $11.75 per share.

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