Whirlpool misses by $0.19, misses on revs; lowers FY16 guidance :
- Reports Q3 (Sep) earnings of $3.66 per share, $0.19 worse than the Capital IQ Consensus of $3.85; revenues fell 0.5% year/year to $5.25 bln vs the $5.32 bln Capital IQ Consensus.
- Co lowers guidance for FY16, sees EPS of $14.00-14.25 (Prior $14.25-14.75) vs. $14.61 Capital IQ Consensus Estimate; expects to generate cash from operating activities of $1.35-1.4 bln (Prior $1.4-1.55 bln) and free cash flow of approximately $700 million (Prior $700-800 mln)
- "We are pleased with strong revenue growth, market share gains and ongoing margin expansion in North America and Latin America that overcame industry softness and currency volatility. In Europe, the U.K. environment remains challenging, but we continue to execute brand and product transitions while adjusting our production levels to right-size our inventory. In Asia, we remain focused on deploying our products across our new, larger distribution network."
- Updated shipment guidance:
- North America: Now expects full-year 2016 industry unit shipments in the U.S. to increase by 3 to 4 percent (Prior +5-6%)
- Europe, Middle East and Africa: Continues to expect full-year 2016 industry unit shipments to be flat to up 2 percent.
- Latin America: Now expects full-year 2016 industry unit shipments in Brazil to decrease by 10 to 12 percent. (Prior -10%)
- Asia: Continues to expect full-year 2016 industry unit shipments to be flat to down 2 percent.
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