=Whirlpool (WHR) reported earnings on Mon 23 July 2018 (a/h)

Whirlpool misses by $0.46, misses on revs; guides FY18 EPS below consensus 

• Reports Q2 (Jun) earnings of $3.20 per share, excluding non-recurring items, $0.46 worse than the Capital IQ Consensus of $3.66; revenues fell 3.9% year/year to $5.14 bln vs the $5.29 bln Capital IQ Consensus.
  • Regional Brerakdown:
    • N. America- Whirlpool North America reported second-quarter net sales of $2.8 billion, compared to $2.8 billion in the same prior-year period. Excluding the impact of currency, sales decreased 2.2 percent.
    • EMEA- Whirlpool Europe, Middle East and Africa reported second-quarter net sales of $1.1 billion, compared to $1.2 billion in the same prior-year period. Excluding the impact of currency, sales decreased 12.3 percent.
    • Latin America- Whirlpool Latin America reported second-quarter net sales of $852 million, compared to $986 million in the same prior-year period. Excluding the impact of currency, sales decreased 11.4 percent.
    • Asia- Whirlpool Asia reported second-quarter net sales of $428 million, compared to $373 million in the same prior-year period. Excluding the impact of currency, sales increased 14.5 percent.
• Co issues downside guidance for FY18, sees EPS of $14.20-14.80 vs. $15.62 Capital IQ Consensus Estimate.
• "We are pleased to deliver margin expansion in a very challenging cost environment, driven by strong North America margins and significant global price/mix improvement during the second quarter," said Marc Bitzer, chief executive officer of Whirlpool Corporation. "Despite these positives, our performance in EMEA was below expectations. As a result, we are taking strong actions to improve our operational execution, and remain confident that we will deliver value for our shareholders in the coming quarters."