Whirlpool (WHR) reported earnings on Thur 20 Oct 22 (a/h)

 ** charts before earnings **

 

** after earnings **

Whirlpool misses by $0.86, misses on revs; guides FY22 EPS below consensus, revs below consensus; strategic review of EMEA nears conclusion

• Reports Q3 (Sep) earnings of $4.49 per share, excluding non-recurring items, $0.86 worse than the S&P Capital IQ Consensus of $5.35; revenues fell 12.8% year/year to $4.78 bln vs the $5.15 bln S&P Capital IQ Consensus.
  • Excluding currency, net sales fell 9.7% yr/yr to $4.96 bln.
  • In anticipation of a temporary soft demand environment, reduced production volumes by 35% in the third quarter.
  • Strategic review of EMEA nears conclusion with two potential strategic investors in final evaluation stage.
• Co issues downside guidance for FY22, sees EPS of ~$19.00, excluding non-recurring items, (down from $22.00-24.00) vs. $21.76 S&P Capital IQ Consensus; sees FY22 revs of $20.1 bln vs. $20.59 bln S&P Capital IQ Consensus.
• Co added, "Looking ahead, we see these challenges persisting into the first half of 2023, however, we believe we have the right actions in place that will allow us to navigate through the current environment while advancing our portfolio transformation."
  • Portfolio transformation advances with announced acquisition of InSinkErator and the completed divestiture of the Whirlpool Russia business.