Whirlpool's 4th-quarter results mixed
BENTON HARBOR, Mich. (AP) — Whirlpool's fourth-quarter net income increased 48 percent, buoyed by strong sales in North America and Latin America.
Adjusted earnings fell short of Wall Street's expectations, but revenue was better than most analysts had projected.
The appliance maker, whose brands include KitchenAid, Maytag and its namesake, earned $181 million, or $2.26 per share, for the period ended Dec. 31. That's up from $122 million, or $1.52 per share, a year ago.
Excluding certain items, earnings were $2.97 per share, a nickel shy of Wall Street expectations.
Revenue climbed 6 percent to $5.09 billion from $4.79 billion. Wall Street was looking for $5.02 billion, according to a poll by FactSet.
North American sales rose about 9 percent to $2.7 billion. Sales in Latin America climbed to $1.4 billion from $1.3 billion. When stripping out currency effects and certain tax credits, Latin American sales increased more than 8 percent.
In Europe, the Middle East and Africa, sales rose to $847 million from $794 million. Excluding currency effects, those sales edged up about 1 percent.
Sales for Asia fell to $177 million from $203 million. Removing the impact of currency effects, the sales dropped about 7 percent mostly on industry softness in India.
For the year, Whirlpool Corp. earned $827 million, or $10.24 per share. In the prior year the Benton Harbor, Mich. company earned $401 million, or $5.06 per share.
Adjusted earnings were $10.02 per share.
Annual revenue increased 4 percent to $18.77 billion from $18.14 billion.
Whirlpool anticipates 2014 adjusted earnings of $12 to $12.50 per share. Analysts expect earnings of $12.29 per share.