Whirlpool lowers profit outlook

Whirlpool on Friday revised its expectations for 2015 earnings per share but posted higher-than-expected third quarter earnings.

The appliance maker, with a plant in Amana, revised its outlook full-year ongoing business earning per diluted share to $12 to $12.50 from $12 to $13. Analysts had estimated $11.96 for full-year 2015 earnings per share, according to Thomson Reuters.

'Whirlpool lowered its full year guidance slightly, but we believe not as much as investors had feared,” said Megan McGrath, an analyst at MKM Partners in a note. The new range of $12 to $12.50 may actually be higher than some investors had expected, McGrath added.

The company said changes in the 2015 outlook reflected continued weaker sales in Latin America, the negative impact of the stronger U.S. dollar and an effort to improve margins.

Weak demand in Brazil led Latin American sales to decline to $800 million from $1.1 billion a year ago, while sales in North America were mainly flat at $2.8 billion.

Sales in Europe, Middle East and Africa rose to $1.5 billion, up from $800 million a year ago. Whirlpool Asia also saw an increase in sales to $346 million, from $157 million in the same quarter last year.

Overall, third-quarter sales jumped 9 percent to $5.3 billion from $4.8 billion a year ago, slightly lower than expectations of $5.41 billion.

The Benton Harbor, Mich.-based company reported third-quarter net income at $235 million, or $3.45 per share, up from $230 million, or $3.04 per share, a year ago.