Whirlpool posts stronger-than-expected profit

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Appliances maker Whirlpool Corp on Wednesday reported a 10.8per cent rise in third-quarter profit as stay-at-home orders boosted demand for its home appliances during the coronavirus crisis.

FILE PHOTO: The administrative entrance at the Whirlpool plant in Clyde, Ohio, U.S. October 3, 2017. REUTERS/Aaron Josefczyk

22 Oct 2020 04:30AM
(Updated: 22 Oct 2020 04:45AM)

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REUTERS: Appliances maker Whirlpool Corp beat Wall Street estimates for third-quarter profit on Wednesday as stay-at-home orders boosted demand for its home appliances during the coronavirus crisis.

Shares of Whirlpool rose about 8per cent in after market trading as it reinstated its full-year adjusted profit forecast.

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Whirlpool said it now forecasts earnings per share between US$17.50 and US$18 for fiscal 2020, compared with analysts' estimate of US$13.71.

Brokerage BofA on Tuesday said appliance demand has snapped back strongly driven by discretionary income being diverted out of socially intensive activities like traveling into the home amid pandemic

The company said it now expects net sales to decline between 5peRead More – Source

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