BENTON HARBOR, Mich. (AP) — Whirlpool's net income dropped 58 percent in the third quarter from results a year ago that included tax credits.
But its adjusted results beat Wall Street's expectations and the world's largest appliance maker lifted its forecast for full-year adjusted earnings. Its shares edged up in early premarket trading.
Whirlpool Corp., whose brands include Maytag, KitchenAid and its namesake, said Tuesday that it earned $74 million, or 94 cents per share, for the three months ended Sept. 30. That was down from $177 million, or $2.27 per share, a year earlier that included tax credits totaling $2.35 per share.
Excluding a restructuring charge and other items, earnings for the current quarter were $1.80 per share as Whirlpool benefited from higher prices and cost cuts.
Analysts polled by FactSet expected $1.60 per share.
Revenue fell 3 percent to $4.5 billion from $4.63 billion, pressured by the stronger dollar and lower Brazilian tax credits. Wall Street analysts expected $4.61 billion.
Sales climbed in North America and were flat in Latin America. Sales declined for the segment that includes Europe, the Middle East and Africa. Sales also weakened in Asia. Both of those units were hurt by unfavorable foreign currency exchange rates.
Looking ahead, Whirlpool now expects 2012 adjusted earnings of $6.90 to $7.10 per share. The Benton Harbor, Mich.-based company's previous guidance was for earnings between $6.50 and $7 per share.
Analysts forecast earnings of $6.49 per share.
Whirlpool said Tuesday that it increased its outlook based on its year-to-date performance and strong momentum in the business.
Its shares rose 69 cents to $87 in premarket trading.