Whirlpool Corporation (NYSE:WHR) had a quarter to forget as the company missed analysts’ expectation in its revenue and earnings results.
The home appliances company said that for its first quarter of fiscal 2018, it brought in adjusted earnings of $2.81 per share, which was 19 cents below the Wall Street consensus estimate of $3 per share. On the revenue front, the company brought in $4.9 billion in sales, also falling below analysts’ projections of $4.95 billion by $500 million.
“We are pleased with the progress on our previously-announced global cost-based price increases and fixed cost reduction initiatives, which resulted in expansion of both ongoing EBIT(2) and ongoing earnings per share(1),” said Marc Bitzer in a prepared statement, CEO of Whirlpool Corporation. “Our first-quarter results give us further confidence in our long-term value creation strategy, and we remain focused on delivering strong levels of margin expansion and improved cash conversion this year.”
Whirlpool also unveiled its updated results for its fiscal 2018 as the company now sees its earnings as being in the range of $14.50 to $15.50 per share. The Wall Street consensus estimate is on the high end of this guidance at earnings of $15.20 per share.
WHR stock took a step back Monday, declining more than 2.2% after the bell.