Mon, Nov. 28, 8:06 AM| Mon, Nov. 28, 8:06 AM | 1 Comment
Fri, Nov. 4, 10:11 AM
- The Consumer Products Safety Commission recalls 2.8M washing machines manufactured by Samsung Electronics (OTC:SSNLF) due to the risk of a detaching top.
- The recall action impacts 34 different washing machine models.
- Whirlpool (NYSE:WHR) sits in a better competitive position due to the recent manufacturing headaches at Samsung.
- CPSC recall notice
Tue, Oct. 25, 5:24 PM
- Whirlpool (NYSE:WHR) tumbled 10.8% in today's trade after posted weaker than expected Q3 earnings and cutting its full-year core EPS guidance to $14-$14.25 from $14.25-$14.75.
- In an interview with Barron's, CEO Jeff Fettig blames the confidence-sapping U.S. election and the plunge in the British pound for WHR’s disappointing quarter, and predicts a swift turnaround for the company.
- U.S. demand for appliances at all manufacturers (not just at WHR) fell 5% in July and August after rising 5% in H1, which Fettig attributes to the political conventions, which led to "dips in consumer confidence... We think it will dissipate over time, post-election."
- WHR’s costs in the U.K. jumped because of currency weakness there since Brexit; Fettig says the currency drop and demand weakness caused earnings to fall by $40M, whacking ~$0.40/share from profits.
- The CEO expects WHR to rebound by adjusting prices in the U.K. to cover higher costs and by presenting new innovative products in North America.
Tue, Oct. 25, 12:00 PM
Tue, Oct. 25, 6:42 AM
- Whirlpool (NYSE:WHR) reports sales rose slightly if the impact of the currency swings is backed out in Q3.
- North America net sales expanded 3.6% to $2.9B (+3% excluding the currency impact).
- Europe, Middle East and Africa net sales declined 13.3% to $1.3B (-6%, excluding the currency impact).
- Whirlpool Latin America net sales increased 6.5% to $800M (+2% excluding the currency impact).
- Whirlpool Asia net sales dropped 2.3% to $338M (+2%, excluding the currency impact).
- Gross margin rate improved 30 bps to 17.9%.
- SG&A expense rate squeezed 10 bps to 9.9%.
- Adjusted operating margin rate remained constant at 7.9%.
- FY2016 Guidance: Adjusted operating profit: $1.675B to $1.705B; Diluted EPS: $11.50 to $11.75; Adjusted EPS: $14 to $14.25; Free cash flow: ~$700M; Capital expenditure: $650M to $700M.
- Unit shipment growth in FY2016: North America: +3% to +4%; EMEA: Flat to +2%; Latin America: -10% to -12%; Asia: Flat to -2%.
- WHR -4.32% premarket.
Tue, Oct. 25, 6:02 AM
Mon, Oct. 24, 5:30 PM
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Tue, Oct. 18, 10:25 AM
Mon, Oct. 17, 8:33 AM
Tue, Oct. 11, 1:44 PM| Tue, Oct. 11, 1:44 PM | 2 Comments
Thu, Sep. 8, 6:45 PM
- Whirlpool (NYSE:WHR) fell 4% in today's trade after South Korea largely won an appeal ruling at the WTO on Wednesday that puts U.S. anti-subsidy duties on Korean-made washing machines in jeopardy.
- The ruling by the WTO Appellate Body, which is final, reversed part of an earlier ruling that had gone in favor of the U.S. related to the calculation of anti-subsidy duties.
- Following a complaint brought by WHR, the U.S had imposed anti-subsidy duties on washing machines manufactured by South Korea's Samsung Electronics (OTC:SSNLF), LG Electronics (OTC:LGEAF) and Daewoo Electronics.
Thu, Aug. 25, 1:55 PM
Mon, Aug. 22, 11:34 AM
- Whirlpool (WHR +0.2%) announces it broke ground on a factory expansion for its Greenville, Ohio facility.
- The project will nearly double the the size of the complex to around 650K square feet.
- Whirpool is making a $40M investment plant which is part of a larger $80M project to expand facilities across Ohio.
- Source: Press Release
Tue, Aug. 16, 8:44 AM
Mon, Jul. 25, 7:17 AM| Mon, Jul. 25, 7:17 AM | 4 Comments
Fri, Jul. 22, 6:23 AM
- Whirlpool (NYSE:WHR) reports sales rose 3% if the impact of the currency swings is backed out in Q2.
- North America net sales advanced 3.7% to $2.8B (+4% excluding the currency impact).
- Europe, Middle East and Africa net sales declined slightly to $1.3B (flat, excluding the currency impact).
- Whirlpool Latin America net sales fell 3.3% to $826M (+4% excluding the currency impact).
- Whirlpool Asia net sales decreased 4.7% to $363M (flat, excluding the currency impact).
- Gross margin rate improved 120 bps to 18.6%.
- SG&A expense rate down 20 bps to 10.5%.
- Adjusted operating margin rate increased 160 bps to 8.4%.
- FY2016 Guidance: Adjusted operating profit: $1.825B to $1.9B; Diluted EPS: $11.50 to $12; Adjusted EPS: $14.25 to $14.75; Free cash flow: $700M to $800M; Capital expenditure: $700M to $750M.
- Unit shipment growth in FY2016: North America: +5% to +6%; EMEA: Flat to +2%; Latin America: -10%; Asia: Flat Y/Y.