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Whirlpool sales rise 32% in Q2, appliances maker raises guidance

Whirlpool sales rise 32% in Q2, appliances maker raises guidance

Whirlpool Corp. late Wednesday reported a 32% increase in quarterly sales and said it was raising its 2021 guidance on continued demand for its kitchen and laundry appliances.

Whirlpool
WHR,
+1.91%
said it earned $581 million, or $9.15 a share, in the second quarter, compared with $30 million, or 47 cents a share, in the year-ago period. Sales rose to $5.3 billion from $4 billion a year ago.

Analysts polled by FactSet had expected the appliances maker to report earnings of $6.18 a share on sales of $5.02 billion.

The company said it expects GAAP per-share earnings of about $26.95 for the full year 2021 and to have a free cash flow of $1.7 billion for the year.

It called for full-year net sales growth between 16% and 13%.

The guidance increase reflects “the strength of our business driven by sustained consumer demand and the successful implementation of our previously announced cost-based pricing initiatives,” Chief Executive Marc Bitzer said in a statement.

The stock fell in the extended session, however, dipping more than 1% after ending the regular trading day up 1.9%. Whirlpool shares have gained 20% so far this year, outperforming gains of 16% for the S&P 500 index
SPX,
+0.82%
in the same period.

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Julia Mangels

Julia has handled various businesses throughout her career and has a deep domain knowledge. She founded Stock Market Pioneer in an attempt to bring the latest news to its readers. She is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

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