Whirlpool misses by $0.07, beats on revs; guides FY14 EPS in-line
Reports Q4 (Dec) earnings of $2.97 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus Estimate of $3.04; revenues rose 6.2% year/year to $5.09 bln vs the $5.01 bln consensus.
Co issues in-line guidance for FY14, sees EPS of $12.00-12.50, excluding non-recurring items, vs. $12.26 Capital IQ Consensus Estimate. "We will continue to invest in our long-term growth strategy...We expect continued revenue growth and margin expansion (Capital IQ consensus +4.4% rev growth), and are on track to deliver our shareholder value creation targets."
Whirlpool North America reported fourth-quarter sales of $2.7 billion compared to $2.5 billion in the prior year, an increase of approximately 9 percent.
Whirlpool Europe, Middle East and Africa reported fourth-quarter sales of $847 million compared to $794 million in the prior year. Excluding the impact of currency, sales increased approximately 1 percent.
Whirlpool Latin America reported fourth-quarter sales of $1.4 billion, compared to $1.3 billion in the prior year. Excluding currency and BEFIEX tax credits, sales increased more than 8 percent.
Whirlpool Asia reported fourth-quarter sales of $177 million compared to $203 million in the prior year. Excluding the impact of currency, sales decreased approximately 7 percent primarily driven by industry weakness in India.