Whirlpool misses by $0.13, beats on revs; reaffirms FY14 EPS guidance
Reports Q1 (Mar) earnings of $2.20 per share, $0.13 worse than the Capital IQ Consensus Estimate of $2.33; revenues rose 2.7% year/year to $4.36 bln vs the $4.29 bln consensus.
- Co reaffirms guidance for FY14, sees EPS of $12.00-12.50 vs. $12.31 Capital IQ Consensus Estimate.
- Whirlpool North America reported first-quarter net sales of $2.3 billion compared to $2.2 billion in the same prior-year period, an increase of over 4 percent.
- Whirlpool Europe, Middle East and Africa reported first-quarter net sales of $720 million compared to $668 million in the same prior-year period. Excluding the impact of currency, sales increased ~ 4 percent.
- Whirlpool Asia reported first-quarter net sales of $166 million compared to $187 million in the same prior-year period. Excluding the impact of currency, sales decreased approximately 4 percent.
- Guidance Details: For the full-year 2014, the company expects to generate free cash flow of approximately $700 million. Included in this guidance are restructuring cash outlays of up to $150 million, capital spending of $625 million to $675 million and U.S. pension contributions of ~$160 million.