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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,
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,
in the same period.
