Whirlpool (WHR) Misses Q2 EPS by 19c, Offers Outlook

Whirlpool (NYSE: WHR) reported Q2 EPS of $3.35, $0.19 worse than the analyst estimate of $3.54. Revenue for the quarter came in at $5.3 billion versus the consensus estimate of $5.35 billion.

The Board of Directors approved an additional $2 billion share repurchase authorization, bringing the Company's total authorization to $2.35 billion; the Company intends to continue repurchasing stock throughout the remainder of 2017.

GUIDANCE:

Whirlpool sees FY2017 EPS of $14.50-$15.00, versus the consensus of $15.13.

For the full-year 2017, the Company now expects to generate cash from operating activities of $1.65 to $1.7 billion and continues to expect to generate free cash flow(3) of approximately $1 billion. Included in this guidance are primarily acquisition-related restructuring cash outlays of up to $165 million, legacy product warranty and liability costs of $70 million, pension contributions of $45 million and, with respect to free cash flow(3), capital spending of $650 to $700 million.

For the full-year 2017, Whirlpool Corporation now expects GAAP earnings per diluted share of $12.40 to $12.90 and ongoing business earnings per diluted share(1) of $14.50 to $15.00.

"Our strong free cash flow generation gives us ample flexibility to effectively execute our balanced capital allocation strategy," said Fettig. "We plan to continue returning strong levels of cash to our shareholders through our increased dividend and $2.35 billion share repurchase authorization."

(Updated with buyback info)

For earnings history and earnings-related data on Whirlpool (WHR) click here.

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