BENTON HARBOR, Mich. (AP) — Whirlpool's first-quarter net income fell 37 percent from results a year earlier that were bolstered by U.S. energy tax credits.
Adjusted earnings for the appliance maker — whose brands include Maytag, KitchenAid and its namesake — missed Wall Street estimates.
But revenue beat expectations, rising in North America and Europe, the Middle East and Africa. Latin American sales were flat, while sales in Asia declined.
Whirlpool earned $160 million, or $2.02 per share, for the three months ended March 31. A year earlier the Benton Harbor, Mich., company earned $252 million, or $3.12 per share.
The year-ago period included a $1.04 per share benefit from U.S. energy tax credits.
Removing restructuring costs and other items for the latest period, earnings were $2.20 per share.
Analysts, on average, expected earnings of $2.32 per share, according to a FactSet survey. The estimates typically exclude one-time items.
Revenue increased 3 percent to $4.36 billion from $4.25 billion, beating Wall Street's prediction of $4.29 billion.
Whirlpool Corp. maintained its forecast for full-year adjusted earnings of $12 to $12.50 per share. Analysts foresee $12.31 per share.
Its shares edged up 60 cents to $155.26 in afternoon trading. They have risen more than 32 percent over the past year.