Whirlpool’s stock drops more than 5% on lowered guidance

Shares of Whirlpool Corp.
WHR,
-1.13%
dropped more than 5% in the extended session Wednesday after the appliances maker beat Wall Street expectations for its third quarter but lowered its per-share earnings guidance for the year. Whirlpool said it earned $83 million, or $1.53 a share, in the quarter, compared with $143 million, or $2.60 a share, in the year-ago quarter. Adjusted earnings came in at $5.45 a share. Sales rose 3% to $4.93 billion, from $4.78 billion a year ago, on “strong replacement and builder demand in North America,” the company said. Analysts polled by FactSet had expected adjusted earnings of $4.27 a share on sales of $4.79 billion. Whirlpool, however, revised its full-year GAAP and adjusted per-share earnings to about $9 and $16, respectively, from a previous expectation of up to $15 a share and up to $18 a share.