July 23 Whirlpool Corp on Wednesday reported a lower quarterly profit as sales fell in every region except North America. The company also cut its full-year earnings outlook, citing expenses from two pending acquisitions.
The world's largest maker of home appliances posted a second-quarter profit of $179 million, or $2.25 a share, down from $198 million, or $2.44 a share, a year earlier.
Whirlpool, which sells its washers and dryers, stoves, and refrigerators under a variety of brand names including Whirlpool, Maytag, KitchenAid and Jenn-Air, said it had sold $4.7 billion in goods during the quarter, unchanged from a year earlier.
The Benton Harbor, Michigan-based company said sales gains in North America were offset by weakness in the rest of the world, including Latin America, Europe and Asia.
Whirlpool said it now expected to report full-year net earnings of $10.30 to $10.80 a share, down from a previous forecast range of $11.50 to $12.00.
The company said the outlook cut reflected costs associated with its pending acquisitions of majority stakes in Hefei Rongshida Sanyo Electric Co Ltd and Indesit . (Reporting by James B. Kelleher in Chicago; Editing by Lisa Von Ahn)