News Column

Whirlpool reaffirms full-year forecast; shares up

May 12, 2014

The Associated Press

BENTON HARBOR, Mich. (AP) Shares of Whirlpool rose Monday after the appliance maker reaffirmed full-year earnings forecast, despite evidence this year that the housing market has cooled.

Average U.S. rates on fixed mortgages fell last week, the second week in a row, in a lethargic start to the traditional home-buying season. The end of what has been a long stretch of terrible winter weather does not seem to be fueling a bounce-back in the market, and Whirpool's optimism appeared to have settled some nerves.

The Benton Harbor company said that it will back its earlier guidance when it presents at the J.P. Morgan Homebuilding & Building Products Conference on Wednesday. That sent shares up more than 2 percent to $155.07 in afternoon trading. Shares are down more than 1 percent this year, but have soared over the past 52-weeks and remain close to the all-time high reached in early January.

Whirlpool in late April projected annual earnings of between $12 and $12.50 per share on an adjusted basis. Analysts polled by FactSet anticipate earnings of $12.34 per share. Shares rose $3.63, more than 2 percent, to $155.16 by midday Monday.

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Source: Associated Press

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