Home appliance leaders Whirlpool Corp. (WHR) and Mohawk Industries Inc. (MHK) posted mixed results this week as the former sees its shares incline despite an earnings miss and the later slipped on weak guidance and sales numbers.
Home, kitchen and laundry appliances company Whirlpool Corp. has seen its shares spike this week despite posting weaker-than-expected first-quarter earnings on April 24. The Benton Harbor, Mich.-based manufacturer posted adjusted earnings of $2.50 per share, down 4.9% year over year (YOY) and missing the consensus estimate of $2.65.
The maker of Maytag and KitchenAid brands reported quarterly revenue of $4.79 billion, representing a 3.7% increase over last year and above to the Street’s estimates for $4.75 billion. The company secured solid gains in all major markets expect EMEA, in which revenues declined 16.7% due to supply chain disruption from integration complexity and weakened demand in the U.K. Moving forward, the company cut FY17 guidance to $13.03 at the midpoint from the $13.75 previously forecast, on ongoing temporary integration challenges in the EMEA region.
Earnings come as Whirpool’s plant in Amiens, France, become a focus in the debate on globalization amidst France’s heated election campaign.
Global flooring manufacturer Mohawk Industries has seen its shares decline about 2.8% on Friday after posting in-line first quarter earnings. The Calhoun, Ga.-based company, which produces floor covering for residential and commercial applications across North America and Europe, posted an adjusted profit of $2.72 per share, in line with the Street’s estimates and reflecting a 14% increase YOY.
In Q1, the flooring maker posted revenue up 2% versus the prior year to $2.22 billion, below analysts’ forecasts for $2.27 billion. Guidance for the current quarter also missed the Street’s forecasts, as management expects EPS in the range of $3.53 to $3.62 as the company finalizes four acquisitions it says will broaden its product offerings. (See also: Consumer Staples Disappoint This Week.)