Whirlpool Tumbles After Profit Trails Analysts' Expectationsby
Whirlpool Corp. fell the most in six months after first-quarter profit trailed analysts’ estimates, hurt by a strong dollar that’s reducing overseas sales.
Profit rose to $2.63 a share, excluding some items, the Benton Harbor, Michigan-based company said Tuesday in a statement. Analysts projected $2.68, on average. Sales fell 4.7 percent to $4.62 billion, missing analysts’ $4.69 billion average projection.
Whirlpool is among American manufacturers that are being hampered by the dollar’s strength, which reduces the values of revenue generated abroad. Excluding the effect of currencies, sales would have increased 1 percent.
The shares fell as much as 8 percent to $171.20 in New York, the biggest intraday decline since October. Whirlpool had advanced 27 percent this yea through Monday.