Whirlpool beats expectations on adjusted EPS; sets 2023 revenue target

By Liz Moyer

Investing.com -- The home appliance maker Whirlpool Corporation (NYSE:WHR) beat expectations for fourth-quarter revenue but fell short of revenue forecasts.

Whirlpool reported fourth-quarter adjusted earnings per share of $3.89, beating the average analyst estimate of $3.26. Revenue for the quarter came in at $4.92 billion compared with the consensus estimate of $5.07B. Revenue was a drop of 15.3% from the same quarter a year ago. The company had earlier warned about a supply chain disruption that would affect its fourth-quarter results.

The company forecast full-year 2023 revenue of $19.4B, which would be down 1% to 2% from the prior year. It also gave an expected range for EPS for 2023 of $16 to $18. Analysts had been expecting $16.33 a share for this year.

The company also said actions it had taken on costs and easing prices on raw materials should be a boost this year. "In 2023 we will reset our cost structure and expect to deliver $800 - $900 million of cost benefit,” said CEO Marc Bitzer in a statement. “This new cost structure, combined with the expected demand recovery during the second half of the year has Whirlpool well positioned to deliver sustained shareholder value.”

Shares of Whirlpool rose 1.6% in after-hours trading. They are up 8.5% so far this year.