Whirlpool Posts Better-Than-Expected Second-Quarter Results
Home appliance company Whirlpool (NYSE: WHR) delivered some major positive surprises in its second-quarter earnings report yesterday, outdoing analyst expectations in several key metrics. According to Barron's, the manufacturer of washers, dryers, stoves, and refrigerators sold $400 million more than experts anticipated, with $3.6 billion in estimated net sales outpaced by $4.04 billion in actual profits. The company also delivered $2.15 adjusted earnings per share (EPS), more than double the consensus $0.96.
The earnings press release noted the COVID-19 pandemic reduced Whirlpool's sales and revenue, but the negative impact was "mitigated by significant and decisive cost actions." Additionally, late in June after the worst of the pandemic's effects abated, the company had approximately $2.5 billion in cash on hand, giving it good liquidity for continued operations.
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Source Fool.com
