BENTON HARBOR — Despite stagnate revenues, global appliance maker Whirlpool Corp. outpaced financial analysts’ expectations for its second quarter of 2016.
Benton Harbor-based Whirlpool (NYSE: WHR) generated net sales of $5.19 billion during the quarter, which ended June 30. That was flat compared to the $5.2 billion the company earned in the same quarter the previous year.
Despite stagnating sales, the company did report increased earnings per share of $3.50 compared to the $2.50 per share it generated in the second quarter of 2015, according to an earnings statement.
Earnings were boosted this quarter by a 7-percent increase in gross margin to $968 million in Whirpool’s second quarter, compared to $905 million in gross margin the company reported during the same period the prior year.
Whirlpool continues to struggle with global market volatility, particularly in its Latin America market where the company expects 2016 shipments to fall 10 percent over the previous year.
“We are well positioned to deal with continued global volatility and have already deployed strong plans to deliver our goals in a global environment that continues to be challenging,” said Marc Bitzer, president and COO of Whirlpool in the statement.
The company in late June issued a statement reaffirming its guidance to ease investors in the wake of the so-called Brexit vote. In 2016, Whirlpool expects to generate earnings per share between $14.00 per share and $14.75 per share, while reporting cash flow from operations of between $1.4 billion and $1.55 billion.
