— Whirlpool Corp. (NYSE: WHR) reported third-quarter 2019 adjusted earnings of $3.97 per share versus $3.89 per share expected.
— The results were favorably impacted by a lower effective tax rate, primarily related to pre-funding of its US pension and other tax planning strategies.
— Net sales fell by 4% to $5.09 billion versus $5.13 billion expected. Organic net sales increased by 2%.
— Sales from North America rose by 0.5% while that from Europe, the Middle East, and Africa decreased by 4%. Latin America sales plunged by 28% while Asia sales increased by 6%.
— For 2019, the company cut unadjusted earnings guidance to the range of $16.80 to $17.55 per share from the prior range of $17.80 to $18.55 per share. The additional product warranty and liability expense was partially offset by adjustments to the Embraco gain on sale calculation.
— The ongoing earnings outlook is reaffirmed to be in the range of $14.75 to $15.50 per share and is trending towards the high-end of the range for the full year.
— For 2019, cash provided by operating activities is still expected to be about $1.4 billion and free cash flow is still predicted to be about $800 million.