Shares of Whirlpool Corp. (NYSE: WHR) were down 15.3% as of 3:00 p.m. EDT Thursday after the home appliance leader lowered its full-year earnings guidance despite posting better-than-expected third-quarter results.

Whirlpool's third-quarter 2023 revenue grew 3% year over year to $4.926 billion, translating to adjusted (non-GAAP) earnings of $5.45 per share. Analysts, on average, were only expecting earnings of $4.25 per share on revenue of $4.79 billion.

Whirlpool also confirmed that its pending deal to divest much of its European operations has been approved by the European Commission, Germany, Austria, and China and is expected to close by April 2024. Once complete, Whirlpool expects the transaction will help expand margins by around 150 basis points and increase annual free cash flow by $250 million.

Continue reading

Source Fool.com