Appliance maker Whirlpool Corporation ( WHR
The Benton Harbor, MI-based company reported first quarter net income of $164 million, or $2.13 per share, compared with $68 million, or 91 cents per share, in the year-ago period.
Revenue surged 20% from last year, to $4.27 billion.
On average, Wall Street analysts expected a much smaller profit of $1.33 per share, on significantly lower revenue of $3.79 billion.
Looking ahead, the company raised its full-year earnings guidance to a range of $8 to $8.50 per share, compared with a prior outlook of $6.50 to $7 per share. Analysts currently expect $7.08 per share for the year.
Whirlpool shares jumped $10.28, or +10%, in premarket trading Monday.
The Bottom Line
Shares of WHR have a dividend yield of 1.68%, based on Friday's closing stock price of $102.22. The stocj has technical support in the $90-$92 price area. If the shares can continue to gain momentum, we see overhead resistance around the $110 price level. We would remain on the sidelines for now.
Whirlpool Corporation ( WHR ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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