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Whirlpool Corporation (NYSE: WHR ) shares were higher on Monday as the company received an upgrade from Credit Suisse Group AG (ADR) (NYSE: CS ) early in the day.
Since Memorial Day, prices on appliances have experienced an average of a 5% increase compared to the start of 2018, with washers and dryers making up the largest gains. Additionally, industry sell-through has remained the same, while big box retailers have experienced double-digit increases in comparable sales in the appliance segment.
Whirlpool has started to turn the corner on a global level following a period of losses as the company has renegotiated its retail contracts in Europe and revamped its demand expectations in Europe. The company also expects to recover in the Middle East and Africa during the second half of 2018, while there is also potential in Brazil.
The appliance seller added that its slated to maintain its 2018 guidance in its second-quarter report. Whirlpool projects $1 billion to $1.1 billion in free cash flow in 2018, marking a 50% improvement at the midpoint, which should be enough to aid internal investments and capital return for shareholders, according to Credit Suisse.
WHR stock was up about 2.9% on Monday following the upgrade and the stock is selling at $149.53 per share at the moment.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
