Whirlpool's profit rises, but stays below the expectation

Whirlpool, Brastemp and Consul marks SP in Brazil, announced quarterly profit less than expected and reduced projections for the year, after currency effects and weaker demand in the Brazilian market affect sales.
In the first quarter of the year, the company had net income of $ 191 million ($ 2.38 per share), greater than the gain of $ 160 million (US $ 2.02 per share) recorded in the same period in 2014. With adjustments, however, the earnings per share shrank to $ 2.14, to $ 2.20.
Revenue reached a record $ 4.85 billion in the period, with an increase of 11% compared with $ 4.4 billion a year earlier.
Disregarding currency fluctuations and tax credits in Brazil, sales rose 23%, thanks mainly to acquisitions, the company said.
Despite the improvement, the results came in below expectations. Analysts queried by Thomson Reuters forecast adjusted profit of $ 2.34 per share and sales of $ 5.1 billion. Around 8:0 (Eastern), Whirlpool's shares had sharp drop of 3.96% in pre-market on New York.
According to the trend of appreciation of the dollar and the market in Brazil, Whirlpool also decreased its forecast of earnings per share in 2015, to a range of $ 12 to $ 13, from a previous range of $ 14 to $ 15 and under $ 13.91 designed by analysts. Source: Dow Jones Newswires.