Global home appliance manufacturer and retailer Whirlpool Corp reported better-than-expected first-quarter results after the New York market close on Monday, driven by strong demand for refrigerators and washing machines in North America, its largest market. As a result, the share price rose in after-hours trading.
Like many consumer goods manufacturers, Whirlpool has had to raise prices to cope with higher raw material costs and supply chain pressures.
These price increases helped the company’s earnings before interest and tax (EBIT) margin increase sequentially by more than 400 basis points in North America in the first quarter.
Shares of the appliance maker (NYSE:WHR), which also reaffirmed full-year revenue and adjusted earnings projections, closed 0.23% lower at $140.70 in regular New York trading on Monday, but rose 3.53% to $145.67 in after-hours trading after the earnings release.
According to Refinitiv data, Whirlpool reported adjusted earnings of $2.66 per share for the quarter ended March 31, beating analysts’ expectations of $2.28 per share.
Net sales declined 5.5% to $4.65 billion, but beat market expectations of $4.5 billion.