Dividend.com: Whirlpool Not Whirring

Whirlpool Cuts Guidance, Jobs

Whirlpool(WHR Quote) just announced that its net earnings in the third quarter fell 7% to $163 million, as sales rose 1% to $4.9 billion.

The company said it expected appliance shipments in North America to fall about 10% in 2008, compared with a previous forecast of a 6% to 7% drop. The company is doing well overseas as sales rose 9% in Europe, 22% in Latin America and 11% in Asia. The company will eliminate 7% of its workforce by the end of 2009 because of the weakening global economy.

As for its outlook, the company is revising its full-year earnings lower to a full-year profit of $5.75 to $6 a share, down from its previous forecast of $7 to $7.50.

We had removed shares of WHR back on Oct. 6, when shares traded at $71.13. The company has a dividend yield of 3.44%, based on last night's closing stock price of $50.03. The consumer spending slowdown is crushing the company here in the states. We think the stock may test technical levels in the $38 to $40 range if the market continues to correct. We would wait to see shares stabilize a bit before jumping in.

Whirlpool is not recommended at this time, holding a Dividend.com Rating of 3.1 out of 5 stars.

Teleflex Sees Benefits from Acquisitions

Teleflex(TFX Quote) reported after the bell yesterday that its revenue for the quarter grew 30% to $595.9 million, with the help of acquisitions and favorable currency moves.