Whirlpool Reaffirms Guidance
Consumer appliance maker
Whirlpool
(WHR) - Get Report
affirmed its full-year 2004 earnings guidance on Wednesday, following the recent run-up in steel prices.
The company expects to earn $6.20 to $6.35 a share, safely above the consensus estimate of $6.17 a share, according to Thomson First Call.
Whirlpool said it made the announcement to "address potential concerns in the financial markets over the recent reports of significant increases in U.S. steel prices and raw materials, and the earnings implications." The company said its strategy of procuring extended supply commitments would help it avoid any "negative swings" in manufacturing costs.
In 2003, Whirlpool had a profit of $414 million, or $5.91 a share, on continuing operations, slightly more than analysts' expectations. Revenue rose 11% to $12.18 billion.
Recently, shares were up 15 cents, or 0.2%, to $70.03.