NEW YORK (TheStreet) -- Shares of Whirlpool (WHR) - Get Report were falling 10.56% to $152.56 on heavy trading volume mid-Tuesday morning after the home appliances company reported weaker-than-expected 2016 third quarter results and a downbeat full-year earnings outlook.
Before the market open, the Benton Harbor, MI-based company posted adjusted earnings of $3.66 per diluted share, lower than analysts' estimates for earnings of $3.86 per share.
Revenue of $5.25 billion fell short of Wall Street's projections of $5.32 billion.
In the same quarter last year, Whirlpool reported adjusted earnings of $3.45 per diluted share on revenue of $5.28 billion.
Whirlpool anticipates 2016 full-year adjusted earnings between $14.00 per share and $14.25 per share, below the company's prior view of earnings per share between $14.25 and $14.75. Analysts are looking for adjusted earnings of $14.61 per share for 2016.
CEO Jeff Fettig said the company faced a "challenging external environment" in the third quarter, but was able to leverage its "leading brands, innovative new products and a continued focus on cost productivity," according to a company statement.
By mid-morning Tuesday, more than 957,000 Whirlpool shares have traded hands vs. the 30-day average volume of about 801,000 shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, notable return on equity and good cash flow from operations. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
You can view the full analysis from the report here: WHR