Whirlpool Corp. reported a 32% increase in quarterly revenue late Wednesday and said it was raising its expectations for 2021 due to continued demand for its kitchen and laundry appliances.
said it earned $581 million or $9.15 per share in the second quarter, compared to $30 million or 47 cents per share in the same period a year ago. Revenue rose to $5.3 billion from $4 billion a year ago.
Analysts polled by FactSet had expected the device maker to report earnings of $6.18 a share on revenue of $5.02 billion.
The company said it expects GAAP earnings per share of approximately $26.95 for the full year 2021 and free cash flow of $1.7 billion for the year.
It advocated full-year net sales growth of between 16% and 13%.
The rise in expectations reflects “the strength of our business, driven by continued consumer demand and the successful implementation of our previously announced cost-based pricing initiatives,” CEO Marc Bitzer said in a statement.
However, the stock fell during the extended session and fell more than 1% after ending the regular trading day up 1.9%. Whirlpool shares have gained 20% so far this year, outperforming the 16% gain for the S&P 500 index SPX,
in the same period.