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3 Stocks Swing on Friday

Shares of Whirlpool Corp. (NYSE:WHR) gained 0.4% on Friday after the company posted first-quarter results. Revenue declined 9% from the prior-year quarter to $4.33 billion, beating expectations by $30 million. The company posted earnings of $2.82 per share, topping estimates.

"Whirlpool has a 108-year history of leading through challenges, and we are leveraging our leadership position to support our employees, consumers, and communities during this difficult time, while driving our business forward" CEO Marc Bitzer said."Our strong performance in the first quarter reflects the hard work of our employees, our relentless focus on delivering on our commitment to consumers, and the resilience of our business. Our fixed cost discipline and strong liquidity position enable us to weather this crisis and emerge in a position of strength. Ultimately, we believe the underlying momentum we saw early in the quarter will return, and we are well prepared to win in the economic recovery."


For the quarter, the GAAP net earnings margin was 3.5%, down from 9.9%, due to a favorable impact of a $127 million gain related to a Brazil indirect tax credit and other favorable tax items.

The ongoing (non-GAAP) EBIT margin of 6.1% declined 20 basis points from the prior-year period due to aggressive cost actions.

In North America, the Ebit margin was 11.9% of sales, down from 12.3% in the prior-year period as cost discipline offset negative prices.

In Europe, the Middle East and Africa, the Ebit margin was -1.7% of sales, compared to -2.1% a year ago, and in Latin America, the margin was flat.

Looking at the financial position, the company showed strong liquidity, holding a cash balance of $2.8 billion as of March 31.

Looking to full-year 2020, the company expects a net sales decline of approximately 13% to 18%. It also plans to take specific actions like: adjusting supply chain and labor levels to match demand environment, reduce structural and discretionary costs and efficiently manage working capital.

During the quarter ended Dec. 31, Charles Brandes (Trades, Portfolio) reduced his holding by 6% to 27,251 shares, while Ray Dalio (Trades, Portfolio) opened a new position with 23,056 shares and Ken Heebner (Trades, Portfolio) sold out of the stock.

Shares of The Clorox Co. (NYSE:CLX) jumped more than 3% after reporting third-quarter revenue of $1.78 million and earnings of $1.89 per share. The company beat earnings estimates by 22 cents and revenue expectations by $90 million.

In the trimester, the gross margin rose 330 basis points to 46.7% from 43.4% in the year-ago quarter. This increase was fueled by double-digit volume growth and a strong cost savings plan.

On a year-to-date basis, net cash generated by operations was $806 million, compared to $603 million in the year-ago period.

For the full year, the company expects sales growth in the range of 4% to 6% and organic sales to increase 6% to 8%. It also projected diluted earnings per share in the range of $6.70 to $6.90, a 6% to 9% increase versus year ago.

During the first quarter of 2020, Ken Fisher (Trades, Portfolio) trimmed his holding by 55% to 9,669 shares.

Shares of United States Steel Corp. (NYSE:X) fell more than 2%, after reporting first-quarter revenue of $2.75 million and a loss of 73 cents per share. It beat analyst's earnings estimates by 9 cents, but fell $40 million short of revenue expectations.

"Our goal during these unprecedented circumstances is to protect lives and livelihoods, which means keeping our employees and communities safe and healthy and the business resilient," President and CEO David B. Burritt said. "Over the past several weeks, we have announced a series of actions in response to the coronavirus pandemic (COVID-19) and the significant changes in the global oil and gas markets. We continue to serve customers and the stakeholders who count on us as an essential business."

During fourth-quarter 2019, Dalio Paul Tudor Jones (Trades, Portfolio) and Philippe Laffont established positions in the stock.

Disclosure: The author holds no position in any stocks mentioned.

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This article first appeared on GuruFocus.