Whirlpool (NYSE:WHR) reported its quarterly earnings results after hours Monday, bringing in adjusted earnings that handily topped expectations, playing a role in WHR stock skyrocketing after the bell.
The Benton Harbor, Mich.-based home appliances maker said that for its first quarter of the fiscal 2019, it amassed net income of $471 million, or $7.31 per share. This was about 401% higher than the company’s net income during the same quarter in its fiscal 2018, when it brought in $94 million, or $1.30 per share.
On an adjusted basis, Whirlpool said it brought in earnings of $3.11 per share, which was about 25 cents higher than the Wall Street consensus estimate, as analysts surveyed by FactSet predicted adjusted earnings of $2.86 per share.
It was less of a positive period on the revenue front as the business raked in sales of $4.76 billion for the first three months of its 2019, more than 3% below its revenue of $4.76 billion from the same period in 2018. Analysts were calling for Whirlpool to bring in revenue of $4.83 billion, according to data compiled by FactSet.
For its fiscal 2019, the appliances company says it projects unadjusted earnings in the range of $14.05 to $15.05 per share. The midpoint guidance of $14.55 per share is well ahead of the Wall Street unadjusted earnings outlook of $13.38 per share.
WHR stock is up about 9.2% after the bell Monday following the company’s strong quarterly earning showing. Shares had been gaining roughly 0.2% during regular trading hours.
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