BENTON HARBOR, Michigan — Whirlpool Corp. (WHR) on Wednesday reported net income that declined by 9.6 percent in its second quarter, and missed analysts' expectations.
The Benton Harbor, Michigan-based company said profit fell to $179 million, or $2.25 per share, from $198 million, or $2.44 per share, in the same quarter a year earlier.
Earnings, adjusted for one-time gains and costs, came to $2.62 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $2.88.
The maker of Maytag, KitchenAid and other appliances said revenue declined 1.4 percent to $4.68 billion from $4.75 billion in the same quarter a year ago, and missed Wall Street forecasts. Analysts expected $4.88 billion, according to Zacks.
Whirlpool shares have dropped $13.66, or 8.7 percent, to $143.20 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.3 percent. However, the stock has climbed $12.16, or 9.3 percent, in the last 12 months.