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Whirlpool forecasts 2021 profit above estimates

Whirlpool forecasts 2021 profit above estimates

The administrative entrance at the Whirlpool plant in Clyde, Ohio, on Oct 3, 2017. (Photo: REUTERS/Aaron Josefczyk)

NEW YORK: Home appliances maker Whirlpool on Wednesday (Jan 27) forecast 2021 profit above expectations, as demand for its home appliances rose among people stuck at home due to the COVID-19 pandemic.

Demand for large home appliances like refrigerators, washing machines, tumble driers that were traditionally available only in white and are known as white goods, picked up during the COVID-19 pandemic as people diverted their discretionary spending from social activities like traveling into their homes.

Whirlpool said it expects full-year 2021 adjusted profit to be between US$19 per share and US$20 per share, compared to analysts' average estimate of US$19.10, according to IBES data from Refinitiv.

Net earnings available to the company in the fourth quarter ended Dec 31 rose to US$497 million, or US$7.77 per share, from US$288 million, or US$4.52 per share, a year earlier.

Net sales rose to US$5.80 billion from US$5.38 billion, a year earlier.

Source: Reuters

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