Shares of appliance manufacturer Whirlpool were sharply lower Tuesday after the company posted an earnings miss.
Whirlpool reported first quarter earnings of $2.63 per share excluding items on revenues of $4.62 billion. Analysts had expected earnings of $2.68 a share on revenue of $4.69 billion. Its stock closed down more than 3 percent Tuesday.
While the company saw slightly higher net sales in North America year over year, sales decreased in other regions. Whirlpool reported that sales in the Latin America and the Europe, Middle East and Africa regions decreased 3 and 4 percent, respectively, excluding currency impacts. The company also said it expects shipments in Brazil to fall by 10 percent in 2016.‹ Wall Street could rebound, but earnings hold key BP runs up first-quarter pretax loss of $865M ›
However, in Asia, the company reported a 3 percent year-over-year increase in sales, but said it expects full-year shipments in the region to be flat.
The company also announced an 11 percent dividend increase and a $1 billion share buyback.
Whirlpool shares are up 26 percent year to date.