Home appliances manufacturer, Whirlpool Corporration(WHR) reported on Tuesday that they have raised their 2012 profit outlook due to higher pricing on their products.
The Benton Harbor, MI based company, reported profit of $74 million, or 94 a share, compared with $177 million, or $2.27 a share from last year.
The company reported revenue of $4.5 billion, missing analysts expectations of $4.58 billion.
WHR reported higher than expected profit for the quarter on Tuesday, resulting from increased prices on their products. The increased profit raised their share price by 1.4% to $87.50.
For 2012, Whirlpool is expecting earnings of $6.90 to $7.10 a share, an increase from previous expectations of $6.50 to $7.00.
Whirlpool shares were up $1.73, or 2% during premarket trading Tuesday.
The Bottom Line
Shares of Whirlpool (WHR) have a 2.32% dividend yield, based on last night’s closing stock price of $86.31. The stock has technical support in the $76-$78 price area. If the shares can firm up, we see overhead resistance around the $90-$93 price levels.
Whirlpool Corporation(WHR) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
FREE Dividend Stock Newsletter
Get the Dividend.com email newsletter to receive:
- A free copy of our acclaimed report, 5 Rules of Winning Dividend Stock Investing
- Free daily investing tips and picks from Dividend.com CEO Paul Rubillo
- Tons of great market analysis and recommendations