Whirlpool Corp. cut its financial forecast for the year and offered a weak forecast for 2015, citing integration costs related to recent acquisitions.
The world’s largest home-appliance manufacturer by sales said it now expects to close the year with a profit of $8 to $8.20 a share, down from $9.40 to $9.90 a share, largely due to the impact of new laundry products and costs associated to the integration of Italy’s Indesit Co. and Chinese home-appliances maker Hefei Rongshida Sanyo.
In 2015, Whirlpool said it expects to make $10.75 to $11.75 a share, including integration costs and a pension-settlement charge.
Analysts surveyed by Thomson Reuters projected a profit of $11.65 a share for 2014 and $14.50 for 2015.
The release comes ahead of Whirlpool’s Investor Day on Wednesday.
The Benton Harbor, Mich., company’s majority stakes in both companies mark its bold expansion in Europe and Asia. Whirlpool is expected to double sales in both markets.
On Monday, however, Whirlpool didn’t release a sales forecast.
Shares rose 1% to $185.88 in recent after-hours trading.
Through Monday’s closing, the company’s stock was up 17% for the year.
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