WASHINGTON (dpa-AFX) - Whirlpool Corp. (WHR) announced, for the full-year 2018, the company now expects GAAP earnings per diluted share of $0.15 to $0.75 and ongoing earnings per diluted share of $14.20 to $14.80, as favorable product price/mix and share repurchases are expected to be more than offset by lower global revenue growth, increased expectations for global cost inflation, and weaker than expected performance in the EMEA region. In April, the company projected fiscal 2018 ongoing earnings per diluted share of $14.50 to $15.50.
For the full-year 2018, the company now expects to generate cash from operating activities of approximately $1.5 billion and free cash flow of approximately $850 million. In April, the company projected cash from operating activities of approximately $1.7 billion to $1.8 billion and free cash flow of approximately $1.0 billion to $1.1 billion.
Second-quarter ongoing earnings per diluted share were $3.20, compared to $3.35 in the same prior-year period. Second-quarter net sales were $5.1 billion, compared to $5.3 billion in the same prior-year period. Excluding the impact of currency, sales decreased 4.5 percent.
'We are pleased to deliver margin expansion in a very challenging cost environment, driven by strong North America margins and significant global price/mix improvement during the second quarter. Despite these positives, our performance in EMEA was below expectations. As a result, we are taking strong actions to improve our operational execution, and remain confident that we will deliver value for our shareholders in the coming quarters,' said Marc Bitzer, CEO of Whirlpool Corp.
Shares of Whirlpool Corp. were down more than 9% after hours.
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