Whirlpool Corp. trimmed its first-quarter profit guidance as the coronavirus outbreak damps sales of household appliances in Asia and Europe.
The company said Friday that slower sales and supply chain-disruptions from the virus will reduce pretax income from Asia and Europe by $25 million to $40 million for the quarter. That translates into 30 cents to 50 cents in earnings per share, according to a Raymond James & Associates estimate. Analysts expect the company to earn $3.33 a share in the first quarter ending in March.
Whirlpool said its sales and supply chain in China and elsewhere in Asia will be “significantly impacted by the virus until at least the end of the first-quarter. Whirlpool predicted a virus outbreak in northern Italy, where it has operations, would hurt sales there, too.
Whirlpool didn’t amend its 2020 profit guidance though. Many companies remain optimistic that a bounce back in sales later in the year will offset the weak first-quarter performance.
The Benton Harbor, Mich., company said North America and Latin AmericaWhirlpool’s two biggest marketshave seen just minor disruptions so far in supply chains that can be attributed to the virus.
