Whirlpool (NYSE: WHR) reported Q2 EPS of $3.20, $0.49 worse than the analyst estimate of $3.69. Revenue for the quarter came in at $5.1 billion versus the consensus estimate of $5.29 billion.

"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," said Marc Bitzer, chief executive officer of Whirlpool Corporation. "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."

OUTLOOK

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(1) 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.

For the full-year 2018, the Company now expects to generate cash from operating activities of approximately $1.5 billion and free cash flow(4) of approximately $850 million. Included in this guidance are restructuring cash outlays of up to $300 million, pension contributions of $35 million and, with respect to free cash flow(4), capital spending of approximately $675 million.

"We expect to drive margin expansion and improved cash conversion this year through positive price/mix and strong actions in EMEA,\" said Jim Peters, chief financial officer of Whirlpool Corporation. "We remain committed to our long-term value creation strategy, and will continue to fully invest in our business as we execute our balanced approach to capital allocation."

GUIDANCE:

Whirlpool sees FY2018 EPS of $14.20-$14.80, versus the consensus of $15.63.

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