By James B. Kelleher
(Reuters) - Whirlpool Corp (N:WHR) on Wednesday reported a lower-than-expected quarterly profit as sales fell in every region except North America. The company also cut its full-year earnings outlook, citing expenses from two pending acquisitions.
The news sent shares of Whirlpool, the world's largest maker of home appliances, down as much as 5.5 percent.
The company posted second-quarter earnings of $179 million, or $2.25 a share, down from $198 million, or $2.44 a share, a year earlier.
That was well below the $2.91-a-share profit that analysts had expected, according to Reuters estimates.
Whirlpool, which sells its washers and dryers, stoves, and refrigerators under its own name as well as brands including Maytag, KitchenAid and Jenn-Air, said it had sold $4.7 billion in goods during the quarter, unchanged from a year earlier.
The Benton Harbor, Michigan-based company said sales gains in North America were offset by weakness in the rest of the world, including Latin America, Europe and Asia.
"The U.S. did very well, but if you look at all the other regions, they're down," said S&P Capital IQ equity analyst Efraim Levy.
Whirlpool said it now expected to report full-year net earnings of $10.30 to $10.80 a share, down from a previous forecast range of $11.50 to $12.00.
The company said the outlook cut reflected costs associated with its pending acquisitions of majority stakes in Hefei Rongshida Sanyo Electric Co Ltd (SS:600983) and Indesit (MI:IND).
Whirlpool shares were down 4.4 percent at $136.84 in morning trading after falling as low as $135.37 earlier in the session.
(Reporting by James B. Kelleher in Chicago; Editing by Lisa Von Ahn)