(Reuters) – Home appliances maker Whirlpool Corp on Wednesday forecast 2021 profit above expectations, as demand for its home appliances rose among people stuck at home due to the COVID-19 pandemic.
Demand for large home appliances like refrigerators, washing machines, tumble driers that were traditionally available only in white and are known as white goods, picked up during the COVID-19 pandemic as people diverted their discretionary spending from social activities like traveling into their homes.
Whirlpool said it expects full-year 2021 adjusted profit to be between $19 per share and $20 per share, compared to analysts’ average estimate of $19.10, according to IBES data from Refinitiv.
Net earnings available to the company in the fourth quarter ended Dec. 31 rose to $497 million, or $7.77 per share, from $288 million, or $4.52 per share, a year earlier.
Net sales rose to $5.80 billion from $5.38 billion, a year earlier.
(Reporting by Shreyasee Raj; Editing by Vinay Dwivedi)
