Whirlpool forecasts strong 2021 profit earnings, based on strong North American demand

Basing itself on its quarterly earnings, which beat estimates based on strong demand for its home appliances from people stuck at home due to the coronavirus-induced COVID-19 pandemic, Whirlpool Corp has forecast a 2021 profit above analysts’ expectations.

Demand for its large appliances, including washing machines, refrigerators, and tumble driers, picked up during the COVID-19 pandemic.

“As we enter into 2021, we continue to see signs of economic recovery – such as positive demand and encouraging structural housing trends,” said Marc Bitzer Whirlpool’s CEO.

Whirlpool, which owns brands including Maytag and KitchenAid, said it expects full-year 2021 adjusted profit to be between $19 per share and $20 per share, the midpoint of which is above analysts’ average estimate of $19.10. It also expects a free cash flow of $1 billion or more in 2021 and expects a rise of 6% in its net sales.

Its net earnings have jumped by 72.6% in the fourth quarter ended December 31 to $497 million from $288 million.

Sales in North America, its’s biggest market, also rose.

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