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.