Brexit turmoil sees Whirlpool cut annual profit forecast

Whirlpool cut its annual profit forecast after results fell well short of estimates in the third quarter, hurt by sluggish sales in the US and Brexit-inspired turmoil in the UK.

The appliance giant now expects earnings of $14 to $14.25 a share this year, according to a statement on Tuesday.

Whirlpool had previously forecast a range as high as $14.75.The company, which sells appliances under brands such as KitchenAid and Maytag, cited a "challenging" environment in the US for hampering sales. The UK's vote to leave the European Union – and subsequent impact on the pound – also took a toll on results, the Benton Harbor, Michigan-based company said. The shares had been up 16 per cent this year through Monday's close.

Whirlpool posted earnings of $3.66 a share in the third quarter, missing the $3.86 projected by analysts. Sales fell to $5.25 billion, compared with an average estimate of $5.32 billion.

–(Bloomberg)