(Reuters) – Whirlpool Corp on Monday reported better-than-expected results for the first quarter, mainly on the back of strong demand for its refrigerators and washing machines in North America – its largest market.
Whirlpool, like many consumer products makers, has had to raise prices to combat higher raw material costs and supply chain pressures.
These price increases helped the company post an over 400-basis-point sequential increase in earnings before interest and taxes (EBIT) margin for the North America region in the first quarter.
Shares of the home appliances maker, which also reaffirmed its full-year revenue and adjusted profit forecast, were up 3% after the bell on Monday.
Whirlpool reported an adjusted profit of $2.66 per share for the quarter ended March 31, beating analysts’ estimates of $2.28 per share, according to Refinitiv data.
The company’s net sales fell 5.5% to $4.65 billion, but came ahead of expectations of $4.50 billion.
(Reporting by Anandita Mehrotra and Amna Karimi in Bengaluru; Editing by Shailesh Kuber)