Whirlpool Corp (NYSE:WHR) sank almost 10% to US$143.96 despite the domestic appliance maker unveiling better than expected earnings in the third quarter.
The firm posted a net profit of $235 million up from year-earlier earnings of $230 million, while earnings from ongoing operations rose to $3.45 a share, well above the $3.29 analysts predicted.
But net sales came in at US$5.3 billion compared to $4.8 billion during the same prior-year period, an increase of more than 9%, but still shy of analyst estimates of US$5.41 billion.
This was due to the effect of unfavourable foreign exchange rates, the firm said.
Continued weakness in Latin America caused the group to alter its full-year guidance, with it now expected to earn between $12 and $12.50 a share this year, compared to an earlier range of $12 to $13.
"We are pleased with the strong financial results we delivered in the third quarter," said Jeff M. Fettig, chairman and chief executive.
"Our operating plans and focused execution delivered another quarter of record revenues, operating profit and earnings in spite of a challenging operating environment in several key emerging markets."