Whirpool Corporation (NYSE:WHR) announced its first-quarter earnings after the bell Monday, missing Wall Street estimates.
The Michigan-based company reported first-quarter net income US$2.81 per diluted share on revenue of US$4.9bln, compared with net income of US$2.50 per share on sales of US$4.8bln in the same period a year ago.
The home appliance maker missed consensus estimates by analysts for net income of US$3.04 on US$5bln, according to financial website Earnings Whispers.
Whirlpool is planning a stock buyback throughout the remainder of the year and said it will raise its quarterly dividend by 4.5%.
"Our first-quarter results give us further confidence in our long-term value creation strategy, and we remain focused on delivering strong levels of margin expansion and improved cash conversion this year," said CEO Marc Bitzer.
Cost-cutting initiatives have been put in place, according to the regulatory filing, and the company is expected to cut US$150mln in 2018, signaling possible job cuts.
Shares fell nearly 3% in extended trading after the market closed.