(Corrects to reflect ongoing business earnings per diluted share of $2.70, instead of GAAP per diluted share of $2.21)
July 22 (Reuters) - Whirlpool Corp posted a lower quarterly net profit on Wednesday due to a strong U.S. dollar and weak sales in Brazil.
The company said it initiated cost-cutting and capacity reduction activities and acquisitions contributed to higher sales, but the actions were offset by an unfavorable currency exchange.
Whirlpool, the world’s largest maker of home appliances, reported second-quarter net income at $177 million, down from $179 million.
The company posted an ongoing business earnings per diluted share of $2.70, beating analysts expectations of $2.62 for the quarter.
The company raised full-year 2015 earnings per share to a range between $9.50 to $10.50 from a previous range of $9 to $10.
The currency exchange rate negatively affected sales in the North American region, but they were up slightly at $2.7 billion, the company said.
Whirlpool Latin America reported second-quarter net sales of $900 million, down from $1.1 billion in the same quarter a year ago as continued soft demand in Brazil dragged on profits, the company said.
Full-year shipments in the Latin American region were expected to decrease by 15 percent, the company said.
Whirlpool EMEA reported second-quarter net sales of $1.3 billion, compared to $0.7 billion in the same prior-year period, an increase of 79 percent.
In pre-market trade Whirlpool share price was at up 1.88 percent at $166.
Reporting by Meredith Davis, editing