Verizon (VZ) and Whirlpool (WHR) are among the latest companies to report quarterly earnings. Whirlpool posted a tough third quarter, with revenue falling nearly 9% amid weaker demand and rising costs; CFO Roxanne Warner said inflation in logistics, fuel and base metals is adding pressure, and a third price increase this year is planned for the fourth quarter as the company works to recover margins in North America. Verizon beat Wall Street's third-quarter earnings expectations and raised its full-year outlook, adding more phone customers than analysts expected, a sign its turnaround efforts may be gaining traction. The company also announced a multi-billion dollar deal with Amazon, but shares closed down more than 3% as investors weighed growing competition, including a potential threat from SpaceX's spectrum grab.
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- Earnings live updates: Whirlpool stock drops on softer quarter as inflation weighs on sales
Whirlpool reported a weaker third quarter as revenue fell nearly 9% to $3.68 billion, below the $3.91 billion estimate, and posted an adjusted loss of $0.21 per share against an expected adjusted EPS of $0.76 per Bloomberg consensus data. CFO Roxanne Warner said the environment has become more inflationary since Q2 and that softer North American demand is causing volume deleveraging, adding that the industry has not yet fully absorbed inflation pressures from 2022, with inflation up 12% since then. Major appliance revenue in North America fell 8.3% year over year to $2.5 billion, while the small domestic appliance business fell almost 1% to $286 million, both below expectations. The company plans its third price increase this year, 7% in the fourth quarter, following a record 10% increase in April and a 4% list price rise in July. Some items sold out in the quarter, and US orders in October rose roughly 40% year over year.
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Verizon reports third-quarter results on October 26, days after SpaceX announced a roughly $8 billion deal for nationwide 800 MHz spectrum, which the author says makes the report more important. Last quarter, Verizon beat with adjusted EPS of $1.30 against a $1.27 consensus, while revenue fell 0.7% to $34.25 billion as equipment revenue dropped nearly 20% on a deliberate pullback on subsidies. The core business improved, with 184,000 postpaid phone net adds, churn at 0.92%, and a record 40.1% adjusted EBITDA margin, and full-year adjusted EPS guidance was raised to $4.99 to $5.04. The author will watch whether service revenue growth nears 3% in Q3 and about 4% in Q4, and whether consumer postpaid phone churn of 84 basis points holds as SpaceX's service is expected to start in early 2028 after the deal closes in the first half of 2027.
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