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Whirlpool shares plunge after earnings miss, tracking for worst day in nearly 5 years

A worker assembles washing machines at the Whirlpool manufacturing facility in Clyde, Ohio.
Luke Sharrett | Bloomberg | Getty Images
A worker assembles washing machines at the Whirlpool manufacturing facility in Clyde, Ohio.

Whirlpool shares fell more than 10 percent in Tuesday after the appliance maker missed third-quarter earnings forecasts.

The stock saw its worst day since since Oct. 28, 2011, when it fell 4.34 percent, according to FactSet.

The company reported lower-than-expected adjusted quarterly earnings of $3.66 a share, missing estimates by 20 cents. The Michigan-based company's 2016 full-year earnings forecast also missed expectations, at $14 to $14.25 per share versus analysts' estimates of $14.61.

"The fundamentals of our business are strong, and as a result of our operational execution we have delivered earnings per share growth of 18 percent year-to-date," CEO Jeff M. Fettig said in a statement.

However, overall demand for the kinds of appliances Whirlpool makes appeared to decline this month. The Conference Board's October consumer confidence report showed that a measure of plans to buy appliances such as refrigerators, washing machines and vacuum cleaners fell 5.6 points to its lowest since January 2015.



Whirlpool is in CNBC's iQ 100 Index, a rules based-index of large-cap companies unveiled Tuesday to measure companies' ability to invest, develop, and use intellectual property to achieve advantages over competitors.

— CNBC's Peter Schacknow contributed to this report.