Welbilt misses Street 3Q forecasts

NEW PORT RICHEY, Fla. (AP) _ Welbilt Inc. (WBT) on Monday reported third-quarter net income of $33.1 million.

The New Port Richey, Florida-based company said it had profit of 24 cents per share. Earnings, adjusted for one-time gains and costs, came to 23 cents per share.

The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The food and beverage equipment maker posted revenue of $380.4 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $387.1 million.

Welbilt expects full-year earnings in the range of 74 cents to 84 cents per share.

Welbilt shares have increased 14 percent since the beginning of the year. The stock has risen 46 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WBT at https://www.zacks.com/ap/WBT