Earnings Results: Whirlpool slashes annual guidance, seeing demand slowdown

by | Jul 25, 2022 | Stock Market

Appliances maker Whirpool Corp. late Monday reported mixed second-quarter earnings and slashed its guidance for the year, saying the results came amid a “challenging environment” with rising costs and a demand slowdown. Whirlpool
said it lost $371 million, or $6.62 a share, swinging from earnings of $581 million, or $9.15 a share, in the year-ago period. It pinned the loss mostly on an one-off charge of $747 million related to losses from the sale of its Russia business.

Adjusted earnings came in at $5.97 a share “despite elevated cost inflation and demand slowdown,” the company said. Sales fell 4% to $5.1 billion from $5.3 billion a year ago, hit by supply-chain disruptions and demand cooling, offset in part by a favorable product price and mix, the maker said. Analysts polled by FactSet expected adjusted earnings of $5.27 a share on sales of $5.2 billion. Shares of Whirlpool rose 2% in the extended session Monday after ending the regular trading day down 1.9%. Whirlpool said it expects full-year 2022 revenue of about $20.7 billion, which would be a drop of about 6% from 2021 and contrasts with FactSet consensus calling for revenue of $21.8 billion for the year. When it reported first-quarter results in April, Whirlpool had cal …

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