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Whirlpool Cuts Its Q3 Guidance After Missing Expectations; Shares Slide

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Whirlpool Cuts Its Q3 Guidance After Missing Expectations; Shares Slide

(CTN News) – According to Whirlpool, the company reported third-quarter earnings that were disappointing on both top and bottom lines,

And it cut its outlook for full-year earnings due to rampant inflation and a slowing demand environment.

After the news, shares of Whirlpool Corporation (NYSE:WHR) were down more than 5% in after-hours trading following the announcement.

It has reported adjusted earnings per share of $4.49 per share on revenue of $4.78 billion, missing estimates of $5.53 per share and $5.2 billion per share, respectively.

It is important to highlight that Q3’s lower performance was attributed to a 35% reduction in production volumes.

It is expected that there will be a “temporary soft demand environment”, according to the company.

Looking at the Whirlpool company’s earnings outlook, the company has lowered its forecast and warned that the trend of macroeconomic headwinds and elevated inflation levels that have contributed to the slowdown in the demand for its products will continue into the future.

The Whirlpool company’s earnings per diluted share for the full year were cut from $9.50 to $11.50 a share, down from a prior range of $9.50 to $11.50.

It is our expectation that these challenges will persist into the first half of 2023, but we believe that we have taken the right actions in preparation to navigate through these challenges and to deliver strong shareholder returns.

Our outlook for the first half of 2023 shows that these challenges are likely to persist.

Which company owns Whirlpool?

Whirlpool on the other hand, offers a more extensive line of appliances. Bosch is also affiliated with Thermador and Gaggenau appliance lines, while Whirlpool owns Maytag, Kitchen aid , Jenn-Air, and Amana.

Bosch is a European owned company with a dishwasher manufacturing plant here in the United states.

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