Whirlpool Slips on Lower Profit Outlook Despite Sales Gains

Bloomberg2023-10-26

Earnings, sales beat analysts’ projections in latest quarterCFO says some are trading down to less-expensive appliancesA Whirlpool washer at a store in Draper, Utah.Whirlpool Corp. fell in late ...

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JC12341234
2023-10-26
JC12341234
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That’s below the average analyst estimate of $16.17, and it’s the low end of the previously projected range of $16 to $18.The shares slipped 5.3% at 6:42 p.m. in late trading in New York. The stock has declined 11% this year. Executives will hold a call with analysts on Thursday morning.Net sales grew 3% to $4.93 billion in the period from a year earlier, the owner of Maytag said. Analysts had estimated $4.81 billion, according to data compiled by Bloomberg. Adjusted earnings were $5.45 a share, above the average estimate.“The biggest things have come around some of our new product launches,” Chief Financial Officer Jim Peters said in an interview. He added that a new dishwasher with a third rack and washers and dryers with special filters for pet hair have helped to propel market gains.Supply disruptions have stabilized and that’s also helping the business, Peters said. Meanwhile, some shoppers are switching to less-expensive items in the US amid higher levels of inflation, he added. Consumers are more likely to trade down when an appliance breaks versus doing a home remodel, he said.The appliance seller said results were weighed down by demand weakness in Europe and soft consumer sentiment in Asia. 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