Whirlpool reported third-quarter results that missed on both the top and bottom lines and the appliance maker cut its outlook on full-year earnings amid rampant inflation and slowing demand.
Whirlpool Corporation was down 4.6% in afterhours trading following the news.
The weaker Q3 performance comes as production volumes were cut by 35% in the quarter, in anticipation of a "temporary soft demand environment," the company said.
Looking, the company cut its outlook on earnings and warned that the trend of ongoing macroeconomic headwinds and elevated levels of inflation that resulted in slowing demand is expected to continue.
Full-year earnings per diluted share was cut to $5.00 from a prior range of $9.50 to $11.50 a share.
"Looking ahead, we see these challenges persisting into the first half of 2023, however, we believe we have the right actions in place that will allow us to navigate through the current environment while advancing our portfolio transformation and delivering strong shareholder returns," the company said.
