Whirlpool falls after quarterly results miss
WHR•Whirlpool reported third-quarter net sales of $3.68 billion, below the $3.92 billion estimate, and an adjusted loss of 21 cents per share versus an expected profit of 80 cents. Shares fell 9.15% in extended trading, and the company announced 7% price increases on major domestic appliances in North America, effective in the fourth quarter.
1. Quarterly results
Whirlpool reported third-quarter net sales of $3.68 billion, compared with an average analyst estimate of $3.92 billion. Its adjusted loss was 21 cents per share, versus estimates for a profit of 80 cents. Shares were down 9.15% at $24.03 in extended trading.
2. Price increases
The company announced 7% price increases on major domestic appliances in North America, effective in the fourth quarter. Higher interest rates, sluggish housing turnover, cautious consumer spending and persistent inflation have weighed on replacement demand.
