Whirlpool Corp. shares tumbled after cutting its full-year outlook for the third time this year and forecasting its first annual loss in decades. The company now expects ongoing loss per share of $1.30 for 2026, down from its previous forecast of $2.50 to $3 per share. The original guidance in January was for $7 per share.
Sales declined for a fourth straight quarter, dragged by soft industry demand in North America. CEO Marc Bitzer cited a sluggish recovery despite cost-cutting and price increases. The company is working to lower leverage, but efforts are complicated by a depressed US housing market and gloomy consumer sentiment.
Whirlpool now aims to reduce net debt to under $4.5 billion by year-end, a $500 million improvement from its previous target.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing