Appliances maker Whirpool Corp. late Monday reported mixed second-quarter earnings and slashed its guidance for the year, saying the results came amid a “challenging environment” with rising costs and a demand slowdown.
said it lost $371 million, or $6.62 a share, swinging from earnings of $581 million, or $9.15 a share, in the year-ago period. It pinned the loss mostly on an one-off charge of $747 million related to losses from the sale of its Russia business.
Adjusted earnings came in at $5.97 a share “despite elevated cost inflation and demand slowdown,” the company said. Sales fell 4% to $5.1 billion from $5.3 billion a year ago, hit by supply-chain disruptions and demand cooling, offset in part by a favorable product price and mix, the maker said.
Analysts polled by FactSet expected adjusted earnings of $5.27 a share on sales of $5.2 billion. Shares of Whirlpool rose 2% in the extended session Monday after ending the regular trading day down 1.9%.
Whirlpool said it expects full-year 2022 revenue of about $20.7 billion, which would be a drop of about 6% from 2021 and contrasts with FactSet consensus calling for revenue of $21.8 billion for the year. When it reported first-quarter results in April, Whirlpool had called for 2022 net sales growth between 2% and 3%.
It slashed per-share GAAP earnings to between $9.50 and $11.50 for the year, from between $24 and $26, and to between $22 and $24 on an adjusted basis. Guidance had already been dialed down in April.
Shares of Whirlpool have lost 30% so far this year, compared with losses of 17% for the S&P 500 index