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Whirlpool Slides as Inflation Fears Signal Recession-Level Demand Drop
market-news26 days ago

Whirlpool Slides as Inflation Fears Signal Recession-Level Demand Drop

Whirlpool (WHR) plunged after warning that higher costs tied to the war in Iran will squeeze demand, with CFO Roxanne Warner calling it a ‘recession-level industry decline’ as consumer confidence wanes. The company posted -$0.56 in adjusted EPS on $3.27 billion in revenue, missing estimates, and signaled roughly a 4% price increase in July. The stock fell about 13% on the day, joining a year-to-date and 12-month slide, while analysts’ consensus rating stays at Hold with a target near $54.

via TipRanks|
#consumer-confidence#earnings#inflation
Whirlpool Faces Recession-Level Slump as War and Tariffs Pinch Appliance Sales
business27 days ago

Whirlpool Faces Recession-Level Slump as War and Tariffs Pinch Appliance Sales

Whirlpool reports a near-10% revenue drop in the latest quarter, with major North American appliance sales down more than 7%, as consumer confidence weakens amid the Iran conflict and inflation. The company is raising prices (10% in April and 4% in July) to offset rising costs after a Q1 loss of $82 million, and has cut its full-year earnings forecast to $3.00–$3.50 per share while suspending the dividend to shrink debt. Shares fell more than 12%. Tariff rulings and higher costs are noted as ongoing pressures on demand.

via The Guardian|
#appliances#business#consumer-spending
Whirlpool warns Iran war triggers recession-level slump in U.S. appliance demand
business27 days ago

Whirlpool warns Iran war triggers recession-level slump in U.S. appliance demand

Whirlpool warned that the Iran conflict has caused a recession-level decline in U.S. appliance demand, sending shares down about 12% as it slashed full-year guidance and suspended the dividend while citing higher raw-material costs, tariffs, and weaker big-ticket spending; analysts note a broader strain on big-ticket purchases despite strength in travel and services.

via CNBC|
#business#consumer-confidence#dividend-suspension
Trump's Manufacturing Promise Falls Short as Amana Plant Cuts Jobs
business2 months ago

Trump's Manufacturing Promise Falls Short as Amana Plant Cuts Jobs

Whirlpool’s Amana refrigerator plant in Iowa laid off more than half its workers as production shifts to Mexico, underscoring how Trump’s tariffs and talk of a manufacturing boom have not reversed the long decline in U.S. factory jobs; the broader sector has lost over 100,000 jobs since he took office, with tariffs raising costs and failing to spur sustained domestic investment.

via CNN|
#amana#business#manufacturing
Whirlpool Layoffs Spotlight Ongoing U.S. Manufacturing Struggles
business2 months ago

Whirlpool Layoffs Spotlight Ongoing U.S. Manufacturing Struggles

Whirlpool will lay off about 350 workers at its Amana, Iowa plant on March 9 as part of a modernization plan, underscoring persistent job losses in U.S. manufacturing despite tariff pledges. Unions have pressed the White House for help, while economists point to tariffs, automation, and offshore competition as ongoing headwinds; February manufacturing payrolls fell even as overall private employment rose, highlighting a sector still struggling to rebound.

via CBS News|
#business#jobs#manufacturing
Whirlpool Shifts Iowa Jobs to Mexico Amid Tariff Praise
business3 months ago

Whirlpool Shifts Iowa Jobs to Mexico Amid Tariff Praise

Whirlpool is cutting about 341 jobs at its Amana, Iowa plant and shifting more work to Mexico, a move unions say signals a deliberate offshoring pattern even as the company praises Trump-era tariffs; the Amana plant workforce has dwindled from roughly 3,000 to about 1,300, while Whirlpool opened a Mexico facility and continues to cite tariff-driven investments as supporting US manufacturing, despite critics arguing tariffs raise costs and fail to stop job losses.

via The Guardian|
#business#iam-union#iowa-plant
Whirlpool trims nearly 350 jobs at Amana plant in modernization push
business3 months ago

Whirlpool trims nearly 350 jobs at Amana plant in modernization push

Whirlpool is cutting nearly 350 jobs at its Amana, Iowa, refrigerator plant—about a quarter of the 1,500 employees—as part of a multi-year modernization to broaden and diversify production. Layoffs begin March 9, with potential additional reductions later; the company will offer on-site HR support and unemployment guidance, and recall rights for affected workers are limited.

via KGAN|
#amana#business#layoffs
"US Stock Market: Mixed Performance as Traders Await Earnings and Economic Data"
finance2 years ago

"US Stock Market: Mixed Performance as Traders Await Earnings and Economic Data"

US stocks were mixed as the Dow Jones fell about 0.3% and the S&P 500 was little changed, while tech stocks rose 0.2%. Investors are awaiting the PCE inflation report and consumer confidence has fallen from a two-year high. Macy's plans to close 150 stores, and Whirlpool's guidance reflects continued pressures in the housing market.

via Yahoo Finance|
#consumer-confidence-index#finance#macys
business2 years ago

Whirlpool's CEO Addresses Weak Consumer Demand and Trims Full-Year Guidance

Whirlpool Corp. has lowered its full-year profit outlook due to increased promotions and weaker discretionary purchases in North America, its largest market. The company now expects adjusted earnings to be around $16 per share, below the average analyst estimate of $16.17. Whirlpool's shares fell by as much as 17% following the announcement. CEO Marc Bitzer attributed the softer demand to higher mortgage rates and low consumer confidence, leading to increased discounting and promotions. However, Whirlpool is still gaining market share in North America. The company reported a 3% growth in net sales in the third quarter, with adjusted earnings of $5.45 per share. Demand weakness in Europe and soft consumer sentiment in Asia also impacted results.

via Yahoo Finance|
#business#consumer-demand#north-america
Whirlpool's Quarterly Sales Drop Amidst Housing Recovery Bet
business2 years ago

Whirlpool's Quarterly Sales Drop Amidst Housing Recovery Bet

NXP Semiconductors' stock rose 1% after reporting better-than-expected earnings and revenue for the second quarter, surpassing analysts' estimates. Meanwhile, Cadence Design Systems' shares fell 4% as the company's revenue missed expectations. Whirlpool's stock dipped 2% despite beating earnings estimates, as its revenue fell short. F5 Networks saw a 7% increase in its shares after posting strong financial results, exceeding both earnings and revenue expectations.

via CNBC|
#business#cadence-design-systems#earnings