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Investing.com -- Whirlpool Corp shares slumped by more than 14% in premarket U.S. trading on Tuesday after the electric appliances maker reported second-quarter earnings and an annual profit guidance that fell short of projections.
The group posted adjusted earnings of $1.34 per share for the period, missing the average analyst estimate of $1.82. Revenue was $3.77 billion, below the $3.9 billion expected by analysts.
"As expected, the second quarter continued to be impacted by competitors stockpiling Asian imports into the U.S. Despite this, we are well positioned in North America with a robust pipeline of new products, the industry’s leading U.S. manufacturing footprint, and favorable housing demand fundamentals," said CEO Marc Bitzer in a statement.
For its 2025 fiscal year, Whirlpool (NYSE:WHR) projected earnings of $6.00 to $8.00 per share, compared with Wall Street consensus expectations of $9.06.
Revenue was forecast to come in at $15.8 billion, slightly above the $15.66 billion analysts had projected.
"These results clearly fall well short of our sense of investor expectations," analysts at RBC Capital Markets said in a note.
(Scott Kanowsky contributed reporting.)