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Whirlpool tempers annual profit forecast on slowing demand

Reuters
·1 min read
FILE PHOTO: Employees stand at the Whirlpool company plant in the northern city of Amiens

(Reuters) - Whirlpool Corp tempered its full-year profit forecast on Wednesday, signaling softening demand for its washing machines and kitchen appliances amid a cost-of-living crisis and sending its shares 5% lower in extended trading.

Consumers are cutting spending on pricier discretionary items as the cost of living rises in the United States and a series of interest rate hikes over the past year to bring down stubbornly high inflation stokes fears of an economic slowdown.

The company now expects earnings per share of about $16, compared with its previous forecast of $16 to $18.

However, the company posted third-quarter adjusted profit of $5.45 per share, above market expectations of $4.25, according to LSEG data.

The Michigan-based company also reaffirmed its annual net sales forecast at about $19.4 billion.

(Reporting by Aatrayee Chatterjee and Kannaki Deka in Bengaluru; Editing by Anil D'Silva)