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.