Whirlpool reports loss after sales drop 15.3%

Whirlpool Corp. on Monday reported a loss of $1.61 billion in its fourth quarter after the appliance maker said sales fell by 15.3% in the final three months of calendar 2022.

The Benton Harbor, Michiganbased company said it had a loss of $29.35 per share. Earnings, adjusted for non-recurring costs, came to $3.89 per share.

The maker of Maytag, KitchenAid and other appliances posted revenue of $4.92 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $5.05 billion.

Whirlpool expects full-year earnings in the range of $16 to $18 per share, with revenue expected to be $19.4 billion.

“In 2023, we will reset our cost structure and expect to deliver $800 million to $900 million of cost benefit,” Whirlpool CEO Marc Blitzer said in an earnings announcement Monday. “This new cost structure, combined with the expected demand recovery during the second half of the year, has Whirlpool well positioned to deliver sustained shareholder value.”