Whirlpool Corporation is reporting some financial bumps in the road for the Third Quarter of 2022. The company says Net Sales were down almost 13 per cent from last year’s Q3, from almost $ 5.5 Billion Dollars to $4.8 Billion.. And Net Earnings were off almost 70 per cent to $143 Million Dollars.
Whirlpool leadership blames the general economic situation, especially inflation.
“While our Q3 results were impacted by ongoing macroeconomic headwinds and continued elevated levels of inflation that resulted in slowing demand, we remain on track to deliver the second-best year in our 111-year history in 2022,” said Marc Bitzer, chairman and chief executive officer of Whirlpool Corporation. “Looking ahead, we see these challenges persisting into the first half of 2023, however, we believe we have the right actions in place that will allow us to navigate through the current environment while advancing our portfolio transformation and delivering strong shareholder returns.”
Despite the disappointing performance, Whirlpool’s Chief Financial Officer Jim Peters says the company is well-positioned to ride out the financial challenges because of strong actions previously taken.
“Our strong balance sheet and multi-year performance has positioned us to deliver on our capital allocation priorities,” said Jim Peters, chief financial officer of Whirlpool Corporation. “We have rewarded our shareholders by returning $2.6 billion in cash since 2021, while also pursuing value creating M&A, such as our recently announced InSinkErator acquisition.”
Bitzer and Peters will face questions from Wall Street financial analysts and writers Friday morning on their quarterly ‘conference call.’ MoodyOnTheMarket.com will have an update on their comments after that session.
