Whirlpool shares slip after weaker-than-expected annual forecasts

Whirlpool, opens a new tab to forecast full-year sales and profit below analysts' estimates on Monday, as the home appliance maker navigates pricing pressure from rivals and higher expenses, sending its shares down about 4 per cent in extended trading. The white goods maker said it eliminated about $800 million in costs in 2023, and expects to cut up to $400 million more this year.
The company had last year said it would sell up to 24 per cent of its stake in its India business to reduce debt

Whirlpool faces competition from rivals such as China's Midea, opens new tab, pressuring it to lower prices as cash-strapped consumers look for cheaper goods. The Michigan-based company expects sales in 2024 to be $16.9 billion, compared with LSEG estimates of $17.68 billion. Whirlpool also expects its annual adjusted profit to be between $13 and $15 per share, compared with analysts' average estimate of $15.48 per share.