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Whirlpool says demand is fading amid rising inflation
By Shubhangi Mathur - Apr 26, 2022, 03:37 AM ET
Last Updated - Feb 23, 2024, 09:20 AM EST
In the quarter, revenue remained 14% higher than the first quarter of 2020 reflecting more spending on appliances than before the pandemic
• The appliance maker said sales fell 8.2% in the first quarter ended March 31
Whirlpool Corp (NYSE: WHR) reported lower quarterly sales on Monday as the appliance maker said demand is fading two years into pandemic.
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Whirlpool said sales fell 8.2% in the first quarter ended March 31 compared to the same period last year.
In the quarter, revenue remained 14% higher than the first quarter of 2020 reflecting more spending on appliances than before the pandemic.
The company cut its revenue forecast to 3% this year, compared to the 6% growth predicted earlier.
Net income in the quarter fell 28% to $313 million while earnings per share declined to $5.33 from $6.81 in the same quarter a year ago.
With rising inflation in US and higher costs, demand for appliances came down.
“Inflation challenges are real, but I think we’ve been able to demonstrate we can cope with them,” CEO Marc Bitzer, reported CNBC.
“Covid-induced inflation, I think we had a pretty good sense and we dealt with it very well. And we also thought we had a pretty good grip on inflation coming into this year.
Picture Credits: Reuters
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