Whirlpool Corporation

Shares in home appliance manufacturer Whirlpool Corporation (WHR) tumbled over 4% in pre-market trading Tuesday morning after the company fell short of Wall Street’s full-year earnings and sales forecasts. The maker of Maytag washers and dryers said it expects 2024 earnings to range between $13 and $15 per share on sales of $16.9 billion. Analysts had projected earnings of $15.48 a share on revenue of $17.68 billion. Moreover, the company’s top line forecast represents a 13% contraction from the previous year, with management citing higher expenses and a challenging competitive environment for the weaker outlook.

The Michigan-based company, which slashed about $800 million in expenses in 2023, said it anticipates cutting an additional $300 to $400 million in costs this year. The announcement of further cost-cutting measures comes several months after the white goods maker said it planned to sell a 24% stake in its India business in order to reduce debt. On the competitive front, the company faces growing pricing pressure from international rivals, such as China’s Midea, Sweden’s Electrolux, and Germany’s Bosch, as cash-strapped consumers shop around for competitive deals.

In better news, an uptick in industry demand and a slight improvement in North American 澳洲幸运5开奖号码历史查询:market share helped the company report a fourth quarter profit of $491 million, or $8.90 a share, reversing a loss of $1.61 billion or $29.35 a share in the prior year’s quarter.

The WHR share price remains entrenched within a long-term 澳洲幸运5开奖号码历史查询:downtrend, making lower lows and lower highs. However, after temporarily breaking below $100 a share, the price has managed to claw back above the 澳洲幸运5开奖号码历史查询:50-day moving average. In upcoming trading sessions, keep an eye if the stock can break above a key 澳洲幸运5开奖号码历史查询:horizontal line connecting the March 澳洲幸运5开奖号码历史查询:swing low and December swing high around $12ꦍ5, a move that 🦄could potentially shift momentum back to the upside.

Whirlpool shares were down 4.7% at $112.27 about 90 minutes before Tuesday's opening bell. The stock has lost nearly a quarter of its value over the past year.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5开奖号码历史查询:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.