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Whirlpool Corp. saw its quarterly sales drop 15%, but told investors to expect a windfall this year from cost cuts and “easing” raw-materials inflation.
Cost-cutting and lower commodities prices will result in an $800 million to $900 million benefit in 2023, the appliances maker said. It is “well positioned” to deliver a solid year, it said.
Whirlpool
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lost $1.6 billion, or $29.35 a share, in the fourth quarter, contrasting with earnings of $298 million, or $4.90 a share, in the year-ago quarter.
Adjusted for one-time items, Whirlpool earned $3.89 a share in the quarter.
Net sales dropped 15% to $4.92 billion, Whirlpool said. That was thanks to a “one-off” supply disruption in North America and demand slowdown, which was offset in part by a “favorable” price mix, the company said.
Analysts polled by FactSet expected Whirlpool to report adjusted earnings of $3.23 a share on sales of $5.08 billion.
The stock rose more than 3% in the extended session Monday, after ending the regular trading day down 0.4%.
Whirlpool guided for 2023 revenue of about $19.4 billion, which would be down 1% to 2% compared with 2022. It called for GAAP per-share earnings between $16.00 and $18.00.
The analysts surveyed by FactSet expect GAAP EPS of $15.90.
Shares of Whirlpool have lost 25% in the past 12 months, compared with a decline of about 9% for the S&P 500 index
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