Whirlpool says Iran war causing ‘recession-level industry decline.’ The shares are down 20%
Whirlpool said the downturn reflects collapsing consumer confidence and tariff pressure, while analysts cited inflation and weaker pricing as it cut earnings guidance to $3 to $3.50 a share.
- Shares of Whirlpool Corporation tumbled 20% on Thursday after the appliance maker warned the war in Iran triggered a severe downturn, sharply reducing consumer demand for big-ticket purchases.
- The conflict caused fuel prices to spike and consumer confidence to collapse in late February and March, resulting in what the company termed a "recession-level industry decline" across appliances.
- CEO Marc Bitzer slashed full-year earnings guidance to $3.00–$3.50 from about $6 and suspended the dividend to prioritize debt repayment amid rapid macroeconomic deterioration.
- This warning contrasts sharply with resilient spending on travel and services reported by Uber and Disney, indicating the economic strain is emerging specifically in durable-goods sectors.
- While oil prices remain above $90 a barrel, the stock market has rebounded since mid-April on hopes that a deal between the nations could end the fighting.
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Whirlpool stock price is circling the drain as Iran war and other headwinds squeeze profits
AP Photo/Jenny KaneWhirlpool stock tumbled 12% on Thursday after cutting full-year profit guidance in half.The appliance-maker's CEO blamed the Iran war for tanking consumer sentiment, among other factors.Whirlpool shares are now at a 15-year low as the company gets hit by multiple macro headwinds. When Whirlpool CEO Marc Bitzer said on a Thursday earnings call that his company was hampered by an "almost perfect storm" of headwinds in the first …
Appliance giant warns of 'recession-level' declines as Iran war rattles consumers
An iconic U.S. appliance manufacturer said in a recent earnings report that sales are in a whirl of trouble after the Iran war triggered a severe economic downturn. Shares of Whirlpool fell 12% on Thursday as the Michigan-based refrigerator and washing machine maker said it's looking at what it calls "recession-level" industry declines. “War in [...]
Whirlpool shares drop 20% as appliance giant warns consumer sentiment at ‘recession level lows’ on Iran war
The maker of Maytag, KitchenAid and Amana suffered a 9.6% sales drop in the first quarter. In response, it announced a 10% price increase -- its largest hike in a decade -- and said it will cut back on discounts to offset “inflationary cost pressures".
Associated Press News
Whirlpool has been rattled by rising costs and that now means higher prices for customers
With the war in Iran and economic concerns putting pressure on consumers and how they spend their money, Whirlpool is having to adjust to Americans delaying big-ticket purchases while also raising prices to help stabilize its North American business.
Whirlpool Crashes After Iran Shock Sparks “Recession-Level” Appliance Slump
Whirlpool Crashes After Iran Shock Sparks “Recession-Level” Appliance Slump Whirlpool shares crashed as much as 20% in premarket trading after the appliance maker slashed its full-year outlook and posted weaker-than-expected first-quarter results. Management directly blamed the three-month war in the Middle East for triggering a collapse in U.S. appliance demand. Whirlpool began the earnings release...
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