Appliance maker Whirlpool’s 2023 profit forecast beats expectations

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FILE PHOTO: The Whirlpool logo is seen at their plant in Apodaca, Monterrey, Mexico

(Reuters) – U.S. home appliances maker Whirlpool Corp forecast full-year profit above Wall Street estimates on Monday, helped by cost cuts and easing raw material prices.

Shares of the appliance maker were up 3.3% at $158.2 in after-hours trading after the company reported an adjusted profit of $3.89 per share for the fourth quarter through December, beating analysts’ average estimate of a profit of $3.25 per share.

Whirlpool also said it expects $800 to $900 million benefit in 2023.

“This new cost structure, combined with the expected demand recovery during the second half of the year has Whirlpool well positioned to deliver sustained shareholder value,” Chief Executive Officer Marc Bitzer said.

Whirlpool, known for its refrigerators and washing machines, said it was now expecting full-year revenue of about $19.4 billion, compared with analysts’ expectations of $19.2 billion, according to Refinitiv.

It expects full-year earnings of $16 to $18 per share, above Wall Street expectations of $15.99 per share.

The company reported a drop in net sales of about 15% to $4.92 billion in the fourth quarter ended Dec. 31, hurt by one-off supply disruption in North America and demand slowdown.

(Reporting by Kannaki Deka in Bengaluru; Editing by Anil D’Silva)

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