Whirlpool business affected by “macroeconomic headwinds”, despite having one of its best years to date

Whirlpool Corporation has reported its third quarter 2022 financial results, with Chairman and CEO, Marc Bitzer, saying business has been impacted by “ongoing macroeconomic headwinds”, as well as continued elevated levels of inflation.

Despite this slowing down demand, the company remains “on track” to deliver its second-best year in its 111-year history, he added.

Net sales decreased by 12.8 per cent, impacted by lower volume as a result of slowing demand, Whirlpool reported.

Jim Peters, Chief Financial Officer said: “Our strong balance sheet and multi-year performance has positioned us to deliver on our capital allocation priorities. We have rewarded our shareholders by returning $2.6 billion in cash since 2021, while also pursuing value creating M&A, such as our recently announced InSinkErator acquisition.

Last month, Whirlpool Corp announced it had acquired InSinkErator – the inventor of food waste disposers – for $3 billion, with the transaction expected to complete during the final quarter of this year.

The company said it expects full-year 2022 revenues of approximately $20.1 billion, which is down by nine per cent.

Mr Bitzer continued: “Looking ahead, we see challenges persisting into the first half of 2023, however, we believe we have the right actions in place that will allow us to navigate through the current environment while advancing our portfolio transformation and delivering strong shareholder returns.”