Whirlpool profit slides as inflation hits appliance demand By Reuters

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<span>© Reuters. The administrative entrance at the Whirlpool plant in Clyde, Ohio, U.S. October 3, 2017. REUTERS/Aaron Josefczyk</span><br />
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<p>(Reuters) – Whirlpool Corp (NYSE:) reported a 29.5% slide in quarterly profit on Monday as persistent inflation hit consumer spending, weakening demand for its washing machines and kitchen appliances. </p>
<p>Shares of the home appliances maker dropped nearly 2% after the bell. </p>
<p>Consumers are cutting back on discretionary spending as a series of interest-rate hikes over the past year to bring down stubbornly high inflation stoked fears of an economic downturn.</p>
<p>Excluding items, the company earned $4.21 per share, down from $5.97 a year ago, but above analysts’ average estimate of $3.76, according to Refinitiv. </p>
<p>Net sales fell to $4.79 billion from $5.10 billion for the second quarter, missing analysts’ average estimate of $4.82 billion. </p>
<p>The Michigan-based company also reaffirmed its annual net sales and profit forecast. </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/whirlpool-profit-slides-as-inflation-hits-appliance-demand-3132757">Source link </a></p><p>The post <a href="https://forextraderhub.com/whirlpool-profit-slides-as-inflation-hits-appliance-demand-by-reuters.html">Whirlpool profit slides as inflation hits appliance demand By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>