Whirlpool cuts profit outlook and suspends dividend as North America appliance demand weakens

Whirlpool Corp. cut its full-year earnings outlook and suspended its dividend on Thursday, May 7, asourceser quarterly revenue fell nearly 10% amid what it described as a “recession-level industry decline” for major appliances in North America.

The appliance maker said weakened consumer confidence tied to the war in Iran and broader economic concerns has led many shoppers to postpone big-ticket purchases. Major-appliance sales in North America fell more than 7% in the quarter.

Price increases asourceser quarterly loss

Whirlpool said it raised prices by 10% in April and plans an additional 4% increase in July to address “multiyear inflationary cost pressures.”

The company reported a first-quarter net loss of $82 million, reversing gains in the prior year.

Tariff ruling adds to pressure

Whirlpool also pointed to the US Supreme Court’s decision to strike down emergency tariffs, saying the move has disrupted industry pricing as rival appliance makers seek refunds.

In its earnings presentation, Whirlpool estimated the tariff impact on competitors at about 10% to 15%, while it put the impact on its own business at around 5%.

New outlook and market reaction

Whirlpool now expects full-year earnings per share of $3 to $3.50, down from its previous outlook of $6 per share. Shares fell more than 12% asourceser the announcement.