Why Whirlpool Stock Went Into a Downward Spiral Today
Shares of global consumer appliance company (NYSE: WHR) sank to 52-week lows on Thursday after the company reported financial results for the first quarter of 2024. As of 1:30 p.m. ET, Whirlpool stock was down almost 12%.
Whirlpool is facing multiple headwinds. First, the company has a lot of debt. Second, inflation has increased its cost of manufacturing. And third, home-appliance purchases have slowed due to a slow housing market, meaning that management has to lower prices to stimulate sales. This is a bad combination.
Whirlpool's Q1 net sales were down everywhere except for Latin America, resulting in a 3% year-over-year drop to $4.5 billion. The company also had ongoing earnings per share (EPS) of $1.78, which were down 33%, reflecting the higher costs coupled with lower-than-ideal selling prices.
Source Fool.com
Whirlpool Corp. Stock
With 3 Buy predictions and 3 Sell predictions the community is currently undecided on Whirlpool Corp..
A slightly negative potential of -2.18% at a current price of 88.94 € for Whirlpool Corp. is the result of a target price of 87 €.
