Whirlpool shares slip after weaker-than-expected annual forecasts

(Reuters) – Whirlpool forecast full-year sales and profit below analysts’ estimates on Monday, as the home appliance maker navigates pricing pressure from rivals and higher expenses, sending its shares down about 4% in extended trading.

The white goods maker said it eliminated about $800 million in costs in 2023, and expects to cut up to $400 million more this year.

The company had last year said it would sell up to 24% of its stake in its India business to reduce debt.

Whirlpool faces competition from rivals such as China’s Midea, pressuring it to lower prices as cash-strapped consumers look for cheaper goods.

The Michigan-based company expects sales in 2024 to be $16.9 billion, compared with LSEG estimates of $17.68 billion.

Whirlpool also expects its annual adjusted profit to be between $13 and $15 per share, compared with analysts’ average estimate of $15.48 per share.

(Reporting by Kannaki Deka and Nathan Gomes; Editing by Shilpi Majumdar)