Whirlpool says Iran war causing ‘recession-level industry decline.’ The shares are down 20%
Whirlpool said the conflict drove a 20% premarket share drop and forced it to cut its full-year earnings forecast to $3 to $3.50 a share.
- Shares of Whirlpool Corporation tumbled 20% on Thursday after the appliance maker warned the war in Iran triggered a severe downturn, sharply reducing consumer demand for big-ticket purchases.
- The conflict caused fuel prices to spike and consumer confidence to collapse in late February and March, resulting in what the company termed a "recession-level industry decline" across appliances.
- CEO Marc Bitzer slashed full-year earnings guidance to $3.00–$3.50 from about $6 and suspended the dividend to prioritize debt repayment amid rapid macroeconomic deterioration.
- This warning contrasts sharply with resilient spending on travel and services reported by Uber and Disney, indicating the economic strain is emerging specifically in durable-goods sectors.
- While oil prices remain above $90 a barrel, the stock market has rebounded since mid-April on hopes that a deal between the nations could end the fighting.
29 Articles
29 Articles
Whirlpool Crashes After Iran Shock Sparks “Recession-Level” Appliance Slump
Whirlpool Crashes After Iran Shock Sparks “Recession-Level” Appliance Slump Whirlpool shares crashed as much as 20% in premarket trading after the appliance maker slashed its full-year outlook and posted weaker-than-expected first-quarter results. Management directly blamed the three-month war in the Middle East for triggering a collapse in U.S. appliance demand. Whirlpool began the earnings release...
Whirlpool warns Iran war causing ‘recession-level industry decline.’ with shares down 20%
Whirlpool shares plunged as much as 20% on Thursday after the major U.S. appliance manufacturer issued a stark warning that the ongoing war in Iran has triggered severe economic pain for big-ticket purchases, with consumer confidence collapsing earlier this year. According to a CNBC report, the company pointed directly to the conflict’s ripple effects, including […]
Whirlpool Corp. says Iran war caused ‘recession-level’ collapse in consumer confidence
Whirlpool Corp. blamed a first-quarter revenue drop on a collapse in consumer confidence stemming from the war in Iran, an unusually blunt appraisal of the ripple economic fallout from the conflict that extends beyond oil and gas.
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