Whirlpool logoThe slowdown in Europe hit the world’s largest appliance maker in the second quarter, cutting Whirlpool Corp. earnings and sales below Wall Street expectations.
“The European markets continue to face very challenging macroeconomic conditions which are impacting consumer demand,” Whirlpool Chief Executive Officer Jeff Fettig told investors Tuesday after releasing the company’s second-quarter earnings.
The Benton Harbor, Mich.-based maker of Maytag, KitchenAid and other appliances earned $113 million, or $1.43 a share, in the second quarter of this year. A year ago, Whirlpool reported a net loss of $161 million, or $2.10 a share.
Despite the improvement, Whirlpool’s earnings, excluding one-time items, were $1.55 per share, which was 9 cents per below analysts’ expectations for the company.
Shares of Whirlpool plunged by $5.06 per share, or more than 7.5 percent, to close at $62.25 in Tuesday’s trading on the New York Stock Exchange.