Whirlpool Slashes Profit Outlook on Weak Consumer Demand

Whirlpool cut its full-year profit outlook due to weak consumer demand and increased promotions.

Earnings per share now expected to be about $16, below previous estimate of $16-18.

Weaker discretionary purchases in North America attributed to higher mortgage rates and low confidence.

Gaining market share in North America but seeing consumers trade down to cheaper models.

Demand weakness in Europe and soft consumer sentiment in Asia also weighing on results.