Whirlpool Corporation (WHR) shares plummeted over 10% in pre-market trading on Thursday, following the release of its disappointing 2024 financial results after the market close on Wednesday.
The home appliance maker reported a net loss of $323 million, or $5.87 per diluted share, for the full year 2024, weighed down by factors such as the loss on sale of its European major domestic appliances business, impairment charges related to its Maytag brand, and restructuring costs.
While Whirlpool provided an optimistic outlook for 2025, forecasting earnings per diluted share of approximately $10.00 on an ongoing basis, more than $200 million in structural cost reductions, and anticipated net cash proceeds of $550 to $600 million from reducing its ownership stake in Whirlpool of India Ltd., the positive guidance failed to stem the selloff in the stock.
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