Whirlpool (WHR -0.52%) stock has been having a tough week. The bulk of the damage came after the appliance maker reported mixed fourth-quarter earnings and presented management's guidance for 2025. But the groundwork for the decline was already laid prior to the report.

Whirlpool shares tanked after the report and were lower for the week by 18% in early Friday trading, according to data provided by S&P Global Market Intelligence.

Guidance disappoints

Whirlpool's fourth-quarter results topped Wall Street's earnings estimate, but missed on revenue. A soft housing market has been hurting the business. Management's guidance for 2025 is mostly what troubled investors. There had already been signs that 2025 could be another tough year for the company, too.

Whirlpool stock had been marching higher as many investors have expected a declining interest rate cycle to spur a housing recovery. But that remains one of several headwinds for 2025.

While sales should increase versus 2024 on a comparable basis, the $15.8 billion revenue outlook is short of analyst expectations of over $16 billion. Earnings per share also looks to fall short of estimates.

That's partly due to the slow housing market. Whirlpool CEO Marc Bitzer said the company is working to "position our business for the eventual U.S. housing recovery." But other headwinds remain as well.

Recent quarterly reports from U.S. steel companies indicate those management teams see solid demand and the potential for pricing to increase. Steel is a major raw material expense for Whirlpool. Nucor CFO Steve Laxton told investors the company is seeing "solid demand fundamentals." Domestic peer Steel Dynamics seems to agree. In its recent quarterly report, CEO Mark Millett said current market dynamics support increasing demand and that "steel pricing has stabilized" after a downward trend.

Another potential headwind is related to tariffs and trade. While 80% of the products Whirlpool sells in the U.S. are produced domestically, it has operations in Mexico and Canada. And Bitzer noted that any impact of additional tariffs isn't included in the guidance. That might make Whirlpool a stock to avoid in the near term.