Home appliance company Whirlpool Corp. (NYSE: WHR) has reported a sharp fall in adjusted earnings for the first quarter of 2023, reflecting a 6% decline in net sales.
At $4.65 billion, first-quarter net sales were down 6% from the year-ago period. All four geographical segments experienced weakness during the period.
Ongoing earnings, which represent profit excluding special items, dropped 50% annually to $2.66 per share during the three-month period. On an unadjusted basis, the company reported a net loss of $179 million or $3.27 per share, compared to a profit of $313 million or $5.33 per share in the prior-year quarter.