Home appliance company Whirlpool Corp. (NYSE: WHR) has reported a sharp fall in adjusted earnings for the fourth quarter of 2022, hurt by a 15% decline in sales.
At $4.92 billion, fourth-quarter net sales were down 15% from the year-ago period. All four geographical segments experienced weakness during the period.
Ongoing earnings, which represent profit excluding special items, dropped 37% annually to $3.89 per share during the three-month period. On an unadjusted basis, the company reported a net loss of $1.61 billion or $29.35 per share, compared to a profit of $298 million or $4.90 per share in the prior-year quarter.