Home appliance company Whirlpool Corp. (NYSE: WHR) has reported a sharp fall in adjusted earnings for the second quarter of 2023, reflecting a 6% decline in net sales.
At $4.79 billion, second-quarter net sales were down 6% from the year-ago period. All geographical segments, except Latin America, experienced weakness during the period.
Ongoing earnings, which represent profit excluding special items, dropped 30% annually to $4.21 per share in Q2. On an unadjusted basis, the company reported net income of $85 million or $1.55 per share, compared to a loss of $371 million or $6.62 per share in the prior-year quarter.