Whirlpool announced adjusted Q3 EPS of $2.35, missing analysts’ estimate $2.68.Sales climbed just 2% year-over-year to $4.6 billion. But that was due to favourable foreign exchange rates.
“Given the weakening global economic environment, we are today announcing aggressive plans that will result in substantial cost and capacity reductions,” said CEO Jeff Fettig.
The company also announced it would lay off over 5,000 employees, mostly in North America and Europe.
“We are taking necessary actions to address a much more challenging global economic environment,” said Fettig.
Management revised its full-year guidance to $4.75 to $5.25 per share, down from its previous estimate of $7.25 to $8.25 share.