Whirlpool Corp.’s stock shares fell by more than 8% late Monday following the appliance maker’s quarterly sales report, which outlined a surprise quarterly loss, low sales, and low global revenue growth expectations for the year.
According to Whirlpool’s report, the company lost $657 million, or $9.50 per share, in the second quarter of 2018, as compared to earnings of $189 million, or $3.35 per share, oven year ago. Sales fell to $5.1 billion, down from $5.3 billion. Analysts expected adjusted earnings of $3.43 per share on sales of $5.3 billion.
As a result of below-expectations performance in EMEA, "we are taking strong actions to improve our operational execution, and remain confident that we will deliver value for our shareholders in the coming quarters," Chief Executive Marc Bitzer said in a statement.
Whirlpool’s shares ended the regular trading day down 0.7%. As of early Tuesday, the company’s shares have fallen again by around 14%.
