Whirlpool, the maker of home appliances like dryers and dishwashers, is reporting “recession-level industry decline in the U.S.,” according to CNBC.
Shares for the company fell on Thursday, and Whirlpool attributed the higher fuel prices everyone is facing and a lack of consumer confidence to the company’s challenges.
Shares of Whirlpool dropped 20% in premarket trading.
The situation is so dire that Whirlpool cut its earnings forecast for the year in half, with an estimate of $3 to $3.50 per share instead of its initial estimate of $6.
