Whirlpool has reported sales were down in 2022 by 10% from 2021. The company released its quarterly report this week showing a $2.2 billion drop in net sales for the year. The Fourth Quarter was also bumpy with a drop in sales, although the appliance maker also pointed to cost cutting measures that helped moderate the effect on profit and shareholder return. Looking ahead, CEO Marc Bitzer says the company is well positioned for 2023 as it will reset its cost structure and expects to deliver $800 million to $900 million. He says, “This new cost structure, combined with the expected demand recovery during the second half of the year has Whirlpool well positioned to deliver sustained shareholder value.” Whirlpool’s numbers were released the same day the company announced President and Joseph Liotine is leaving the company.
