Whirlpool Corp. shares tumbled after it cut its full-year outlook for the third time this year and forecast its first annual loss in decades, citing a sluggish recovery as the company tries to mitigate weakening demand for household appliances.

Whirlpool now expects ongoing loss per share of $1.30 for 2026, down from its previous forecast of ongoing earnings per share of $2.50 to $3. The original guidance provided in January was for ongoing EPS of $7.

Shares of the Benton Harbor, Michigan-based company dropped as much as 10% in postmarket trading Monday.

The fridge and microwave maker is cutting costs and increasing prices to improve margins, but still saw “slower than expected” recovery, Chief Executive Officer Marc Bitzer said in a statement. Sales declined for a fourth straight quarter, dragged by “soft industry demand” in North America.

The company has been working to lower its leverage, but those efforts have been complicated by a depressed US housing market and gloomy consumer sentiment as affordability concerns continue to weigh on spending for home appliances.

Whirlpool now aims to reduce net debt to under $4.5 billion by the end of the year, a $500 million improvement from its target announced last quarter.

Written by: Rachel Phua @Bloomberg

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