Whirlpool Corporation shares touched a 52-week low of $35.37 on Wall Street, extending a steep decline that has wiped out nearly two-thirds of the company's value over the past year.
The appliance maker reported second-quarter adjusted earnings of minus $0.21 per share, missing Wall Street's forecast of positive $0.08. Revenue came in at $3.52 billion, also below the $3.56 billion estimate.
The weak results underscore a broader slump in the North American appliance sector. Data from the Federal Reserve showed industrial production in the region declined 5.6% year-over-year in July, unchanged from the first half's 6% drop.
Over the past six months, Whirlpool stock has fallen 36%. It is down 48% year-to-date and 62.38% over the trailing twelve months. The company carries a debt-to-equity ratio of 2.05 and gross profit margins of approximately 14%, both reflecting the pressure on its cost structure.
Wells Fargo initiated coverage with an Equal Weight rating and a $42 price target, citing self-help initiatives including geographic streamlining and recent capital allocation moves. Raymond James reiterated a Market Perform rating, pointing to the persistent weakness in industry data.
