Whirlpool stock plunges on weak earnings, dividend cut

A combination of rising costs, aggressive competition, and an uncooperative economy led to weaker-than-expected earnings, a dividend cut, and reduced financial guidance. Shares are down in early trading on Thursday. Wednesday evening, Whirlpool reported a first-quarter per share loss of 56 cents from sales of $3.3 billion. Wall Street was looking for earnings per share of 38 cents from sales of $3.4 billion, according to FactSet. A year ago, Whirlpool reported earnings per share of $1.70 from sales of $3.6 billion. Lower industry sales, unfavorable “price/mix,” and tariff confusion helped lead to the decline. In February, the Supreme Court overturned...