Shares of home washing appliance maker Whirlpool (WHR) - Get Whirlpool Corporation (WHR) Report fell on Friday after the company reported mixed quarterly results and warned that supply chain issues will continue to affect sales.
The Benton Harbor, Michigan company reported third-quarter earnings of $6.68 per share on revenue of $5.49 billion. Analysts polled by FactSet were expecting earnings of $6.14 per share on revenue of $5.72 billion.
"We have, and will continue to deliver strong performance in a challenging environment," CEO Marc Bitzer said as the company warned of "elevated supply constraints" that remain a problem for the company.
Shares of Whirlpool were falling 3.3% to $201 per share premarket.
Supply chain lines around the globe are still recovering from the damage caused by the Covid-19 pandemic and computer chip shortages, port congestions and a lack of truck drivers are expected to continue into next year.
Despite the persistent supply chain issues that has hurt many consumer product companies, Whirlpool increased its earnings per share guidance for the year to $26.25. Analysts are expecting earnings of $26.36 for the year.
“Border controls and mobility restrictions, unavailability of a global vaccine pass, and pent-up demand from being stuck at home have combined for a perfect storm,” a recent Moody’s Analytics report states.
“Global production will be hampered because deliveries are not made in time, costs and prices will rise and GDP growth worldwide will not be as robust as a result.”