Benton Harbor-based home appliance company Whirlpool had bad news for investors on Wednesday, with the company saying demand for its products fell in 2026’s first quarter.
During an earnings call on Thursday, Whirlpool said US appliance industry demand declined 7.4% in the first quarter, with demand declining by 10% in March.
“This level of industry decline is similar to what we have observed during the global financial crisis and even higher than during other recessionary periods," Whirlpool CEO Marc Bitzer said during the call.
The company cited the war in Iran and historically low consumer confidence for the decline. Whirlpool shares dropped by about 20% on Wednesday after it published a statement on its quarterly results, which called the decline "recession-level."
“Consumer sentiment collapsed into record lows due to the war in Iran, prevented the recovery of the volume loss during the winter storms, and resulted in recession-level industry contractions with discretionary demand down approximately 15%," said Executive President of Whirlpool North America and Global Strategic Sourcing Juan Carlos Puente during the call.
Michael Symonds reports for WMUK through the Report for America national service program.
