Whirlpool targets boosting North America appliance margin by 2026
Feb 27 (Reuters) - Whirlpool Corp aims to expand its North America appliance business margins over the next three years, the company said on Tuesday, betting on a rebound in U.S. home sales after a tough period of lower demand due to high mortgage rates.
The Michigan-based company expects North America to make up about 30% of its overall revenue by 2026, it said in a presentation ahead of its investor meet.
Whirlpool's profit fell for a sixth straight quarter in the three months ended December as it faced rising competition and price pressures.
The company has looked to weather out the slump by selling a 24% stake in its Indian unit to pay down debt. It expects to finish divesting most of its businesses across Europe, Middle East and Africa (EMEA) by 2024.
Whirlpool has targeted a 100 basis points of annual net cost margin expansion from 2024-2026 in its North America major domestic appliance segment.
The company's 2026 sales target of about $11.2 billion in North America implies a compound annual growth rate of 2-3%.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Sriraj Kalluvila)
