Reuters Whirlpool Corp tempered its fullyear profit forecast on Wednesday, signaling softening demand for its washing machines and kitchen appliances amid a costofliving crisis and sending its shares 5 lower in extended trading.

Consumers are cutting spending on pricier discretionary items as the cost of living rises in the United States and a series of interest rate hikes over the past year to bring down stubbornly high inflation stokes fears of an economic slowdown.

The company now expects earnings per share of about 16, compared with its previous forecast of 16 to 18.

However, the company posted thirdquarter adjusted profit of 5.45 per share, above market expectations of 4.25, according to LSEG data.

The Michiganbased company also reaffirmed its annual net sales forecast at about 19.4 billion.

Reporting by Aatrayee Chatterjee and Kannaki Deka in Bengaluru; Editing by Anil D39;Silva

Source Reuters