Reuters Whirlpool forecast fullyear sales and profit below analysts39; estimates on Monday, as the home appliance maker navigates pricing pressure from rivals and higher expenses, sending its shares down about 4 in extended trading.

The white goods maker said it eliminated about 800 million in costs in 2023, and expects to cut up to 400 million more this year.

The company had last year said it would sell up to 24 of its stake in its India business to reduce debt.

Whirlpool faces competition from rivals such as China39;s Midea, pressuring it to lower prices as cashstrapped consumers look for cheaper goods.

The Michiganbased company expects sales in 2024 to be 16.9 billion, compared with LSEG estimates of 17.68 billion.

Whirlpool also expects its annual adjusted profit to be between 13 and 15 per share, compared with analysts39; average estimate of 15.48 per share.

Reporting by Kannaki Deka and Nathan Gomes; Editing by Shilpi Majumdar

Source Reuters