Whirlpool is managing inflationary pressure and has actually seen supply chain scarcities begin to relieve, CEO Marc Bitzer informed CNBC’s Jim Cramer on “Mad Money.”
“Inflation challenges are real, but I think we’ve been able to demonstrate we can cope with them,” Bitzer statedMonday “Covid-induced inflation, I think we had a pretty good sense and we dealt with it very well. And we also thought we had a pretty good grip on inflation coming into this year.”
Whirlpool missed out on Wall Street expectations on first-quarter sales and revenues, according toRefinitiv Shares of the business increased about 2% throughout extended trading following a preliminary dip.
Bitzer stated that Whirlpool is broadening capability in the U.S however still anticipates industry-wide supply scarcities to last through the remainder of the year.
“I still believe in the future of American manufacturing going forward. We’re not going to change our mind,” he stated.
“Shortages will be around this industry probably for the entire ’22. However, they start easing. We start seeing them easing so it’s getting better, but it’s been a painful two years, to be honest,” he included.
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