Whirlpool is coping with inflationary pressures and supply chain shortages have begun to ease, CEO Mark Bitzer told CNBC’s Jim Cramer on Mad Money.
“Inflationary issues are real, but I think we have been able to demonstrate that we can handle them,” Bitzer said on Monday. “Covid-driven inflation, I think we had a pretty good sense and we handled it very well. And we also thought we had pretty good inflation control this year.”
Whirlpool fell short of Wall Street’s first-quarter sales and earnings expectations, according to Refinitiv data. The company’s shares rose about 2% in extended trading after an initial drop.
Bitzer said Whirlpool is expanding capacity in the US but still expects supply shortages in the industry to persist through the end of the year.
“I still believe in the future of American manufacturing. We are not going to change our minds,” he said.
“The shortage will be felt in this industry, probably for the entire 22 years. However, they begin to weaken. We are starting to see them loosen up so things are getting better, but to be honest, it’s been an agonizing two years,” he added.
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Denial of responsibility