Whirlpool In Q1 Earnings Report Said "In March 2024, The Co Committed To Workforce Reduction Plans. $23M Was Recorded During Q1 Of Which $14M Was Employee Termination Costs And $9M Was Other Associated Exit Costs. For FY24, We Expect To Incur ~$50M Of Restructuring Charges"
Portfolio Pulse from Benzinga Newsdesk
Whirlpool announced in its Q1 earnings report plans for workforce reduction starting March 2024, incurring $23M in Q1 with $14M for employee termination and $9M in exit costs. The company anticipates approximately $50M in restructuring charges for FY24.
April 25, 2024 | 2:16 pm
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Whirlpool's Q1 report reveals a workforce reduction plan with $23M already spent and an expected $50M in restructuring charges for FY24.
The announcement of workforce reduction and the associated costs are likely to raise concerns among investors regarding short-term financial health and operational efficiency. The significant restructuring charges could impact profitability and investor sentiment negatively in the short term.
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