Whirlpool’s CEO says the company is facing the challenges of inflation

Jacuzzi is managing the inflationary pressure and has seen the supply chain shortage begin to ease, CEO Marc Bitzer told CNBC’s Jim Cramer on “crazy money. “

“The challenges of inflation are real, but I think we have been able to show that we can address them,” Bitzer said on Monday. “Covid-induced inflation, I think we had common sense and dealt with it very well. And we also thought we had a good grip on inflation coming this year.”

Whirlpool missed Wall Street’s expectations for first-quarter sales and earnings, according to Refinitiv. The company’s shares rose about 2% during prolonged trading after an initial decline.

Bitzer said Whirlpool is expanding capacity in the US but still expects the industry-wide supply shortage to last for the rest of the year.

“I still believe in the future of American manufacturing in the future. We won’t change our minds,” he said.

“The shortcomings will remain in this area probably for the whole of 1922. However, they are starting to ease. We are starting to see them loosen, so it’s improving, but it’s been a painful two years to be honest,” he added.

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