Whirlpool is managing inflationary pressures and is seeing supply chain bottlenecks gradually easing, CEO Marc Bitzer told CNBC’s Jim Cramer on “Mad Money”.
“Inflation challenges are real, but I think we’ve shown we can handle them,” Bitzer said on Monday. “The inflation caused by Covid, I think we had a pretty good grasp of it and dealt with it very well. And we also thought we had a pretty good handle on inflation coming this year.”
According to Refinitiv, Whirlpool missed Wall Street expectations for first-quarter revenue and earnings. Shares of the company rose about 2% during extended trading after an initial drop.
Bitzer said Whirlpool is expanding its capacity in the U.S. but still anticipates industry-wide supply shortages for the remainder of the year.
“I still believe in the future of American manufacturing. We won’t change our minds,” he said.
“There will likely be 22 bottlenecks in this industry throughout the year. However, they begin to wear off. We’re seeing them wane so it’s getting better but it’s been a painful two years to be honest,” he added.
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