Whirlpool (WHIRL)'s 3QFY22 revenue came in flat YoY and was 13% below our estimate. The two-year revenue CAGR stood at 6%. The industry experienced 14% volume decline (DC Refrigerator stood at -20%, FF Refrigerator at -6%, Top-load Semi-automatic Washer at -20%, and Top-load Fully Automatic Washer at -4%). However, as indicated by the management, WHIRL has gained 100bp market share every year over the past five years. It also gained market share in 3QFY22. It is also expanding its capacity and...