Investing.com – Whirlpool stock (NYSE:) fell nearly 4% in Friday’s premarket trading as the company cut its sales guidance for the year after third-quarter revenue fell behind expectations.

According to Bloomberg, the maker of electric chimneys and refrigerators claimed that supply chain problems were responsible for their shortfall. This was particularly true in relation to semiconductors, where Jim Peters, Whirlpool’s Chief Financial Officer, is quoted.

“There have been times when we’ve had to air-freight components in from other locations to work around that. We’ve put product from China to Europe on rail instead of ships,” he said.

Manufacturers and retailers like Whirlpool Nike Although they are seeing increased consumer demand for their products (NYSE:), they were not able fully to fulfill the demands for raw materials and stuck shipments at ports. Also, higher wages and a labor shortage are affecting.

Now, the company expects to see a 13% increase in its annual net sales. It was a number it set for itself back in April as times were good and felt that its original target of about 6% growth was too ambitious. Whirlpool predicted that 16% would be possible due to the strong demand in July.

The target for adjusted profit per shares was increased to $26.25, which is now the current level.

Whirlpool’s net sales in the third quarter rose by around 4% to $5.48 billion. The company set a midpoint goal of 5.5% net growth for the long term.