U.S. home appliances group Whirlpool Corp reported a quarterly profit that beat analysts’ estimates on Wednesday, boosted by price increases and higher sales in North America as consumers spend more on durable goods in a strong economy.
Shares of Whirlpool rose about 7 percent in trading after the bell.
Whirlpool, which once welcomed President Donald Trump’s tariffs on imported washing machines, is now struggling with costs from higher tariffs on steel and aluminum - the two main raw materials for the company.
In response, the Michigan-based owner of brands including KitchenAid and Maytag boosted prices of its kitchen and laundry appliances.
The company’s sales in North America rose about 5 percent to $2.99 billion.
Net earnings available to the company fell to $210 million, or $3.22 per share, in the three months ended Sept. 30 from $276 million, or $3.72 per share, a year earlier.
Excluding items, it earned $4.55 per share.
Revenue fell to $5.33 billion from $5.42 billion.
Analysts were expecting earnings of $3.76 per share and revenue of $5.34 billion, according to Refinitiv data.
Whirlpool also raised the low end of its full-year adjusted profit forecast to $14.50 per share from $14.20, keeping the high end at $14.80.
Rising concerns about the impact of tariffs on margins have weighed on the shares of U.S. manufacturers including Caterpillar and 3M . Whirlpool shares have fallen 38 percent this year.
(Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D’Silva)