Nation & World

Whirlpool profit beats estimate on higher North America sales

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)

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