The appliance-maker’s management said that despite making majority of its goods in the US, the potential benefit of tariffs levied on imports of goods from other countries, is yet to materialise as foreign competitors rushed imports before the deadline to avoid higher tariffs.
CFO Jim Peters mentioned during the earnings call that increased promotions by Asian rivals also led to Whirlpool Corp. losing some market share during the quarter. Peters also attributed the subdued quarterly performance to a softer housing market due to elevated mortgage rates.Whirlpool Corp. reported a 5.4% drop in net sales during the quarter, while sales in North America declined by 4.7% from the year-ago period. The board also cut quarterly dividend payout to $0.9 from $1.75 per share.
However, Peters expressed optimism that despite the short-term pain, these tariffs will eventually be beneficial for the company as imports will see a slowdown in the second half with tariffs being fully in place.“We still strongly believe that they (tariffs) will help us,” the CFO said. “Once tariffs are fully implemented, it does help us. But it’s a matter of, right now, the timing.”
Even after the cut in profit outlook, Whirlpool Corp. maintained its full-year sales outlook of $15.8 billion, higher than the analyst estimates of $15.6 billion. That though, was not enough to prevent the fall in shares.
“We expect the discretionary environment to improve at some point, it’s not going to be this year, but could be well into next year,” CFO Peters added.
Whirlpool Corp.’s shares fell 13.5% in extended trading to $84.77. The stock fell 2% in regular trading on Monday.
(With Inputs From Agencies.)
First Published: Jul 29, 2025 4:49 AM IS
