Remember when Trump imposed a 15% tariff on imported washing machines a few months ago?
Good news for Whirlpool right?
(Reuters) - Home appliance manufacturer Whirlpool Corp (WHR.N), an early supporter of tariffs to protect U.S. washing machines, said on Tuesday that U.S. tariffs on steel and aluminum were raising sharply the costs of raw materials, contributing to a slump in second-quarter earnings, and shares fell 15 percent to a two-year low.
The Benton Harbor, Michigan-based washing machine maker could be forced to modify its current business practices, it said in a quarterly filing, without giving details.
Chief Executive Marc Bitzer told investors on a call on Tuesday that rising costs in raw materials, unit volume decline and foreign currency volatility were factors in a slump in second-quarter earnings.
On Monday, Whirlpool reported second-quarter profit after market close that fell short of Wall Street estimates. The company posted a net earnings loss of $657 million, or $9.50 cents per diluted share, in the quarter that ended in June, compared with $189 million, or $2.52 per share, a year earlier.
The Trump administration slapped tariffs on imported washing machines earlier this year, which was expected to give Whirlpool a boost.
https://www.reuters.com/article/us-...-driven-steel-costs-shares-sink-idUSKBN1KE2HY
You might want to read the earnings call.
https://www.marketwatch.com/story/t...-the-reasons-for-its-earnings-miss-2018-07-24
Thanks for posting this though..... Whirlpool looks undervalued with a nice dividend.
Sorry your girl lost.....