Whirlpool posts quarterly loss due to tax reform charge
Home appliances maker Whirlpool Corp (NYSE:WHR) on Wednesday posted a quarterly loss, compared with a year-ago profit, hit by a charge of about $420 million related to the U.S. tax reforms.
Net loss available to Whirlpool was $268 million, or $3.69 per share, in the fourth quarter ended Dec. 31, compared with a profit of $180 million, or $2.36 per share, a year earlier.
The Benton Harbor, Michigan-based company’s revenue rose to $5.70 billion from $5.66 billion.
The results come two days after U.S. President Donald Trump slapped steep tariffs on imported washing machines and solar panels, benefiting Whirlpool and dealing a heavy blow to rivals Samsung Electronics and LG Electronics.