Whirlpool Corp. shares fell sharply in after-hours trading Monday after the appliance maker issued a profit warning, blaming rising costs.
Chief Executive Marc Bitzer cited rising raw material costs and slow progress on its European integration as hurting the company's profit margins.
Whirlpool said Monday it expected to earn $11.10 to $11.40 a share for 2017, down from an earlier estimate for full-year earnings-per-share of $12.40 to $12.90.
The Michigan-based manufacturer said its outlook included up to $175 million in costs related to restructuring, up from a second-quarter estimate of $165 million.
Whirlpool shares fell almost 10% at one point in after-hours trading and were recently off 6.6% at $170.50, having ended at $182.50 when the U.S. stock market closed.
Overall for the third quarter, Whirlpool reported profit of $276 million, or $3.72 a share, up from $238 million, or $3.10 a share, in the same period a year ago. Net revenue rose 3% to $5.4 billion.
"We are pleased with our revenue growth and free cash flow improvement but are not satisfied with our operating margins," Mr. Bitzer said in a statement. He said the company would continue with its recently announced price increases on home appliances and a plan to reduce fixed costs.
Whirlpool's latest quarterly results come as the company is engaged in a trade battle over imported washing machines with two South Korean rivals.
The company is asking U.S. trade regulators to recommend tariffs and quotas to combat what it has claimed is a flood of imports that hurt the domestic industry.
Write to Andrew Tangel at Andrew.Tangel@wsj.com
(END) Dow Jones Newswires
October 23, 2017 18:03 ET (22:03 GMT)